HONG KONG, April 23: Asian stocks closed mostly up on Wednesday, shaking off rising inflation, a fresh record for the price of crude oil and concerns about the fallout from the global credit crunch.
The Chinese bourse led the risers, surging more than four per cent as some investors bet it may have hit a nadir after tumbling around 46 per cent from a peak last October. Hong Kong stocks rose nearly 1.5 per cent.
Japan’s stock market managed a 0.23 per cent gain even though official data showed the country’s trade surplus shrank 30.2 per cent in March as a US-led world economic slowdown began to bite.
Regional shares ended mostly higher despite figures showing rising inflation.
TOKYO: Japanese share prices closed marginally higher as market sentiment remained firm despite overnight falls on Wall Street, dealers said.
The benchmark Nikkei-225 index rose 31.34 points or 0.23 per cent to 13,579.16. The broader Topix index of all first-section shares added 2.93 points or 0.22 per cent to 1,314.39.
Gainers outpaced decliners 862 to 712, with 143 issues unchanged. Volume rose to 1.70 billion shares from 1.58 billion shares on Tuesday.
HONG KONG: Hong Kong share prices closed up 1.4 per cent, dealers said.
The Hang Seng index closed up 350.09 points at 25,289.24. Turnover was 105.3 billion Hong Kong dollars (13.5 billion US).
The market extended its gains after a firm close in China, with China financials and oil counters leading the gains, said Alex Tang at Core Pacific-Yamaichi Securities.
SYDNEY: Australian share prices closed up 1.6 per cent, dealers said.
The S&P/ASX 200 index closed 88.3 points higher at 5,652.9, while the broader All Ordinaries added 83 points or 1.5 per cent to close at 5,711.4.
Market volume was 1.4 billion shares worth 5.9 billion dollars (5.6 billion US).
SINGAPORE: Singapore shares closed up 0.2 per cent, dealers said.
The Straits Times Index rose 6.61 points to close at 3,193.84. Volume was 1.99 billion dollars (1.47 billion US).
KUALA LUMPUR: Malaysian shares closed up 0.7 per cent, dealers said.
The Kuala Lumpur Composite Index closed up 8.86 points at 1,288.16.
Plantation stock IOI Corp. rose 1.3 per cent to 7.60 ringgit. Maybank rose 0.6 per cent at 8.25 ringgit. Tenaga advanced 0.8 per cent to 6.75 ringgit.
JAKARTA: Indonesian shares closed 1.1 per cent higher, dealers said.
The Jakarta composite index closed up 25.21 points at 2,314.30.
Bumi Resources rallied 5.4 per cent to 6,850 rupiah, miner Inco soared 10.2 per cent to 7,050 rupiah but Telkom lost 1.1 per cent to 8,750 rupiah.
WELLINGTON: New Zealand share prices closed up 0.70 per cent, dealers said.
The NZX-50 gross index rose 25.21 points to 3,608.47.
Telecom rose seven cents to $3.86. Contact Energy rose 13 cents to $9.15. Fletcher Building rose three cents at 8.53.
MUMBAI: Indian shares closed down 0.51 per cent, dealers said.
The benchmark Mumbai Sensex fell 85.83 points to 16,698.04—AFP