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HONG KONG, June 12: Asian stocks closed mainly higher on Tuesday but gains were modest and investors cautious after an unimpressive performance by Wall Street overnight.
Volatility on the Chinese markets amid higher than expected inflation numbers added to the subdued mood despite Shanghai shrugging off earlier losses and closing 1.91 per cent higher.
Hong Kong typified the mood with a gain of just 0.10 per cent, Kuala Lumpur was 0.22 per cent higher, Singapore advanced 0.75 per cent, Sydney rose 0.13 per cent as Taipei was up 0.38 per cent and Wellington rose 0.52 per cent.
TOKYO: Share prices closed down 0.41 per cent amid caution ahead of a Bank of Japan meeting on interest rates and after a subdued performance overnight on Wall Street.
Dealers said sentiment in Tokyo was also hit by concern about potential hikes in US interest rates due to inflationary pressures, the factor that has put the brakes on Wall Street's recent record breaking performance.
The Nikkei-225 index dropped 73.57 points to 17,760.91. Volume fell to 1.98 billion shares from 2.08 bln shares Monday.
HONG KONG: Share prices closed 0.10 per cent higher as China Mobile and other mainland telecoms gained on hopes Beijing will soon issue third-generation mobile service licences.
The Hang Seng Index closed up 20.90 points at 20,636.39. Turnover was 57.55 billion Hong Kong (7.37 US) dollars.
SYDNEY: Share prices edged up 0.13 per cent as resources lifted the market in cautious trade following last week's heavy losses.
Dealers said investors were nervous after recent stronger-than-expected first quarter growth and employment data stoked concerns the central bank may have to raise interest rates again, upsetting the view they would remain on hold.
The S&P/ASX 200 closed up 8.4 points at 6,240.1. Turnover was 1.89 billion shares worth 6.17 billion dollars (5.18 billion US).
SINGAPORE: Share prices closed 0.45 per cent higher in cautious trading after a lacklustre performance on Wall Street.
Dealers said speculative trade in selected blue chips underpinned the index's modest rise.
The Straits Times Index closed up 16.08 points at 3,561.54 on volume of 3.03 billion shares worth 2.14 billion dollars (1.39 billion US).
Keppel Corp gained 0.30 Singapore dollars to 12.10.
KUALA LUMPUR: Share prices closed 0.22 per cent higher in listless trade as a consolidation phase for the market continued amid a lack of fresh leads.
The composite index was up 2.92 points at 1,360.58 on turnover of 1.379 billion shares worth 2.142 billion ringgit (622.7 million dollars).
JAKARTA: Share prices closed 1.18 per cent higher supported by interest in major stocks including Telkom and Astra International, as well as a firmer rupiah.
The composite index closed up 24.551 points at 2,108.580 on volume of 4.50 billion shares valued at 3.98 trillion rupiah (442.96 million dollars).
WELLINGTON: Share prices closed 0.52 per cent higher, led by market leader Telecom in the absence of local news to provide direction.
The NZX-50 gross index rose 22.04 points to 4,227.56 on light turnover worth 88.5 million dollars (66.6 million US).
MUMBAI: Share prices closed 0.34 per cent higher as traders shrugged off worries of interest rate hikes following data that showed faster-than expected industrial growth in April.
Dealers said a 13.6 per cent gain in industrial output in April was above forecasts and raised some concern that the pace may prompt the central bank to raise rates to tame inflation.—AFP
