HONG KONG, Sept 26: Asian stocks closed mostly higher on Wednesday as they basked in the afterglow of last week’s sharp cut in US interest rates and despite lingering concerns about global economic prospects.
The rally saw regional bourses shake off bad US data published Tuesday showing a fall in home sales and tanking consumer confidence.
The US central bank cut interest rates by 50 basis points last week to 4.75 per cent in a bid to shore up confidence.
The major exception to the Asian rally was China, where share prices fell sharply over concerns that impending new flotations could draw money away from existing stocks. Chinese share prices closed down 1.61 percent.
Elsewhere Taiwanese shares rose 1.67 percent, while the Philippines, Indonesia and Thailand all gained by one percent or more.
Tokyo rose 0.21 percent but Australia was flat after posting a record close Tuesday.
The markets in Hong Kong and Seoul were shut.
TOKYO: Japanese share prices rose 0.21 per cent on hopes of solid corporate earnings and an end to recent political uncertainty with a new government now in place, dealers said.
They said investors were watching Prime Minister Yasuo Fukuda and his cabinet for a clearer indication of their economic policies, after the new leader kept his predecessor’s top economy and finance ministers.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index of leading shares edged up 34.01 points to 16,435.74. Volume fell to an estimated 1.75 billion shares from 1.89 billion shares Tuesday.
SYDNEY: Australian share prices closed little changed as falls in the resources sector offset gains in gold and banking stocks, dealers said.
The benchmark S&P/ASX 200 ended down 1.6 points at 6,481.4, just off Tuesday’s record closing high, while the broader All Ordinaries edged up 0.5 points to a record 6,491.4.
Volume was 2.12 billion shares worth 6.47 billion dollars (5.56 billion US), with 688 stocks up, 584 down and 334 unchanged.
The financial sector kept the market up although trading was in a fairly narrow range, said CMC Markets analyst David Land.
SINGAPORE: Singapore share prices closed up 0.70 per cent after government figures showed the city-state’s industrial production rose last month, dealers said.
They said blue chips were the biggest winners after government data released Wednesday showed factory output rose 13.8 percent in August, fuelling hopes of better-than-expected economic growth during the third quarter.
The Straits Times Index gained 25.27 points to 3,650.09. Volume totalled 2.25 billion shares worth 2.06 billion Singapore dollars (1.37 billion US).
There were 530 risers, 189 losers and 938 shares were flat.
KUALA LUMPUR: Malaysian share prices closed up 0.3 per cent led by construction stocks, although trading volumes were light, dealers said.
The Kuala Lumpur Composite Index closed up 4.46 points at 1,320.89 on volume of 872.6 million shares valued at 1.57 billion ringgit (458 million dollars), while gainers led decliners 535 to 318.
The ringgit was quoted at 3.4250/3.4290 against the dollar.
JAKARTA: Indonesian share prices closed 1.3 per cent higher on a technical rebound led by large-caps, with foreign buying and excitement over debutante Darma Henwa fueling momentum, dealers said.
The Jakarta Stock Exchange composite index closed up 30.65 points at 2,361.01 on volume of 6.24 billion shares worth 4.33 trillion rupiah (472.71 million dollars). Gainers led losers 109 to 73, and 73 stocks were unchanged.
The Indonesian rupiah was trading at 9,155/9,160 to the dollar against 9,165/9,170 late Tuesday.
WELLINGTON: New Zealand share prices closed 0.81 per cent higher as market leader Telecom boosted the broader market in mixed trading, dealers said.
They said Telecom shares rose 14 cents to 4.44 dollars as investors appeared to welcome the certainty offered by the government’s decision to split the company into three operating units to boost competition in the industry.
The benchmark NZX-50 index rose 34.29 points to 4,275.97 on turnover worth 169.4 million dollars (125.9 million US). Falls narrowly outnumbered rises 54 to 50 among 138 stocks traded.
Possible takeover target Sky City dropped a cent to 5.06 dollars on high volumes worth 44 million dollars.
MUMBAI: Trading extended to 1045 GMT from 1000 GMT until October 9.—AFP