HONG KONG, June 22: Asian stocks closed mostly higher on Wednesday with investors focusing on specific sectors for local reasons and ignoring a mixed performance by Wall Street.
Bargain hunting supported the Philippines, high oil prices drove marine stocks up in Singapore trade while commodity and cement stocks pushed Indonesia into positive territory.
South Korea and Hong Kong were the best performers, rising 1.23 per cent and 1.30 per cent respectively with Seoul underpinned after record high oil prices eased while Hong Kong was aided by fresh funds entering the market.
Japan was bolstered by expectations the central bank’s quarterly Tankan survey due out next week will show business sentiment is improving.
However, profit taking ensured a flat to lower close in Australia, China, Thailand and New Zealand.
Analysts said oil would continue to grip regional interest.
Prices had stabilised by the end of Asian business as traders geared up for the latest weekly snapshot of US inventories data to be published later on Wednesday by the United States’ Department of Energy.
TOKYO: Japanese share prices closed 0.51 per cent higher on expectations that the central bank’s quarterly Tankan survey due next week will show business sentiment is improving.
“Market sentiment got a boost from foreign investors who placed net buy orders ahead of the opening bell,” said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.
The market also benefited from the establishment of new investment trusts this month, he said.
The Nikkei-225 index rose 58.54 points to 11,547.28 on volume of 1.3 billion shares, up from 1.2 billion Tuesday.
Toyota Motor rose 40 yen or one per cent to 3,960 yen, Honda Motor was up 10 or 0.2 per cent at 5,470, Nissan Motor up 13 or 1.2 per cent at 1,105 and Mazda Motor gained four or one per cent to 410.
HONG KONG: Hong Kong share prices closed 1.30 per cent higher in active trade on fresh fund inflows, with the benchmark index getting a strong boost from heavy buying in HSBC to finish above the key 14,000 points level.
The Hang Seng Index closed up 181.67 points at 14,161.02.
HSBC closed up 1.00 at 126.00 dollars on heavy volume of 41.24 million shares. Among other banks, Hang Seng Bank gained 1.00 at 106.50, Bank of East Asia was up 0.10 at 22.90 and BOC Hong Kong up 0.20 at 14.60.
SYDNEY: Australian share prices closed 0.52 per cent lower as profit-taking dominated the market following a recent record-breaking run and ahead of the end of the financial year on June 30.
Bell Potter Securities equities advisor Stuart Smith said end-of-year portfolio adjustments and profit taking were the main factors.
He said trade was likely to remain flat until the end of the month, with few local factors to drive the market.
Qantas Airways edged up one cent to 3.31 dollars after comments by Prime Minister John Howard on the possibility of a tie-up with its arch rival, Singapore Airlines.
SINGAPORE: Singapore shares closed 0.44 per cent higher on the back of keen interest in offshore and marine stocks, which are seen to be benefiting from high oil prices.
The Straits Times Index closed up 9.70 points at 2,206.34 on volume of 667.36 million shares valued at 847 million Singapore dollars (507 million US).
KUALA LUMPUR: Malaysian share prices closed 0.78 per cent higher as window dressing by local funds in blue chip stocks helped lift the benchmark index above the key 900-point level.
“Trading was quite active today... there was some buying of index-linked stocks by local funds as the mid-year close approaches next week,” said a local brokerage dealer.
JAKARTA: Indonesian share prices closed 0.12 per cent higher with the benchmark index supported by gains in select commodity and cement stocks, while market leader Telkom extended its falls.
“The market found support from commodity-based stocks and cement stocks,” said Samuel Sekuritas Indonesia head of research Christine Salim.
The composite index closed up 1.369 points at 1,134.695 on volume of 1.52 billion shares worth 1.43 trillion rupiah (148.9 million dollars).
WELLINGTON: New Zealand share prices closed flat, with investors turning cautious in line with a weaker Australian market.
Forsyth Barr broker Graeme McLeod said trading was very light and no trend was apparent.
The NZSX-50 gross index shed 1.51 points to 3,177.68 on turnover of 80.2 million dollars (57.4 million US).
MUMBAI: Indian share prices closed almost one per cent higher to a third straight record high as overseas funds invested in benchmark index companies.
The rally triggered by the weekend Reliance story continues with foreign funds turning huge buyers in large stocks, said a fund manager with a leading domestic brokerage.
On Wednesday, the flagship group company, Reliance Industries, climbed Rs9.60 or 1.49 per cent to 655.50.—AFP