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HONG KONG, May 5: Asian stocks closed mostly higher on Friday in sharply reduced volumes with many of the region’s major markets closed for a public holiday, dealers said.
Gains on Wall Street and improved commodity prices underpinned rising markets which are continuing to benefit from a broader improved sentiment.
Manila stood out with a 4.22 per cent surge, its biggest one day gain in five years while Sydney, Taipei and Kuala Lumpur were also higher. Mumbai made a slight gain, enough for its benchmark to post another record.
However, Jakarta and Singapore were flat and lower with profit takers cashing up on their recent rallies while Wellington was again sharply lower on New Zealand Telecom, after it released a poor round of profit results.
SYDNEY: Share prices soared 1.3 per cent as investor sentiment rebounded following a sharp sell-off the previous day, helped by renewed demand for resource stocks.
Dealers said a quarterly monetary statement from the Reserve Bank of Australia signalling it did not expect to raise interest rates again in the near future after Wednesday’s hike of 25 basis point boosted banking and retail stocks.
The SP/ASX 200 index rose 66.2 points to 5,255.4. A total of 1.24 billion shares worth 4.08 billion dollars (3.14 billion US) changed hands.
CMC Markets’ dealer Josh Whiting said stronger base metals prices, a higher close in the US market and the less hawkish statement from the Australian Reserve Bank all combined to help return some gains to stocks.
SINGAPORE: Share prices closed 0.46 per cent lower on continued profit-taking following a recent rally that sent the index to record peaks.
The Straits Times Index (STI) fell 12.28 points to 2,632.42 on volume of 1.14 billion shares valued at 941.48 million Singapore dollars (596 million US). We might consolidate next week, Fraser-AMMB research director Najeeb Jarhom said.
A local brokerage dealer said the market will look for trading cues next wee from corporate results to be released such as Singapore Airlines (SIA), SembCorp Industries, CapitaLand, and telecom firm StarHub.
SIA was up 0.10 to 14.40.
KUALA LUMPUR: Share prices surged 0.83 per cent on strong buying activity in late trade.
The composite index closed up 7.93 points to 962.09 on volume of 1.71 billion shares worth 1.62 billion ringgit (0.449 billion dollars).
JAKARTA: Share prices closed flat as the market went into a consolidation mode following recent sharp gains.
The composite index closed down 1.271 points or 0.08 per cent at 1,483.061 on volume of 1.61 billion shares worth 2.09 trillion rupiah (238 million dollars).
WELLINGTON: Share prices closed 1.02 per cent lower as the fall of top stock Telecom accelerated on the release of a weak third-quarter report.
The NZX-50 index dropped 37.33 points to 3,655.88 on turnover worth 386.18 New Zealand dollars (245.15 million US).
MUMBAI: Share prices edged up to close at a fifth-straight record high Friday after a volatile day of trade marked by profit-taking late in the session.
The 30-share Sensex index rose 12.07 points or 0.1 per cent to 12,359.7.—AFP
