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HONG KONG, Sept 13: Asian stocks staged a solid technical rebound on Wednesday, helped by a better performance on Wall Street as investors looked on the bright side of lower oil and commodity prices, dealers said.
They said the initial reaction to weaker commodities had been that this reflected a slowdown in global growth but it also means inflation pressures will ease, undercutting the case for higher interest rates.
TOKYO: Japanese share prices closed mixed, with modest gains made on a technical rebound after recent heavy losses offset by continued concerns over the economic outlook, dealers said.
Losers led gains 1,200 to 406, with 95 stocks flat. Volume fell to 1.75 billion shares from 1.87 billion Tuesday.
HONG KONG: Hong Kong share prices closed 0.79 per cent higher, buoyed by strong gains on Wall Street overnight as oil prices continued to drop, dealers said.
The benchmark Hang Seng Index was up 134.64 points at 17,210.04, off a low of 17,173.82 and a high of 17,235.41. Turnover was 24.99 billion dollars (3.2 billion US).
SYDNEY: Australian share prices closed 0.86 per cent higher, supported by bargain-hunting in the resources stocks after recent heavy losses, dealers said.
Market leaders BHP Billiton and Rio Tinto staged significant recoveries on the view that they had fallen to relatively low levels given their still strong earnings prospects.
SINGAPORE: Singapore share prices closed 0.84 per cent higher as the market benefited from Wall Street's overnight advance and easier oil prices, dealers said.
KUALA LUMPUR: Malaysian share prices closed little changed as bargain-hunting in select blue chips by local funds offset losses led by a slump in mining stocks, dealers said.
JAKARTA: Indonesian share prices closed 1.10 per cent higher on a technical rebound after recent falls but with the main index ending off its intra-day high amid some profit-taking, dealers said.
MUMBAI: Indian share prices closed two per cent higher, extending their recovery after Monday's heavy sell-off, as lower oil prices sparked fresh fund support, dealers said.—AFP
