HONG KONG, Sept 19: Asian stocks closed firmer on Monday but trade was quiet with Tokyo, Seoul and Hong Kong all closed for public holidays and investors generally cautious ahead of Tuesday’s US Federal Reserve meeting on interest rates, dealers said.
They said gains on Wall Street Friday provided some support but there was little aggressive interest as markets anticipated another 25 points hike in US interest rates rather than a pause to take account of Hurricane Katrina.
The key issue will be what the Fed has to say about the US economic outlook in view of the massive damage inflicted by Katrina although the tone overall remains confident of further growth and profits to come, especially in resources stocks.
Mumbai continued its record setting pace with a gain of 0.76 per cent as commentators began to talk about a sustained run to above 10,000 points and perhaps even beyond as India picks up the economic pace.
SYDNEY: Australian share prices closed little changed after reaching record levels last week, dealers said.
They said a positive lead from New York Friday helped initially as investors bought mining giants BHP Billiton and Rio Tinto to keep the resources sector leading the way but the market then slipped on weaker financial stocks.
The key S and P/ASX 200 index reached a fresh high in early trading after Friday’s record close but ended down 2.3 points at 4,551.3.
Meanwhile, the broader All Ordinaries index was up 0.2 points at 4,499.6 to just edge past Friday’s all-time high of 4,499.4.
Turnover was 952.7 million shares worth 2.81 billion dollars (2.2 billion US) with rises just outnumbering falls 510 to 503 and 311 stocks unchanged.
SINGAPORE: Singapore share prices closed 0.34 per cent lower after market heavyweight Singapore Telecommunications (SingTel) downgraded the earnings outlook of Australian subsidiary Optus, dealers said.
The Straits Times Index fell 7.88 points to 2,298.50. Losers beat gainers 271 to 172, with 954 stocks unchanged. Volume was 870 million shares worth 657 million Singapore dollars (391 million US).
SingTel fell 10 cents or about 4.0 per cent to 2.46 dollars, its lowest level in a month.
“I still expect the market to move sideways (Tuesday),” said Fraser Securities research head Najeeb Jarhom, who estimated that SingTel could slip further to 2.42-2.44 dollars.
Opinions are divided over whether the Fed will hike its key target rate but a majority still expect a quarter-point hike, in line with previous increases.
Singapore Airlines was up 20 cents at 11.90 dollars.
KUALA LUMPUR: Malaysian share prices closed 0.14 per cent higher, managing a marginal gain in the absence of any fresh lead, dealers said.
The Kuala Lumpur Composite Index gained 1.28 points at 923.27. Volume was 341.14 million shares worth 490.87 million ringgit (130 million dollars). Losers led gainers 371 to 283, with 319 stocks unchanged and 350 untraded.
Among blue chips, power company Tenaga Nasional lost 0.10 ringgit to 10.70 following losses last week after Energy Minister Lim Keng Yaik ruled out electricity tariff hikes.
Telekom Malaysia was up 0.10 at 10.50 and Malayan Banking rose 0.10 to 11.60.
JAKARTA: Indonesian share prices closed 0.93 per cent higher on a technical rebound in blue chips such as Telkom but trade was subdued as investors waited to see if the US Federal Reserve hikes interest rates again at its meeting Tuesday, dealers said.
The Jakarta Stocks Exchange composite index rose 9.865 points at 1,066.591 on volume of 571 million shares worth 941.71 billion rupiah (91.69 million dollars.) Advancers led decliners 53 to 48, with 72 stocks unchanged.
Telkom rose 150 rupiah to 5,300.
WELLINGTON: New Zealand share prices closed 0.33 per cent lower as an inconclusive weekend election left the market uncertain as to what direction to take, dealers said.
The benchmark NZSX-50 index fell 11.28 points at 3,423.60 on turnover worth 101 million dollars (70.7 million US). Of the 145 stocks traded, 45 were higher and 48 fell.
Leading stock Telecom fell four cents to 6.07 dollars.
MUMBAI: Indian share prices added 0.76 per cent for another record finish on continued fund support, dealers said.
The 30-share Sensex index rose 63.88 points to 8,444.84.—AFP