HONG KONG, Sept 11: Asian stocks closed mostly higher on Tuesday with bargain hunters moving into the markets on the back of recent sharp selling and following calmer trade on Wall Street overnight.
Trade in New York ended mixed with investors still weighing the potential damage of the subprime mortgage sector on the broader US economy and the impact of last week’s poor jobs data.
But the sharp sell-off had abated, providing opportunities for bargain hunting in the US and then Asia/Pacific region.
Tokyo, after the release of improved domestic machinery orders data, was up 0.71 per cent. Seoul gained 0.6 per cent, Sydney was 0.70 per cent higher, Taipei rose 0.73 per cent and Wellington advanced 0.42 per cent.
Singapore was the standout on the day with a 1.5 per cent surge, while Bangkok was up 0.59 per cent. Jakarta closed flat with investors focussing on a US interest rate decision due next Tuesday.
TOKYO: Japanese share prices staged a modest rebound as bargain hunters emerged after the previous day’s steep losses, encouraged by hopes of a US interest rate cut next week.
The Nikkei-225 index gained 112.70 points to 15,877.67. Turnover was an estimated 1.75 billion shares, little changed from 1.76 billion shares Monday.
HONG KONG: Share prices closed 0.20 per cent lower after a volatile session, as investors locked in profits amid a sharp drop on the mainland after China’s latest inflation data.
China earlier announced its consumer price index rose 6.5 per cent year-on-year in August, accelerating from the 5.6 per cent growth recorded in July and taking inflation to its highest monthly level since December 1996.
China banks and property developers were hit by rate hike fears, offsetting gains in select stocks such as CNOOC and Chalco.
SINGAPORE: Singapore share prices closed 1.5 per cent higher on bargain hunting, undeterred by sharp falls on China’s stock market.
The Straits Times Index was 52.70 points higher at 3,494.57 on volume of 2.79 billion shares worth 2.44 billion Singapore dollars (1.60 billion US).
KUALA LUMPUR: Malaysian share prices closed down 0.3 per cent after rising crude oil prices undermined investor sentiment.
Dealers said oil prices came within sight of a fresh record in Asian trade ahead of the Organization of the Petroleum Exporting Countries (Opec) meeting in Vienna.
The composite index closed down 4.37 points at 1,286.33 on volume of 837.457m shares valued at 1.33 billion ringgit ($38m).
JAKARTA: Indonesian shares prices closed flat, with the main index surrendering early gains as investors opted not to build fresh positions ahead of a US interest rate decision next week.
The composite index closed up 1.77 points at 2,211.41. Volume was 3.87bn shares worth 2.45 trillion rupiah ($259.48 million).
MUMBAI: Indian share prices fell 0.35 per cent in cautious trade linked to currency gains.
Dealers said software stocks, which bill most of their clients in the US currency, fell as the India rupee gained against the dollar.
The 30-share Sensex index closed down 54.06 points at 15,542.77.—AFP