HONG KONG, Sept 6: Asian stocks closed mostly higher on Thursday as investors shrugged off a poor overnight performance by Wall Street and went in search of bargains, following recent falls.
Investors were also content to focus on domestic issues ahead of data due out of the US which many hope will offer further insights into the extent of mortgage troubles within the US housing sector.
US stocks closed sharply lower amid fading hopes for an interest rate cut and Asian stocks tended to follow suit in early trade.
But in most markets bargain hunting emerged in late trade and this helped Tokyo to close 0.61 per cent higher, Taipei was up 1.16 per cent and Seoul, aided by improved consumer sentiment numbers, was 1.2 per cent higher.
Jakarta rose 0.30 per cent after its central bank kept interest rates on hold, Singapore rose 0.61 per cent as Shanghai advanced 1.56 per cent for a record closed and Mumbai ended the day up 1.1 per cent.
Hong Kong and Kuala Lumpur closed flat.
However, Bangkok was in the doldrums with a 0.57 per cent slump, Sydney was off a mild 0.20 per cent, Wellington shed 0.36 per cent and Manila fell 0.50 per cent.
TOKYO: Japanese share prices staged a late rally, with the Nikkei index ending in positive territory for the first time in four days as bargain hunters emerged after recent losses.
Dealers said blue-chip shares overcame a negative lead from Wall Street where stocks fell overnight as investors fretted about US mortgage defaults and signs that a US interest rate cut may not be on the cards this month.
The Nikkei-225 index gained 98.55 points or 0.61 per cent to 16,257.0.
HONG KONG: Share prices closed little changed in another volatile session, as investors built positions in China stocks to overcome earlier jitters sparked by Wall Street trade.
Dealers said the local bourse opened sharply lower following a big drop on Wall Street but recovered as H-shares, particularly insurers and commodity stocks, saw renewed interest towards the close.
The Hang Seng index closed down 18.77 points at 24,050.40. Turnover was 79.41 billion Hong Kong dollars (10.19 billion US).
SYDNEY: Australian share prices closed down 0.2 per cent following a negative lead from US markets, and despite strong employment data for August.
The benchmark S&P/ASX 200 index closed down 11.7 points at 6,251.0, off a day’s low of 6,189.7 and down from a high of 6.266.1.
A total of 1.84 billion shares worth 5.28 billion Australian dollars (4.35 billion US) changed hands, with 740 stocks closing down, 481 closing up and 325 stocks closing unchanged.
SINGAPORE: Share prices closed 0.61 per cent higher as investors continued to hunt for bargains following recent heavy selling.
Dealers said investors picked up stocks with strong fundamentals and brushed aside Wall Street’s decline as a US Federal Reserve survey dimmed investor hopes that the central bank would move to cut interest rates later this month.
The Straits Times Index gained 20.98 points to 3,466.06 on volume of 2.39 billion shares worth 2.07 billion dollars (1.36 billion US).
DBS Group Holdings was flat at 20.40 Singapore dollars.
KUALA LUMPUR: Malaysian share prices closed slightly firmer with property stocks soaring on expectations the government will introduce incentives for the sector when the 2008 budget is presented on Friday.
The composite index (KLCI) closed up 0.92 points to 1,298.85.
JAKARTA: Indonesian share prices finished 0.3 per cent higher, led by gains in selected mining stocks, with sentiment also supported by a recovery in some Asian markets.
The composite index closed up 6.16 points at 2,220.78 on volume of 4.48 billion shares worth 3.27 trillion rupiah (347.87 million dollars).
WELLINGTON: New Zealand share prices fell 0.36 per cent as regional markets reacted negatively to falls on Wall Street.
The NZX-50 index dropped 14.91 points to 4,140.09 on light turnover worth $101.9 million (70.3 million US).
The local index recovered some ground from the morning when it fell more than 40 points in reaction to sharp falls in the US on renewed concerns about the housing and mortgage market.
MUMBAI: Indian share prices rose 1.1 per cent as Asian and European markets rebounded from sluggish trends.Dealers said the markets will track developments at the European Central Bank meet, where analysts largely expect the bank to keep interest rates on hold.
The 30-share Mumbai Sensex rose 170.16 points at 15,616.31.
We saw buying on expectations of good corporate earnings for the quarter ending September. —AFP