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HONG KONG, Aug 3: Asian stocks closed mixed on Friday as rattled investors tried to consolidate positions after a roller coaster week driven by concerns over growing problems in the US home loan market, dealers said.
They said many wanted to wait for the key US employment report due later Friday, a key indicator on the outlook for US interest rates coming just ahead of a US Federal Reserve meeting next week.
Battered by fears mounting defaults in US sub-prime mortgages could spark a damaging credit crunch, the markets were hoping a solid set of figures would leave the Fed on hold and the prospect of a rate cut later this year in place.
TOKYO: Japanese share prices ended mixed amid persistent concerns about problems in US credit markets despite the extended rebound on Wall Street.
Dealers said investors opted to stay on the sidelines while they awaited the US employment report for July later Friday, leaving the benchmark Nikkei index to slip back below the key 17,000 points level, which it topped in early trade.
The Nikkei-225 index closed down 4.25 points at 16,979.86. Turnover declined to 2.1 billion shares from 2.4 billion Thursday.
The market's gains were trimmed because the US sub-prime lending situation is not yet improving and investors adjusted their positions ahead of the weekend, said Kazuhiro Takahashi, equity general manager at Daiwa Securities SMBC.
HONG KONG: Share prices closed 0.42 per cent higher as select blue chips and China-related stocks rose with sentiment buoyed by a record-breaking finish on the mainland markets.
Dealers said investors there built strong positions in financial stocks on upbeat interim earnings.
Sustained gains on Wall Street overnight provided initial support but volumes were relatively subdued, with many investors on the sidelines amid growing uncertainties over the extent of the US home loans crisis.
The Hang Seng Index closed up 95.19 points at 22,538.44. Turnover was 74.35 billion dollars (9.5 billion US).
SYDNEY: Australian share prices closed up 0.2 per cent in volatile trade as investors remained wary after heavy losses earlier this week on concerns at growing problems in the US home loan market.
Dealers said investors were trying to weigh where a mixture of strong economic growth combined with deep seated worries over a possible credit crunch would leave the markets, with opinion swinging sharply on the day.
The S&P/ASX 200 rose 9.2 points to 6,021.0. Volume was 1.7 billion shares worth 5.4 billion (4.6 billion US) dollars.
SINGAPORE: Share prices closed flat as the market continued to fret over the US home loans crisis and waited for key US employment data due later in the day.
The Straits Times Index (STI) added 0.58 points to 3,436.04 on volume of 2.54 billion shares worth 2.80 billion dollars.
KUALA LUMPUR: Malaysian share prices closed 0.2 per cent higher after a volatile session as investors stayed cautious ahead of the weekend amid lingering concerns over the US credit crunch.
The composite index was up 2.14 points at 1,335.42 on volume of 1.06 billion shares valued at 1.81 billion ringgit (523.1 million dollars).
JAKARTA: Indonesian share prices closed little changed in volatile trade as quick profit taking emerged in the afternoon which put the market into negative territory after a firm opening.
The composite index closed down 1.06 points at 2,269.79. Volume was 4.66 billion shares worth 3.1 trillion rupiah (334 million dollars).
WELLINGTON: New Zealand share prices closed 0.38 per cent lower after market leader Telecom fell sharply.
Dealers said investors were disappointed by by a downbeat profit outlook from New Zealand's dominant telecommunications carrier.
The NZX-50 index fell 15.79 points to 4,122.41 on turnover worth 170.6 million dollars (131.0 million US).
MUMBAI: Indian share prices closed up one per cent on bargain-hunting as funds and investors bought benchmark stocks after sharp declines earlier in the week.
The Mumbai stock exchange benchmark 30-share Sensex index closed up 152.7 points at 15,138.4 after gaining 49.93 points on Thursday.
Overseas funds this week led the sell-off sparked by heavy losses on Wall Street after further problems in the US home loan market while Indian banks were hurt by a rise Tuesday in their cash reserve requirement aimed at stemming credit growth.—AFP
