0
HONG KONG, Nov 1: Asian stocks saw mixed fortunes on Thursday with many investors remaining cautious about the outlook for the US economy despite the Federal Reserve’s latest interest rate cut.
Stock markets opened higher in Asia after the Fed acted again to cushion the US economy from a housing slump, a move which sparked a rally on Wall Street and sent gold prices above $800 an ounce for the first time since 1980.
Better-than-expected US economic growth figures for the third quarter also helped to calm market fears about the impact on the global economy of recent mortgage and credit market turmoil.
The Fed cut its benchmark rate by 25 basis points to 4.50 per cent Wednesday as expected, its second cut in less than two months, and said risks to the financial markets from the credit crisis had eased.
TOKYO: Japanese share prices gained 0.79 per cent to a two-week high on a weak yen and an overnight rally on Wall Street sparked by a US interest rate cut.
The Nikkei-225 index rose 132.77 points to 16,870.40. Turnover slipped to 2.07bn shares from 2.1 billion Wednesday.
HONG KONG: Share prices closed higher, up 0.45 per cent, as investors welcomed a cut in the US Federal Reserve’s key interest rate matched by Hong Kong banks.
The moves prompted HSBC, BOC Hong Kong, Hang Seng Bank and Bank of East Asia to lower their prime lending rates by 25 basis points. Other local banks are expected to follow suit.
SYDNEY: Australian share prices surged 1.1 per cent to an all-time high as investors welcomed a US interest rate cut, soaring commodity prices and solid corporate earnings.
The S&P/ASX 200 closed up 74.6 points at a record 6,828.7. Volume was 2.1 billion shares worth about 7.3 billion dollars (6.8 billion US).
SINGAPORE: Share prices closed flat as jitters over record high oil prices of more than $96 a barrel dampened the upbeat mood whipped by a US interest rate cut.
The Straits Times Index ended 2.14 points lower to 3,803.56. Volume was 2.77 billion shares worth 3.04 billion Singapore dollars (2.10 billion US).
KUALA LUMPUR: Malaysian share prices closed down 0.3 per cent as record high oil prices fueled inflation fears.Dealers said such fears came after the cost of oil rose to more than 96 dollars a barrel in Asian trade as the US Federal Reserve lowered interest rates.
JAKARTA: Indonesian share prices closed 2.3 per cent stronger with the main index finishing at a fresh all-time high, after the US Federal Reserve cut its benchmark interest rate.
WELLINGTON: New Zealand share prices closed flat despite heavy trading in blue chip Auckland airport a day after it ended a takeover offer.
The NZX-50 Index closed 1.19 per cent lower at 4,207.88 on turnover worth $183.63 million (US$140.66 million).
MUMBAI: Indian share prices fell 0.57 per cent in choppy trade after the US Federal Reserve cut interest rates, as record high global oil prices raised concerns.—AFP
