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TOKYO, Oct 16: Asian stock markets bounced back on Tuesday to end higher on expectations of a recovery on Wall Street and bargain-hunting amid a lack of specific market leads.
Tokyo stocks bounced back 1.8 per cent as pension funds stepped up buying and investors hunted for bargains among hi-techs while awaiting US corporate earnings reports.
The Nikkei 225 average of the Tokyo Stock Exchange closed up 185.28 points to 10,637.82.
Public funds are said to have moved in and improved the supply-demand situation in the afternoon, boosting share prices in a stroke or two, said Daiwa Securities equity manager Shunsuke Nishino.
Tsubasa Securities equity dealing manager Haruki Takahashi said: Public funds bought mainly leading hi-tech and telecom issues.
There remained some energy to buy on dips but the market lacked a sense of direction.
HONG KONG: Hong Kong share prices rose slightly on selective buying following the previous day’s losses.
The key Hang Seng index gained 17.90 points, or 0.2 per cent, to close at 10,148.49.
SYDNEY: Australian shares were pushed 0.4 per cent higher by demand for resource stocks and other selected blue chips.
The All Ordinaries index rose 11.9 points to 3,145.8 while the SP/ASX 200 gained 11.7 points to 3,210.7.
SINGAPORE: Singapore shares closed 0.6 per cent higher on bargain-hunting in select blue chip stocks.
The Straits Times Index advanced 7.87 points to 1,428.65, while the broader All Singapore Equities index rose 1.89 points to 376.75.
KUALA LUMPUR: Malaysian stocks closed marginally lower due to profit-taking after recent gains.
The Kuala Lumpur Stock Exchange’s composite index fell 2.05 points, or 0.3 per cent, to finish at 616.85.
Dealers said earlier gains were not sustainable as the overall market lacked strong leads, with Friday’s budget announcement only generating moderate interest among investors.
An institutional dealer with a local brokerage said big caps Maybank, Telekom Malaysia and Tenaga Nasional helped to push up prices in early trade but the gains were not sustained in the afternoon session.
There’s no real strength to the market. Investors are looking for strong leads but there’s nothing forthcoming, the dealer said.
MUMBAI: Indian share prices closed half a per cent higher on the Bombay Stock Exchange (BSE) led by secondary technology stocks in cautious trade after fighting between India and Pakistan in Kashmir.
JAKARTA: Indonesian shares closed marginally higher as significant gains in Telkom offset losses in the broader market.
The Jakarta Stock Exchange composite index ended up 0.282 points at 378.880.
WELLINGTON: New Zealand stocks closed up 0.4 per cent to a five-week high amid light turnover.
The NZSE40 index was up 8.27 points to 1,918.28.
Forsyth Barr Frater Williams director Don Turkington said the market was featureless.
Reasonable volume, but Contact Energy was much quieter today — only 1.45 million shares traded which was about half of yesterday, and much less than the four million-odd on Friday, Turkington said.
Contact closed at 3.96, compard with the $3.85 takeover offer from US-based parent company Edison Mission.—AFP
