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Updated Tuesday, July 27, 2010 10:35 am TWN, By Nick Coleman, AFP

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Asian stocks rise, bouyed by Wall Street, EU stress test

Much attention had been focused on what European stock markets made of last week's stress tests, with initial reaction appearing positive. The results found that of 91 European Union banks only seven — five in Spain and one each in Germany and Greece — were under-capitalized and unprepared to absorb a new financial crisis.

Critics said examiners had set the bar too low to assess the capacity of European banks — many of which hold bonds issued by debt-ridden governments — to overcome fresh financial pressures.

Gold closed at US$1,192.00-US$1,193.00 an ounce in Hong Kong, down from Friday's close of US$1,199.50-US$1,200.50.

In other markets:

— Singapore closed down 0.22 percent, or 6.48 points, at 2,966.99.

Agribusiness group Wilmar International and oil rig maker Keppel Corp both added four cents to reach 6.36 and 8.98 respectively.

— Taipei closed up 0.34 percent, or 26.23 points, at 7,787.45.

Formosa Petrochemical Corp lost 1.68 percent after a blaze broke out at one of its three refining units, potentially causing tens of millions of dollars in damage. MediaTek was up 2.13 percent.

— Wellington closed 0.87 percent, or 26.28 points, higher at 3,021.18.

Investors focused on the upcoming reporting season. Telecom closed one cent higher at 1.97 dollars, Fletcher Building was 10 cents up at 7.73 and Contact Energy rose three cents to 5.69.

— Manila ended flat, losing 2.07 points to close at 3,414.03. Philippine Long Distance Telephone Co. was unchanged at 2,430 pesos. The installation of a new software system caused glitches that delayed the release of closing figures.

— Kuala Lumpur closed up 0.46 percent, or 6.14 points, at 1,351.82.

Conglomerate Tanjong lost 1.40 percent, builder SP Setia shed 2.90 percent, while leading bank CIMB gained 3.30 percent.

— Jakarta fell 0.60 percent, or 18.32 points, to 3,023.70.

Telkom tumbled 1.2 percent to 8,050 rupiah, Bank Danamon slid 2.7 percent to 5,500 but Bank Jabar rose 4.2 percent to 1,250.

— Mumbai fell 0.61 percent, or 110.93 points, to 18,020.35

Car maker Maruti Suzuki India fell 12.31 percent to 1,191.05 rupees.

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