HONG KONG, Oct 4: Asian stocks closed mostly higher in confident Trade on Tuesday, with Seoul and Mumbai in record-breaking form again as the region continued its sustained advance, dealers said.
They said one positive lead after another has fallen into place and on Tuesday it was the turn of a stronger dollar to give a boost to the exporters, major drivers in most of the markets, and regardless of the fact that it is higher interest rates that are supporting the US currency.
Tokyo rose 1.58 per cent on hopes for a pick-up in export growth to add to the momentum in a market now up some 20 per cent so far this year whilst Seoul put on a boisterous 1.78 per cent for another record finish.
Jakarta closed off its high after an interest rate hike but still added 1.64 per cent as investors welcomed the so far steady implementation of very sharp increases in fuel prices as concerns over the weekend Bali bombings eased.
Mumbai continued to defy gravity, putting on 1.18 per cent as the market moved sharply to within sight of the once unthinkable 9,000 points level.
TOKYO: Share prices closed 1.58 per cent higher, hitting levels last seen in May 2001 on hopes that a stronger dollar will boost companies’ overseas earnings and fuel a recovery in the world’s number two economy.
Dealers said the Nikkei has risen by about 20 per cent this year, and by 15 per cent over the past two months alone.
The latest gains came as the dollar rose to levels above 114 yen last seen in May 2004. A stronger dollar boosts the overseas earnings of Japanese exporters such as automakers.
“With the dollar staying at 114 yen level, investors are actively buying shares of exporters, such as electronics and carmakers,” said Hideo Mizutani, chief strategist at Sieg Securities.
Mizutani said many investors anticipate corporate earnings estimates in Japan for the first half to September to be revised upward.
The stronger dollar helped the market snap back after falling for the second straight trad-
ing day Monday, the first two-day losing streak since mid-August.
The Nikkei-225 index rose 213.56 points to 13,738.84 as 3.1 billion shares changed hands.
Fujitsu rose 54 yen to 814, Toshiba gained 30 yen to 535 Nikon climbed 88 yen to 1,523 and Sony rose 150 yen to 3,900.
HONG KONG: Share prices closed flat after a stronger-than-expected manufacturing report in the US rekindled worries that interest rates there will be raised further.
The Hang Seng Index closed down 12.18 points 15,493.00. Turnover was 19.26 billion Hong Kong dollars (2.5 billion US).
Sun Hung Kai Properties up 0.10 at 80.60. Cheung Kong was down 0.03 at 87.15, failing to benefit from the news that its chairman Li Ka-shing has raised his stake in the company further.
SYDNEY: Share prices closed largely unchanged as falls in the resources sector offset gains by Telstra and the banking sector.
The SP/ASX 200 rose 1.2 points or 0.03 per cent to 4,643.6. Market turnover was 1.17 billion shares worth 3.30 billion dollars (2.54 billion US).
Investors opted for defensive stocks, with banks posting string gains.
SINGAPORE: Share prices closed 0.97 per cent higher on gains in property stocks after housing prices posted their biggest quarterly gains in five years.
The Straits Times Index added 22.28 points to 2,323.77. Volume totalled 1.3 billion shares worth 992 million Singapore dollars (587 million US).
KUALA LUMPUR: Share prices closed flat in uncertain trade, with investors unsettled following Credit Suisse First Boston’s decision to downgrade its local equity weightings.
The composite index slipped 0.57 points to 924.76. Volume was 405.98 million shares worth 579.98 million ringgit (154 million dollars).
JAKARTA: Share prices closed up 1.64 per cent but were off their highs as news about a substantial interest rate increase triggered a late wave of profit-taking.
The composite index closed up 17.752 points at 1,101.166 on volume of 2.0 billion shares worth 1.90 trillion rupiah (184.4 million dollars).
WELLINGTON: Share prices closed 0.29 per cent higher for yet another record finish but volumes were modest.
The NZSX-50 index rose 10.11 points to 3,468.24 on turnover of US$71.8 million.
MUMBAI: Indian share prices continued their record run and rose 1.18 per cent amid solid investor support for the key index, dealers said.
The 30-share Sensex index rose 102.31 points to 8,799.96. —AFP