HONG KONG, Dec 21: Asian markets ended mixed on Thursday, with the Japanese stocks hitting a fresh seven-month high but Thai shares falling again.
Stock markets in Indonesia and New Zealand finished at record highs, but Thai shares declined amid lingering worries about future government policies there.
The Stock Exchange of Thailand's benchmark SET index dropped to 2 per cent to 677.
On Tuesday, it plunged nearly 15 per cent after the central bank imposed controls on foreign inflows in an attempt to weaken the soaring baht. The market bounced back 11.2 per cent Wendesday after authorities loosened some of the controls.
Foreign players are still selling. It may take days before things return to normal, said analyst Somchai Anektaweepon at Syrus Securities. A lot of investors are still recovering from the loss Tuesday when they sold at much lower prices and there is no point returning so quickly. Our stock market is not that attractive.
Prime Minister Surayud Chulanont Thursday said he fully supported the Bank of Thailand's measures aimed at limiting speculation on the baht as well as it's softening of those steps after it was found to have deterred both long-term foreign investment and short-term speculation.
The policy isn't flip-flopping, he told reporters. There has been no change in policy. The policy is clear that we don't want to see the baht rise too much, as it would effect the overall economy.
Tokyo's benchmark Nikkei 225 stock index added 36.79 points, or 0.22 per cent, to finish at 17,047.83, its highest since May 9.
Traders said foreign buying, particularly of steel shares from European accounts, looked strong, though profit-taking on the previous day's rise limited the Nikkei's gains.
Steel's gains came on reports that Nippon Steel Corp. was to gain control of Brazil's Usiminas by acquiring a majority stake in the steel-maker's top shareholder. Nippon Steel, which later confirmed the report, rose 0.50 per cent while Kobe Steel Ltd. added 0.51 per cent.
In Hong Kong, the blue chip Hang Seng Index fell 17.28 points, or 0.1 per cent, to finish at 19,222.84.
Traders said China financial stocks would remain center stage in the short term as investors keep betting on China's strong economic growth and expectation of yuan appreciation.
But we should be prepared for some volatility at Chinese financial stocks after recent run up, as investors are likely to take some profits ahead of the long Christmas holiday,said Francis Kwok, director of Peace Town Securities Ltd.
In currencies, The US dollar was trading at 118.37 yen on the Tokyo foreign exchange market late Thursday, up from 118.34 yen late Wednesday in New York. The euro rose to US$1.3192, from $1.3178.
JAKARTA: Indonesian shares closed at a new record high, with gains in telecommunication, consumer and bank stocks. The Jakarta Stock Exchange Composite Index rose 22.28, or 1.3 per cent, to close at 1,789.08 points.
KUALA LUMPUR: Malaysia's stock index ended flat as profit-taking offset gains in blue chips, property and plantation stocks. The Kuala Lumpur Composite Index of 100 blue chips climbed 0.38 point to 1,076.68.
MUMBAI: Indian shares climbed slightly, propped up by gains in index heavyweight Reliance Industries, while others fell off. The Bombay Stock Exchange's 30-stock Sensitive Index, or Sensex, was up 44.65 points, or 0.3 per cent, to 13,384.86 points.
SINGAPORE: Singapore shares ended flat, with two real estate investment trusts shining amid a mixed performance in blue chips. The Straits Times Index barely budged, rising 0.01 points to 2,920.8.
SYDNEY: Australian stocks fell from a record close a day earlier with the resource sector dragging the market down. The benchmark S&P/ASX200 index dropped 24.3 points to 5,583.5.
WELLINGTON: New Zealand stocks recorded another record high as the market looked to extend recent gains to the end of the year.
The benchmark NZX-50 index rose 23.7 points, or 0.6 per cent, to 4,028.68.—AP