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HONG KONG, May 19: Asian stocks closed mixed in volatile trade on Friday amid persistent fears over further US interest rates hikes to combat inflation, which could force regional central banks to follow suit.
Wild swings between buyers and sellers occurred on many bourses as investors positioned their portfolios to take account of a possible change in rates as well as fluctuations in the currency and commodity markets.
Tokyo, like others in Asia, reversed early losses to close 0.42 perc ent higher. Sydney was up 0.36 per cent, Seoul 0.52 per cent, Hong Kong by 0.29 per cent and Taipei was up 0.57 per cent.
TOKYO: Share prices closed slightly higher, reversing early losses after a weakening of the yen encouraged bargain hunters to snap up stocks from their 10-week lows.
The Nikkei-225 index gained 68.27 points or 0.42 per cent to 16,155.45. Volume was 1.90 billion shares, down from 2.02 billion Thursday.
HONG KONG: Share prices closed 0.29 per cent higher as investors covered short positions after Thursday’s sell-off.
The Hang Seng Index rose 46.84 points at 16,313.36. Turnover was 29.42 billion Hong Kong (3.78 billion US).
SYDNEY: Share prices closed 0.36 per cent lower, holding up relatively well after a torrid and volatile week driven by uncertainty over the outlook for interest rates and commodities.
The S and P/ASX 200 fell 18.4 points to 5,100.9. Turnover was lighter at 1.33 billion shares worth 3.95 billion dollars (3.02 billion US).
SINGAPORE: Share prices closed 0.33 per cent lower as the bourse tracked losses in the US and some regional markets amid persistent fears US interest rates will go higher.
KUALA LUMPUR: Share prices closed 0.36 per cent lower amid continued lacklustre trading in regional markets and fears the market may extend its falls next week.
JAKARTA: Share prices closed 0.56 per cent lower as lingering concerns over rising US interest rates and a weakening rupiah outweighed a Moody’s rating upgrades.
WELLINGTON: Share prices closed 1.07 per cent higher, supported by gains in market leader Telecom after recent heavy losses.
The NZSX-50 gross index rose 39.5 points to 3,679.19 on turnover worth 123.05 million New Zealand dollars (75.86 million US).
MUMBAI: Share prices closed down nearly four per cent in volatile trade, the second straight big session loss, on a funds sell-off over US interest rate concerns.—AFP
