HONG KONG, Jan 5: Asian stocks put in another strong performance on Thursday, mostly extending gains to fresh multi-year highs on growing expectations the US interest rate cycle is peaking out, dealers said.
They said that while there was some profit-taking, that was only to be expected given the recent record breaking performance in the region and investors are clearly banking on more gains.
On the day, Tokyo added 0.39 per cent for a fresh five-year best while Singapore joined that club with a gain of 0.82 per cent.
TOKYO: Japanese share prices rose 0.39 per cent to their highest finish in more than five years as fresh gains on Wall Street fanned upbeat investor sentiment, dealers said.
They said expectations that the US Federal Reserve is approaching a pause in its series of interest rate rises was largely behind the increased optimism in New York which spread to other global markets.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index added 63.83 points to end at 16,425.37, off a high of 16,474.52 but still the best close since September 20, 2000.
HONG KONG: Hong Kong share prices closed 0.47 per cent higher on follow-through interest after Wednesday’s sharp gains amid easing interest rate worries, dealers said.
The Hang Seng Index closed up 71.07 points at 15,271.13, off a low of 15,261.82 and high of 15,373.79. Turnover was heavy at 33.05 billion Hong Kong dollars (4.23 billion US dollars).
SYDNEY: Australian share prices closed 0.14 per cent lower as investors took some modest profits after a series of record breaking performances, dealers said.
The market drifted at the opening as investors took profits in resources and mining stocks but then recovered as other Asian markets picked up.
SINGAPORE: Singapore share prices closed up 0.82 per cent, taking the Straits Times Index back above 2,400 points for the first time in five years, dealers said.
Singapore Telecommuni-cations rose 0.02 to 2.67 dollars while Singapore Airlines was flat at 12.80.
KUALA LUMPUR: Malaysian share prices closed 1.06 per cent higher on follow-through buying by institutions on expectations that the US interest rate hike cycle is coming to an end, dealers said.
Among blue chips, Tenaga Nasional was up 0.20 ringgit at 10.30, Telekom Malaysia gained 0.20 to 9.70 while Maybank added 0.10 at 11.10.
JAKARTA: Indonesian share prices closed slightly lower as investors took some profits but gains in car dealer Astra International provided the index some support, dealers said.
WELLINGTON: New Zealand share prices were flat in light trade after poor data showing a record trade deficit, dealers said.
The NZSX-50 gross index gained 1.51 points to 3,375.98 on turnover of 65.85 million New Zealand dollars (44.97 million US).
MUMBAI: Indian share prices closed 0.31 per cent lower on modest profit-taking after the market’s recent record run, dealers said.
The Mumbai stock exchange 30-share Sensex index fell 30.34 points to 9,617.74.—AFP