HONG KONG, June 21: Asian stocks closed mixed on Thursday after Wall Street was sold-off amid rising US bond yields and concerns over possible higher interest rates hurting the subprime mortgage industry.
Those fears were compounded once sources confirmed that two hedge funds managed by US investment bank and brokerage Bear Stearns would be wound down as their complex mortgage-related bets soured.
This left investors in Asia to continue to consolidate positions and focusing on local issues. Tokyo rose a mild 0.16 per cent, to a seven-year high, on a weak yen and Wall Street.
Hong Kong was the best on the day, up 1.25 per cent at a record high, on the prospect of further mainland investments while Shanghai rose 1.18 per cent on support for banks and Taipei gained 1.10 per cent, also a seven-year high.
Kuala Lumpur was up a slight 0.12 per cent, a record finish, Seoul gained 0.59 per cent while Mumbai rose 0.61 per cent in volatile trade.
TOKYO: Share prices closed at a seven-year high on the main index's sixth straight day of gains, as exporters benefitted from the yen which is trading at multi-year lows.
The main index rose 0.16 per cent on Thursday, erasing a fall in early trade that was triggered by losses overnight on Wall Street.
The Nikkei-225 index rose 28.62 points to 18,240.30. The volume traded rose to 2.23 billion shares from 2.19 billion Wednesday.
HONG KONG: Share prices closed 1.25 per cent higher, with the key index nearing 22,000 points, as strong liquidity and China's expanded domestic investment scheme helped the market to its fifth straight day of gains.
Dealers said China's announcement that under new rules taking effect July 5, mainland brokers and fund managers will be allowed to invest client funds in overseas fixed-income, equity and derivative securities.
Until now, only banks and insurance companies have been eligible for the qualified domestic institutional investor (QDII) program.
The broadened scheme has led to hopes of more fund inflows into Hong Kong and helped investors shrug off a downturn on Wall Street overnight.
SINGAPORE: Share prices surged to a new all-time closing high on buying in selected blue chips.
The Straits Times Index rose 10.82 points to 3,639.49 on volume of 4.51 billion shares worth 2.74 billion Singapore dollars (1.78 billion US).
There's some rotational play in the market, like Singapore Press Holdings which is stronger today, said a dealer with a local brokerage.
Singapore Press Holdings added 0.10 to 4.64.
KUALA LUMPUR: Share prices closed 0.12 per cent higher, at another record high as investors ignored Wall Street's overnight slump.
However, dealers said considerable profit-taking, especially on big-cap stocks, limited the market's upside.
The composite index gained 1.69 points to 1,387.96 on volume of 1.81 billion shares, valued at 2.93 billion ringgit (849.3 million dollars).
JAKARTA: Share prices closed 0.40 per cent lower, with investors cashing-in on recent record gains and as sentiment took a hit from Wall Street's overnight decline.
The composite index closed down 8.734 points at 2,152.340 on volume of 5.32 billion shares worth 5.07 trillion rupiah (561.77 million dollars).
WELLINGTON: Share prices fell 0.53 per cent, following the downward trend of overseas markets.
The NZX-50 gross index fell 22.60 points to 4,300.57 on turnover worth $143.5 million (US$109.6 million).
Turnover was boosted by the sale of 21 million Macquarie Goodman shares worth $32 million at $1.48 each. Macquarie Goodman closed unchanged at $1.52.
Leading stocks were mixed with profit-taking dominating in stocks that had the strongest gains recently.
Port of Tauranga rose 14 cents to $6.99 but volumes were thin.
MUMBAI: Share prices closed 0.61 per cent higher in volatile trade led by banks on sustained interest in the ICICI share offer.
Dealers said investors locked-in gains during the day but the market bounced back in late trade.
The 30-share Sensex index rose 87.29 points to 14,499.24.
The markets were volatile as investors were keen to lock-in gains. We expect the markets to remain choppy in coming days, said Advait Date, a dealer with brokerage BHH Securities.
—AFP