HONG KONG, Nov 23: Share prices on nearly all Asian stock markets moved higher on Friday, but most traded sideways on a lack of fresh leads amid holidays in the United States and Japan.
South Korea was the exception with the composite index soaring 3.3 per cent to close at 645.18 points after better-than-expected gross domestic product growth (GDP) data spurred hectic foreign and institutional investor buying.
Elsewhere in the region Hong Kong shares rose 0.6 per cent on the back of gains in European markets but turnover remained thin as investors waited for fresh leads from Wall Street after the US Thanksgiving holiday Thursday, dealers said.
With the region’s all-important Tokyo bourse also closed for a public holiday Friday, traders on markets including Sydney and Singapore said investors were looking for fresh news to prompt deals.
Hong Kong’s key Hang Seng index gained 69.06 points to close at 11,322.36.
Louis Wong, an analyst with Philip Securities in Hong Kong, said investors were sidelined ahead of the US reopening.
Turnover was very thin and investors were cautious, he said.
He added trading in blue chips was relatively meagre, with investors shifting their attention to several property and Growth Enterprise Market-board (GEM) laggards.
Among these, New World Development gained 30 cents to 6.85 dollars and Henderson Land rose 75 cents to $30.70. Also on the GEM board, Tom.com added 17.5 cents to $2.55.
Dealers said oil stocks were mostly higher after Norway announced it would cut oil output by 100,000 to 200,000 barrels per day.
SYDNEY: Australian share prices closed 0.3 per cent firmer in the absence of major news or offshore leads because of the US holiday.
The All Ordinaries index closed 8.2 points higher at 3,270.60 while the SP/ASX 200 gained 8.7 points at 3,332.90.
A Sydney-based trader at a European investment house said many investors had stayed on the sidelines because of the US Thanksgiving holiday.
There really was no urgent reason for some of the larger players to take part today. It is not like they were missing anything, he said.
Dicksons trader Stuart Cameron said buying was confined to selected blue chip stocks.
SINGAPORE: Singapore shares closed 0.5 per cent firmer in quiet trade as a lack of compelling positive leads and a US holiday kept investors away.
The Straits Times Index edged 7.07 points higher to close at 1,458.20.
Dealers said technology stocks and DBS Group Holdings Ltd. led the gains and they expected the index to pick up next week.
Technology stocks performed well today along with DBS, a dealer at a regional brokerage said.
I think the index is on its way to 1,490. I’m positive about next week as we may see the recent economic news in the US better reflected on Wall Street after the Thanksgiving holidays, he added.
KUALA LUMPUR: Malaysian stocks ended up 1.0 per cent on extended buying interest ahead of the release of economic growth data.
The KLSE composite index closed up 6.62 points at 639.53 after local markets were closed for a public holiday Thursday.
Local funds provided support to the market ahead of the release later Friday of third quarter gross domestic product (GDP) data, dealers said.
They said penny stocks were heavily traded for speculative short-term gains, while companies that recently announced strong financial results also attracted interest.
SEOUL: South Korean shares closed 3.3 per cent higher after better-than-expected GDP data spurred hectic foreign and institutional investor buying.
The composite index added 20.62 points to 645.18 on heavy volume.
As the index breached the year’s high of 630 points, sentiment was boosted sharply and interest spilled over into the second-liners as investors chased remaining bargains.
Third quarter GDP data unveiled on Thursday raised hopes South Korea will get back to its growth path by next year’s second quarter.
There is no concrete evidence of a economic recovery yet but expectations are high, Meritz Securities analyst Kim Sang-Cheol said.
MANILA: Share prices in Manila rose 2.0 per cent after the US pledged military aid and a possible debt swap to the Philippines, extending a rally to its third day.
The Philippine Stock Exchange composite index gained 21.40 points to 1,088.46.
The market has fallen 18 per cent since September 11, so we’re seeing continued bargain hunting, said Elline Salvatierra of KGI Securities.
