Asian stock markets close mostly down

The Tokyo bourse closed up 2.98 percent after reopening following a holiday on Monday, when many Asian markets had posted strong gains partly due to last week’s oil price tumble.

But the mood was more restrained Tuesday, with the markets in Hong Kong, Australia and South Korea closing little changed. Chinese share prices closed mixed, while Taiwan and Singapore fell.

Oil prices rose Tuesday towards US$134 per barrel, dimming the optimism from the slide last week. Investors fear still higher inflation due to soaring fuel and food costs, which threaten slower economic growth.

The Japanese government Tuesday slashed its growth forecast for Asia’s largest economy, predicting 1.3-percent expansion this fiscal year as soaring commodity and food costs hit companies and consumers.

In April it had forecast much healthier growth of 2.0 percent, but business investment and household spending have been weaker than expected.

Among smaller Asian markets, India closed up nearly two percent ahead of a parliamentary confidence vote in the government. Investors were betting the administration would survive rather than lose and call early elections.

Elsewhere, Malaysia and Indonesia closed up, but Thailand, the Philippines and New Zealand ended in the red.

Investors were looking ahead to earnings results from key U.S. companies. America is battling an economic slowdown that threatens slower world expansion.

TOKYO: Japanese share prices surged almost three percent on easing worries about the U.S. financial crisis, with the benchmark ending above the 13,000 points level for the first time in a week. The Tokyo Stock Exchange’s main Nikkei-225 index gained 381.26 points or 2.98 percent to 13,184.96. The broader Topix index of all first-section shares added 35.31 points or 2.82 percent to 1,287.74.

HONG KONG: Hong Kong stocks closed little changed, dealers said. The Hang Seng Index dropped 5.42 points to 22,527.48.

SYDNEY: Australian stocks closed little changed, dealers said. The benchmark S&P/ASX 200 index closed down 6.2 points, or 0.1 percent, at 5,005.6. The broader All Ordinaries index gained 0.5 points to 5,075.9, up around 0.1 percent.

SHANGHAI: Chinese share prices closed mixed with Shanghai down 0.53 percent, dealers said. The benchmark Shanghai Composite Index, which covers both A and B shares, closed 15.30 points lower at 2,846.12 .

SEOUL: South Korean shares closed little changed, dealers said. The KOSPI index finished down 1.69 points or 0.1 percent at 1,561.23.

SINGAPORE: Singapore share prices closed 0.98 percent weaker, dealers said. The blue-chip Straits Times Index (STI) finished 28.55 points lower at 2,890.66.

KUALA LUMPUR: Malaysian share prices closed 0.6 percent higher, dealers said. The Kuala Lumpur Composite Index gained 6.09 points to 1109.57.

BANGKOK: Thai share prices closed 0.75 percent lower, dealers said. The Stock Exchange of Thailand (SET) composite index lost 5.15 points to close at 682.15 points, while the blue-chip SET-50 index fell 4.11 to 480.24.

JAKARTA: Indonesian shares closed up 0.8 percent, dealers said. The Jakarta Composite index rose 17.69 points to 2,212.75.

MANILA: Philippine share prices closed 0.3 percent lower, dealers said. The composite index fell 6.64 points to 2,409.98. The all-share index lost 2.22 points to 1,528.74.

WELLINGTON: New Zealand share prices closed 0.14 percent lower, dealers said. The benchmark NZX-50 index closed 4.41 points lower at 3,143.91.

MUMBAI: Indian shares closed 1.84 percent higher, dealers said. The benchmark Mumbai 30-share Sensex index rose 254.16 points to 14,104.2.

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