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HONG KONG, Sept 21: Asian shares closed mostly down on Friday as continuing worries about the US economy overshadowed sentiment, and investors remained cautious ahead of key US data out next week.
Pullbacks on major bourses came after two days of gains following the US Federal Reserve’s aggressive 50 basis point rate cut. Fed chairman Ben Bernanke warned overnight that the subprime mortgage crisis was far from over.
His comments underscored worries about the loans to risky borrowers, which have triggered havoc on international markets.
But Mumbai, Hong Kong and Bangkok were among markets that bucked the trend.
TOKYO: Japanese share prices lost ground, following Wall Street lower as worries about the outlook for the US economy and record high oil prices prompted investors to take profits.
Dealers said investors were also reluctant to buy in due to political uncertainties ahead of a ruling party vote to pick a successor to outgoing Prime Minister Shinzo Abe this weekend.
The Nikkei-225 index of leading shares closed down 101.18 points or 0.62 per cent at 16,312.61. The broader Topix index of all first-section shares dropped 14.77 points or 0.94 per cent to 1,552.07.
Volume traded increased to an estimated 1.94 billion shares from 1.91 billion shares Thursday.
HONG KONG: Hong Kong share prices closed at another record high, up 0.56 per cent in volatile trade amid strong gains in commodities and airline issues.
The Hang Seng Index closed up 142.65 points at 25,843.78. Some dealers said investors appeared to be ignoring fundamentals and chasing new highs, and warned of a correction ahead.
Shares in Hong Kong carrier Cathay Pacific Airways were suspended from trading, ending up $2.2 or 10.7 per cent at 22.70 before the midday break.
SYDNEY: Australian share prices closed down 0.6 per cent, with the banking sector hardest hit as fears about the health of the US economy refused to go away.
All the major banks were lower, with the National Australia Bank experiencing the biggest drop, falling 50 cents or 1.3 per cent to 37.49 dollars.
The benchmark S&P/ASX 200 shed 35.8 points to close at 6,357.9 while the broader All Ordinaries lost 29.7 points to end at 6,371.2. Turnover was 5.2 billion dollars Australian dollars (4.5 billion US).
SINGAPORE: Singapore share prices closed down 0.29 per cent amid continued caution about the outlook for the US economy given record-high oil prices and the weaker dollar.
The Straits Times Index (STI) fell 10.24 points to 3,542.22 on volume of 1.77 billion shares valued at 1.98 billion Singapore dollars (1.32 billion US).
Losers outnumbered gainers 382 to 367, with 881 stocks unchanged.
KUALA LUMPUR: Malaysian share prices closed down 0.2 per cent in a mixed market as losses due to profit-taking on blue chips were limited by gains in plantation, oil and gas stocks.
The Kuala Lumpur Composite Index was down 2.73 points at 1,305.94. Trading volume was 1.12 billion shares worth 1.7 billion ringgit (494.2 million dollars) while gainers led losers 485 to 296, and 279 stocks were unchanged.
JAKARTA: Indonesian share prices closed 1.3 per cent higher led by miners and plantation stocks on hopes of strong earnings this year on the back of rising commodity prices.
Dealers said the firmer rupiah also gave sentiment a lift.
The Jakarta Stock Exchange composite index closed up 30.86 points at 2,335.49 on volume of 6.1 billion shares valued at 3.8 trillion rupiah (413 million dollars).
WELLINGTON: New Zealand share prices rose 0.58 per cent in gains led by a surge in Sky City, which gained 22 per cent after saying it had received a confidential takeover bid at a premium to the market price.
The benchmark NZX-50 index rose 24.28 points to close at 4,231.16 on turnover worth 231.1 million dollars (172.0 million US).
Sky City jumped 95 cents to 5.28 dollars on turnover worth 96.8 million dollars.
MUMBAI: Indian share prices rose 1.32 per cent to a third straight record close on sustained overseas fund buying in benchmark stocks.
Dealers said sentiment improved as India’s inflation fell to a near five year low of 3.32 per cent for the week ended September 8, even as the rupee continued to rise against the weak dollar at 39.87 from 39.91.
The Mumbai stock exchange Sensex index rose 216.28 points to 16,564.23, from a previous record close of 16,347.95.—AFP
