HONG KONG, Dec 29: Asian stocks were mixed on Monday in quiet year-end trade, with investors remaining on the sidelines as they brace for what is likely be a volatile 2009.

Shares in oil, gas and minerals were among the top gainers after global crude and copper prices ticked up.

Tokyo’s Nikkei inched up 0.09 per cent, Hong Kong added one per cent and Sydney 1.1 per cent.

Japan’s market was helped as insurance firms soared on reports of a three-way merger to form the country’s largest non-life insurer.

But dealers said there was no firm direction. Tokyo’s market closes with a half-day session on Tuesday and reopens on January 5.

Since we only have one more morning session tomorrow before the market closes for this year, investors would not want to take positions before the long holidays, said Daisuke Uno of Sumitomo Mitsui Banking Corp.

Sydney was helped by commodities stocks, which rose as the price of crude jumped on the belief that a reduction announced by the Opec producers’ cartel will be carried out sufficiently.

Dealers were also waiting for Tuesday’s release in the United States of consumer confidence data for December.

TOKYO: Japanese share prices ended 0.09 per cent higher.

The market overcame early losses as dealers adjusted positions on the last full trading session of the volatile year.

The Tokyo Stock Exchange’s benchmark Nikkei index rose just 7.65 points to close at 8,747.17.

The broader Topix index of all first section issues finished up 8.19 points or 0.97 per cent at 854.77.

The Tokyo market opens for a half-day session Tuesday before closing for new year holidays until January 5.

Insurers soared on news that Mitsui Sumitomo Insurance Group and its two rivals were talking about a merger.

Mitsui Sumitomo, Japan’s second largest non-life insurance company, rose 220 yen to close at 2,845 yen.

The two other firms in the potential deal were also sharply up. Aioi Insurance jumped 78 yen to 484 yen, with Nissay Dowa General up 75 yen at 578 yen.

Internet and telecom giant Softbank Corp. slipped 16 yen to 1,608 yen after sharp gains on Friday.

HONG KONG: Hong Kong shares closed 1 per cent higher.

The benchmark Hang Seng Index rose 144.34 points to 14,328.48, after trading between 13,924.32 and 14,332.02.

Turnover was light at 21.95 billion Hong Kong dollars (2.81 billion US), the lowest level for a full day’s trading in 2008.

SYDNEY: Australian shares closed 1.1 per cent stronger.

The benchmark S&P/ASX 200 gained 38.9 points to 3,621.1 while the broader All Ordinaries rose 39.2 points, or 1.12 per cent, to 3,554.2.

Market turnover reached 770.46 million shares, worth 1.62 billion dollars (1.11 billion US).

Woodside Petroleum gained 5.7 per cent to 34.77 Australian dollars, while Oil Search was up 4.3 per cent to 4.40.

Investors also sought refuge in gold, with Lihir Gold posting a gain of 6.1 per cent to 2.98. Newcrest Mining jumped almost two per cent to 32.37.

SINGAPORE: Shares closed up 3.18 per cent.

The blue-chip Straits Times Index gained 54.96 points to 1,780.57 on volume of 456 million shares worth 372 million Singapore dollars (258 million US).

DBS was down 66 cents to 8.59 Singapore dollars, while United Overseas Bank closed 52 cents higher at 12.64.

WELLINGTON: New Zealand share prices closed 0.36 per cent higher.

The benchmark NZX-50 index rose 9.58 points to 2,677.64.

Fletcher Building was 20 cents down at 5.60 dollars.

Market leader Telecom gained two cents to 2.28 and Contact Energy ended 12 cents ahead at 7.14.

Sky TV was down five cents at 3.85 and Air New Zealand finished two cents off at 86 cents.

MUMBAI: Indian shares gained 2.19 per cent.

The benchmark 30-share Sensex index rose 204.60 points to 9,533.52, reversing several days of losses.—AFP