HONG KONG, Jan 26: Asian stocks closed mostly higher in limited trade on Thursday amid another easing in oil prices and a slightly stronger US dollar bolstering support, particularly in Japan.
Dealers said a 1.53 per cent rise in the Tokyo benchmark amid a weakening yen, which makes exports cheaper, had lent a positive tone across the region and Seoul, Manila, Singapore and Kuala Lumpur closed higher.
However, Bangkok and Jakarta registered slight losses with profit takers moving in to take advantage of recent gains while Hong Kong was flat.
Trade was capped with Shanghai and Taipei closed due to the Lunar New Year break while Sydney and Mumbai were also shut due to national holidays.
TOKYO: Share prices closed 1.53 per cent higher as easing oil prices and a weaker yen buoyed confidence in a market continuing to recover from the Livedoor shock, dealers said.
The Nikkei-225 index rose 240.02 points to 15,891.02.
Oil prices kept falling in Asia Thursday after a US report showed rising inventory in the world’s biggest energy consumer.
Dealers said that worries over a probe into Internet firm Livedoor and the arrest of its former head Takafumi Horie appear to have dissipated for the time being with investors believing the scandal was specific to the one company.
The market is continuing its rebound after the Livedoor shock and is now seeking fresh leads, said Hideyuki Suzuki, a strategist at SBI Securities.
But he warned that too quick of a rebound from last week’s sell-off would likely trigger profit-taking that would curb further gains.
Livedoor shares closed down another 24 yen or 17.5 per cent at 113. There had been no trades in the stock for more than week until Wednesday, when the first buyers emerged.
Livedoor shares finally saw executed transactions and it seems investors now believe all the negative news from the story is out, said Hideo Mizutani, a chief strategist at Sieg Securities.
Dealers said the dollar’s rise against the yen spurred strong buying interest in electronics and auto firms. A stronger dollar benefits exporters, whose earnings are denominated in the US currency.
Sony gained 260 yen or 5.25 per cent to 5,210. At the close, the electronics giant announced a rise in profit for the third quarter to December and said it no longer expected to finish the year in loss.
HONG KONG: Share prices closed flat in cautious trade, with investors looking forward to the settlement of futures contracts and the upcoming Lunar New Year holidays.
The Hang Seng index slipped 0.32 points at 15,520.07 on turnover of 23.80 billion Hong Kong dollars (3.05 billion US).
Lin said the index received good support at the 15,500 points level despite weak overall momentum.
Rate-sensitive property stocks were mixed, with Sun Hung Kai Properties flat at 79.70, Cheung Kong down 0.05 at 82.05, Henderson Land down 0.20 at 39.40, Sino Land up 0.05 at 10.55 and Wharf Holdings down 0.50 at 28.55.
SINGAPORE: Share prices closed 0.40 per cent higher as gains in Singapore Airlines and Singapore Telecommunications (SingTel) lifted the key index.
The Straits Times Index was up 9.58 points at 2,388.22. Volume traded at 1.12 billion shares worth 1.06 billion Singapore dollars (654 million US).
KUALA LUMPUR: Share prices closed 0.37 per cent higher led by blue chip Tenaga after it announced a sharp rise in its first-quarter net profit.
The composite index rose 3.37 points to 913.14 on volume of 687.06 million shares worth 870.43 million ringgit (232.39 million dollars.
The market was higher mostly due to gains made by index heavyweight Tenaga, a local brokerage dealer said.
Among blue chips, Tenaga Nasional closed up 0.20 ringgit at 10.70 after reporting its net profit for the first quarter to November rose sharply to 595.60 million ringgit from 8.50 million ringgit a year earlier.
It attributed the profit to cost savings and foreign exchange gains.
JAKARTA: Share prices edged down 0.28 per cent on profit-taking in blue chips such as Telkom and Bank Mandiri, although select minor stocks attracted buying interest.
The composite index closed down 3.464 points at 1,226.653 on volume of 2.19 billion shares valued at 1.52 trillion rupiah (160.59 million dollars.)
WELLINGTON: Share prices closed 0.11 per cent higher after a muted response to suggestions from the central bank that interest rates are unlikely to be raised further.
The NZSX-50 gross index rose 3.52 points to 3,328.19 on light turnover worth US$66.4 million.
Market leader Telecom ended unchanged on 5.67 dollars. Contact Energy staged a late rally to end nine cents higher at 6.54 dollars and Fletcher Building added 10 cents to 7.40.—AFP