HONG KONG, May 27: Asian shares closed mostly up on Tuesday as investors hunted for bargains in the wake of steep falls triggered by worries about soaring oil prices and rising inflation.

The Japanese and South Korean stock markets both jumped nearly 1.5 per cent, Taiwan was up 0.81 per cent and Hong Kong posted a rise of 0.64 per cent.

Singapore and China also ended higher, but Australia was little changed and India closed 0.45 per cent lower.

Asia’s smaller markets were mixed, with Indonesia down almost one per cent as protests continued against the government’s near 30 per cent fuel price hike.

The generally positive performance in Asia followed heavy losses Monday sparked by soaring oil prices, which have raised fears of still higher inflation across the region.

Investors fear high fuel and food costs will hit consumers, crimp business profits and lead to higher interest rates to tackle inflation, eventually slowing economic growth.

In Hong Kong, property giant Sun Hung Kai dominated the agenda as it ousted its chairman Walter Kwok and gave the job to his 79-year-old mother after a feud at the family-run company.

TOKYO: Japanese share prices closed up 1.48 per cent as investors went bargain hunting a day after sharp falls, despite jitters about high oil prices, dealers said.

The benchmark Nikkei-225 index rose 203.12 points to end at 13,893.31. The broader Topix index of all first-section shares gained 24.07 points or 1.79 per cent to 1,368.25.

Volume dropped to 1.57 billion shares from 1.82 billion shares on Monday.

HONG KONG: Hong Kong share prices closed up 0.64 per cent, dealers said.

The Hang Seng Index closed up 154.73 points at 24,282.04. Turnover was low at 54.49 billion Hong Kong dollars (6.98 billion US).

Sun Hung Kai Properties was up nearly 0.9 per cent at 126.8 dollars after replacing Walter Kwok as chairman with his mum.

Momentum was quite weak despite some bargain-hunting in select blue chips and China financials, said Matthew Kwok at Tanrich Securities. Investors were cautious after recent steep losses.China Mobile ended down 0.17 per cent at 114.70 dollars. China announced sweeping telecoms industry restructuring over the weekend.

SYDNEY: Australian share prices closed little changed, dealers said.

The benchmark S&P/ASX 200 closed up 7.4 points, or 0.1 per cent, at 5,714.4, while the broader All Ordinaries rose 10.9 points or 0.2 per cent to 5,818.4.

Market volume was 1.7 billion shares worth 4.3 billion dollars (4.1 billion US).

SINGAPORE: Singapore share prices closed 0.39 per cent higher, dealers said.

The blue chip Straits Times Index rose 12.05 points to 3,115.35. Volume was 1.17 billion dollars (860 million US).

People are just doing short-term trading, said Najeeb Jarhom at Amfraser Securities.

DBS Group was steady at 19.32. SembCorp Marine added 1.4 per cent to 4.41. Singapore Airlines added 0.6 per cent to 15.60.

KUALA LUMPUR: Malaysian share prices closed little changed, dealers said. The Kuala Lumpur Composite Index edged down 0.87 points to 1,274.24.

The market is bugged by inflation worries, said Phua Kwee Hock, an analyst at SJ Securities.

National carmaker Proton Holdings was up 1.1 per cent at 3.78 ringgit.

JAKARTA: Indonesian shares closed 0.9 per cent lower, dealers said. The Jakarta composite index closed down 22.73 points at 2,397.00.

WELLINGTON: New Zealand share prices closed 0.63 per cent lower, dealers said. The NZX-50 gross index fell 22.41 points to 3,551.34.

I think in general amongst those leading stocks... there is some (overseas) portfolio selling going on there, said Stephen Wright of ASB Securities.

Fletcher Building fell 13 cents to $7.68. Fisher & Paykel Healthcare dropped 15 cents to a four-year low of 2.43 dollars. Telecom fell two cents to $3.89.

MUMBAI: Indian share prices closed down 0.45 per cent, dealers said. The benchmark Mumbai 30-share Sensex fell 72.91 points to 16,275.59.

Analysts are beginning to re-evaluate corporate earnings which are likely to be hit by rising inflation and input costs, said R. Balakrishnan at Centrum Broking.—AFP