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Asian stocks closed mostly higher Thursday

Friday, October 12, 2007
AFP


HONG KONG -- Asian stocks closed mostly higher Thursday with investors focussing on domestic issues, however, a mixed performance by Wall Street overnight limited gains.

Lackluster earnings news and Boeing’s problems in its Dreamliner program prompted U.S. investors to lock in gains following a record-setting session and the Dow Jones fell 0.63 percent.

But the mood in Asia Pacific remained more positive with central banks in Japan and South Korea keeping interest rates on hold helping Tokyo to a 1.64 percent surge and Seoul advanced 0.9 percent further into record territory.

Hong Kong, Shanghai, Singapore, Mumbai, Jakarta and Sydney also struck best ever finishes with Australian resource stocks supporting its benchmark. Bangkok was up 1.6 percent, its highest level since December 1996.

Wellington was up 0.39 percent and Taipei rose 0.60 percent on support for industrials. Kuala Lumpur rose 0.5 percent but profit taking from near record highs resulted in Manila bucking the trend, shedding 0.3 percent.

TOKYO: Japanese share prices closed up 1.64 percent at a two-month high after the central bank refrained from hiking interest rates and Sony Corp’s newly listed financial arm made a solid debut. The Nikkei-225 index gained 281.09 points to 17,458.98. Turnover climbed to 2.08 billion shares from 1.69 billion on Wednesday.

HONG KONG: Share prices closed up 1.9 percent at another record high as strong gains in China financials, coal and oil saw the key index break the 29,000 point level. The Hang Seng index closed up 563.69 points at 29,133.02.

SHANGHAI: Chinese share prices closed mixed, as the Shenzhen bourse fell but the Shanghai index ended at a record for the fourth straight day buoyed by banking and energy heavyweights. The Shanghai Composite Index closed up 141.77 points or 2.46 percent at a record 5,913.23 with turnover up to 177.99 billion yuan (US$23.42 billion) from 165.45 billion yuan in the previous session. Analysts said institutional investors were also building up positions amid expectations that regulators will soon launch stock index futures, a hedging tool.

SEOUL: South Korean share prices closed 0.9 percent higher to a fresh record as investors took heart from the Bank of Korea’s decision to freeze interest rates. The KOSPI index closed up 17.73 points at 2,058.85.

SYDNEY: Australian share prices closed up 0.5 percent at a record high for the fourth straight day Thursday as overseas investors bought leading resources stocks, dealers said. The S&P/AS-- 200 closed up 33.6 points at 6,771.9 points.

SINGAPORE: Share prices closed 1.6 percent higher with the benchmark returning to record highs on blue-chip buying amid strong economic growth. The Straits Times Index closed up 61.32 points at 3,875.77.

KUALA LUMPUR: Malaysian share prices closed 0.5 percent higher due to late buying of blue chips ahead of the Muslim festival of Eid. The Kuala Lumpur Composite Index closed up 6.68 points to 1,383.61.

BANGKOK: Thai share prices closed 1.60 percent higher for a fourth consecutive day of gains on strong trading volume as foreign funds continued flowing into Asian stocks. The composite index gained 13.96 points to 889.06 on turnover of 3.0 billion shares worth 33.9 billion baht (US$992 million). Analysts said the index was at its highest since mid-December 1996.

JAKARTA: Jakarta share prices closed 1.8 percent higher, with the main index extending its rally for a sixth straight day and finishing at a record high. The composite index closed up 46.73 points at 2,638.21.

MANILA: Philippine share prices closed 0.3 percent lower on profit taking. The composite index shed 10.51 points at 3,824.20.

WELLINGTON: New Zealand share prices closed 0.39 percent higher but many investors stayed on the sidelines in light trading. The NZ---50 index rose 16.82 points to 4,296.61.

MUMBAI: Indian share prices rose 0.84 percent in choppy trade hitting a new record close, despite unsurprising second quarter earnings growth from Indian software exporter Infosys. The Sensex index rose 155.82 points to 18,814.07.

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