HONG KONG, Feb 13: Asian shares closed mostly higher on Wednesday helped by billionaire Warren Buffett’s offer to do a deal with three key troubled US bond insurers hard hit by a financial crisis.
The so-called “Sage of Omaha” reportedly said he had offered to reinsure $800 billion in municipal bonds backed by the three troubled insurers.
That was seen a chink of light in the gloom caused by the US subprime credit crisis.
The news helped Japan’s Nikkei-225 index edge up 0.36 per cent, while Hong Kong rose more than one percent, but most of the region’s other major markets ended lower. Chinese shares fell more than two per cent.
TOKYO: Japanese stocks closed mixed as investors became cautious ahead of economic data that should shed fresh light on the fallout from the subprime loan crisis, dealers said.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 46.34 points to 13,068.30. The broader Topix index of all first-section shares slipped 0.75 points or 0.06pc to 1,285.35.
Decliners outpaced gainers 853 to 753, while 120 issues were unchanged.
Turnover declined to 2.08 billion shares from 2.15 billion shares on Tuesday.
HONG KONG: Hong Kong share prices closed 1.10 per cent higher, dealers said.
The Hang Seng index closed up 247.88 points at 23,169.55. Turnover was thin at 82.53 billion Hong Kong dollars (10.6 billion US dollars).
Ben Kwong of KGI Securities said investors were still worried about global stock maket volatility. Kwong said the benchmark index will face resistance at the 23,600-point level.
SYDNEY: Australian share prices closed down 1.2 per cent, dealers said.
The benchmark S&P/ASX 200 closed down 66 points at 5,542.1 while the broader All Ordinaries ended 54.1 points lower at 5,615.3.
Volume traded was 1.6 billion shares worth 6.8 billion dollars (6.1 billion US).
SINGAPORE: Singapore shares closed 0.80 per cent higher, dealers said.
The blue-chip Straits Times index closed 23.31 points higher at 2,949.54 on volume of 1.70 billion shares worth 1.80 billion Singapore dollars (US$1.27bn).
KUALA LUMPUR: Malaysian share prices closed up 0.4 per cent, dealers said.
The rise followed an announcement by Prime Minister Abdullah Ahmad Badawi that parliament was being dissolved to pave the way for general elections.
JAKARTA: Indonesian share prices closed up 0.7 per cent, dealers said.
The Jakarta Composite index closed up 18.71 points at 2,610.78.
Telkom was up 150 rupiah to 9,900, while its rival Indosat added 50 to 7,100. Indonesia’s largest bank by assets, Bank Mandiri, gained 25 to 3,250.
WELLINGTON: New Zealand shares closed down 0.8 per cent, dealers said.
The NZX-50 benchmark index fell 29.06 points to 3545.77.
Fletcher Building fell three per cent to $8.87, despite announcing a 22 per cent increase in net half year profit.
The company said it was comfortable with earnings prospects. But the market was clearly not so sure, ASB Securities manager of intermediary services, David Le Breton, said.
Telecom slipped three cents to 3.97 dollars, Contact Energy fell 14 cents to 7.55 and Fisher & Paykel Appliances eased 10 cents to 2.75.
MUMBAI: Indian share prices closed 2.05 per cent higher, dealers said.
The 30-share benchmark Sensex index rose 341.13 points to 16,949.14. Investors are ... still cautious of global equity market trends, said Atul Hatwar, a dealer at Crosseas Securities.
Reliance Power shares fell for the third straight day Wednesday, closing 3.15 rupees or 0.89 per cent down to 351.4, sharply off their debut trading price of 450 rupees.—AFP
Dear visitor, the comments section is undergoing an overhaul and will return soon.