Brokers said the market took heart from the success of President Gloria Arroyo’s visit to the US, where she said she obtained about $100 million in military assistance and two billion dollars in investment pledges as well as economic aid.
TAIPEI: Taiwan share prices ended 1.6 per cent higher in modest trade on the back of solid gains centering around bellwether electronics.
The Taiwan Stock Exchange weighted price index rose 69.06 points to 4,519.08.
It seems investors aren’t ready to leave the market yet, as many still want to take advantage of the period before the election to gain more profits, said Daniel Liu, a broker at Ta Ching Securities.
Taiwan’s parliamentary elections will be held on December 1.
Techology shares regained confidence among investors with some stocks attracting interest on the back of hopes of recovery next year, Liu said.
MUMBAI: Indian share prices fell 0.2 per cent on the Bombay Stock Exchange (BSE) in lacklustre trade amid news that the market regulator had asked exchanges to curb price volatility.
The benchmark 30 share BSE-sensitive index shed 5.93 points to 3,252.20.
Dealers said profit taking continued for the second consecutive day although markets remained firm in the absence of any negative developments.
With US markets closed Thursday and open only for half a day Friday, the mood here was expected to be lacklustre. In absence of any leads, volumes generally tend to fall, a dealer with a domestic brokerage said.
He said the Securities and Exchange Board of India directive to exchanges to be increase vigilance to curb price volatility also led to a “cautious” mood among traders.
BANGKOK: Thai stocks rose 1.2 per cent on rotational interest in large company shares, with positive sentiment continuing as foreign investors remained net buyers.
The Stock Exchange of Thailand (SET) composite index gained 3.63 points to 296.77 points, and the blue chip SET-50 added 0.26 points to close at 19.48.
Yuanta Securities analyst Surachai Pramualcharoenkij said foreign investors continued to make heavy purchases, with regional market gains keeping sentiment buoyant.
Sentiment has been positive since last week, beginning with the possible end of the US-led war in Afghanistan, he said.
Recent gains on Wall Street also encouraged foreign investors to return to the local bourse, which is still far below the pre-September 11 level of 330 points, Surachai added.
JAKARTA: Indonesian shares closed 0.5 per cent higher amid hopes of a successful divestment of government stakes in Bank Central Asia (BCA) and in Indovisual Mandiri.
The Jakarta Stock Exchange composite index ended up 1.870 points at 382.704.
Samuel Sekuritas analyst Zacky Maulana said volume was boosted by active trading in BCA as well as in Indovisual Mandiri on progress in the government’s divestment program in the two companies.
Dealers said Jakarta’s decision to increase cigarette retail prices also triggered active trading in cigarette stocks although the impact on their share prices was mixed.
SHANGHAI: China’s Shanghai B-shares closed flat after a day of volatile trade with shares coming down from their intra-day highs before rebounding off to end flat.
The Shanghai B-share index dipped 0.03 to close at 158.33 points on moderate turnover while the A-share index slid 3.45 points or 0.2 per cent to 1,786.8.
After seven consecutive days of gains, the rally lost steam as profit-taking pressure offset the market’s upward momentum, dealers said.
The markets are due for a technical correction following recent gains and speculative funds chasing quick gains have cashed out,” said Haitong Securities analyst Zhou Ji.
WELLINGTON: New Zealand stocks fell 0.9 per cent on the back of profit-taking in market leader Telecom.
The NZSE40 shed 17.67 points to 2,003.36.
Telecom was hit by profit-taking, tumbling 14 cents to 4.78 dollars. Brokers said there could be residual concern about last week’s merger announcement by its competitors TelstraSaturn and Clear. Australian-based Telstra added 14 cents to $6.69.
While precarious global markets still appeared to be high in the minds of investors, Greenslades broker David Fergusson said the return to healthier volumes was a welcome sign after six months of turnovers around the 40 million-50 million dollar level.—AFP