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Updated Saturday, December 1, 2007 0:00 am TWN, AFP

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Asian stocks up as rate cut hopes grow

HONG KONG -- Asian stocks closed mostly up Friday amid growing hopes of a U.S. interest rate cut, but Shanghai bucked the trend by falling more than two percent as investors nervously eyed upcoming flotations.

The rally came after investors took comments by U.S. Federal Reserve chief Ben Bernanke to suggest that the U.S. central bank will cut interest rates again next month.

Tokyo was up 1.08 percent, Hong Kong rose 0.6 percent, Taipei was up 1.65 percent, Seoul jumped 1.5 percent, Sydney ended up 1.4 percent and Singapore climbed 1.24 percent.

Bernanke said Thursday that Fed policymakers would need to be “exceptionally alert and flexible” given the increased uncertainty about the U.S. economic outlook.

However, his comments failed to inspire investors in China, with the main index in Shanghai falling 2.63 percent.

Analysts said a number of big upcoming flotations in China had raised the worry that investors would sell existing holdings to buy the new shares.

BANGKOK: Thai share prices closed 0.19 percent higher, supported by hopes for another U.S. interest rate cut in early December, dealers said. The Stock Exchange of Thailand (SET) composite index rose 1.64 points to 846.44, and the blue-chip SET-50 index added 1.32 points to 622.63.

JAKARTA: Indonesian share prices closed 0.4 percent lower as investors opted to lock in gains in late trade ahead of the release of November’s consumer inflation data next week, dealers said.

The Jakarta Stock Exchange composite index closed down 11.49 points at 2,688.33 on volume of 6.53 billion shares worth 6.92 trillion rupiah (US$739 million).

KUALA LUMPUR: Malaysian share prices closed 1.7 percent higher after Sime Darby, the world’s largest palm oil grower, was relisted, dealers said. The Kuala Lumpur Composite Index was up 22.66 points at 1,396.98. Volume was 970.32 million shares valued at 2.6 billion ringgit (US$774 million). Sime Darby closed up 2.10 ringgit at 11.00 ringgit. It traded to a high of 12.10 ringgit in early deals, up 36 percent from its reference price of 8.90 ringgit.

HONG KONG: Hong Kong share prices closed 0.6 percent higher as optimism rose for an interest rate cut next month by the Fed to bolster the U.S. economy, dealers said.

The Hang Seng Index closed up 161.07 points at 28,643.61. The index gained nearly 8.0 percent this week after tumbling for three successive weeks in November.

MANILA: Closed for public holiday.

MUMBAI: Indian share prices closed up 1.89 percent, buoyed by hopes that the U.S. Federal Reserve will cut interest rates at its next monetary policy meeting, dealers said. The benchmark 30-share Sensex index closed up 359.93 points or 1.89 percent at 19,363.19.

SEOUL: South Korean share prices closed 1.5 percent higher, with the KOSPI index reclaiming the 1,900-point level for the first time in two weeks amid hopes for a U.S. rate cut, dealers said.

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