HONG KONG, Nov 23: Asian stocks closed mostly up on Friday but trade was cautious with Tokyo shut for a holiday and investors still concerned about US economic prospects.
Hong Kong posted the biggest gain, rising 2.1 per cent as investors hunted for bargains after two days of heavy falls.
Among other major markets Taipei closed down 1.85 per cent to a three-month low and Seoul ended 1.5 per cent lower in its longest losing streak in more than three years.
Sydney edged down 0.1 per cent ahead of the Australian election Saturday.
Investors in Asia were still concerned about the US economy, which is struggling with a credit crunch after a mortgage default crisis and is thought at risk of a sharp slowdown.
But Singapore managed to rise 0.39 per cent and Mumbai jumped up 1.76 per cent, snapping six days of losses in India, partly on bargain hunting.
Tokyo was shut for a public holiday. Trading resumes Monday.
HONG KONG: Hong Kong share prices closed up 2.1 per cent as investors hunted for bargains in large-caps, property stocks and China banks, dealers said.
But they added turnover was relatively low which could indicate caution due to the US subprime crisis, high oil prices and China’s efforts to rein in its economy and fund flows.
The Hang Seng index closed up 536.17 points at 26,541.09, off a low of 26,305.45 and a high of 26,723.34. Turnover was 104.89 billion Hong Kong dollars (13.48 billion US).
SYDNEY: Australian share prices closed down 0.1 per cent in subdued trade ahead of Saturday’s general election with a lack of direction from the US due to the Thanksgiving Day holiday, dealers said.
The benchmark S&P/ASX 200 index closed down 4.1 points at 6,330.2, off a high of 6,344.4 and a low of 6,312.7. It was down 131.7 points or 2.0 per cent on last Friday’s close.
The broader All Ordinaries index closed down 2.7 points at 6,392.4.
SINGAPORE: Singapore share prices closed 0.39 per cent higher in cautious trading amid continuing market uncertainty, dealers said.
The Straits Times Index closed up 13.01 points at 3,325.89 on volume of 1.42 billion shares worth 1.53 billion dollars (1.06 billion US).
Rising issues edged decliners 381 to 332 while 990 were unchanged.
KUALA LUMPUR: Malaysian share prices closed up 0.7 per cent due to a technical rebound amid lean trading volumes, dealers said.
The Kuala Lumpur Composite Index (KLCI) gained 9.39 points to 1,353.55.
Volume was 679.486 million shares valued at 1.07 billion ringgit (319 million dollars).
JAKARTA: Indonesian share prices closed 0.6 per cent higher led by car maker Astra International and mining stocks, but gains were limited, dealers said.
The Jakarta Stock Exchange composite index closed up 14.83 points at 2,584.35 on volume of 2.18 billion shares worth 3.55 trillion rupiah (381 million dollars).
For the week, the main index fell 84.35 points or 3.2 per cent.
WELLINGTON: New Zealand share prices rose 0.41 per cent in cautious, low volume trading in the wake of the US Thanksgiving holiday, dealers said.
The benchmark NZX-50 index rose 16.78 points to close at 4,071.00 on turnover worth 71.2 million dollars (53.8 million US).
Local exporters were being hurt by the high New Zealand dollar, he said.
MUMBAI: Indian share prices rose 1.76 per cent on bargain hunting, snapping six days of losses triggered by weak US growth projections, dealers said.
They said capital goods, property and metal stocks all rose, but that sentiment remained cautious.
The benchmark 30-share Sensex index rose 326.55 points to 18,852.87.—AFP
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