HONG KONG, July 4: Asian stocks closed mostly up on Friday but that failed to dispel much gloom after this year’s share price plunge, with the key Japanese market continuing its longest losing streak in decades.

The Tokyo bourse fell 0.21 percent for the 12th consecutive trading day, doing so for the first time since the 1950s as the potential economic damage from soaring oil prices again hit investor sentiment.

The Taiwan stock market tumbled more than two percent despite the historic launch of regular direct flights between the island and its rival China for the first time in nearly six decades.

Investors in Asia are worried that surging inflation amid high crude oil and food prices will end up slowing economic growth, dimming the prospects for Asian stocks even though they have fallen steeply since their peak last year.

TOKYO: Japanese share prices slipped for a 12th straight trading day, continuing their longest losing streak in more than five decades on worries about the earnings outlook, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index dropped 27.51 points or 0.21 per cent to end at 13,237.89. The broader Topix index of all first-section shares slipped 0.14 points or 0.01 percent to 1,297.88.

The last time the benchmark fell for 12 straight sessions was in April 1954, when it declined for 15 straight trading days.

The index has fallen about 1,215 points, or 8.4 percent, over the past 12 sessions.

HONG KONG: Hong Kong share prices closed up 0.9 per cent, dealers said.

The benchmark Hang Seng Index rose 181.04 points to close at 21,423.82.

Turnover was light at 50.16 billion Hong Kong dollars (6.43 billion US).

The Hong Kong market is oversold. Some stocks have fallen quite a lot and are now offering good value for investment, said Ben Kwong, chief operating officer at KGI Asia Ltd.

Ping An rose 3.8 percent to 50.75 after the insurer said there is no need to make provisions for its investment in Belgian-Dutch banking and insurance group Fortis.

SYDNEY: Australian shares closed up 1.7 per cent Friday, dealers said.

The benchmark SP/ASX 200 index closed up 83.8 points at 5,082.1 and the broader All Ordinaries gained 76 points to 5,170.

Commonwealth Bank of Australia rose 2.4 percent to $42.33. Woodside Petroleum fell 2.1 per cent to 61.75 dollars.

Origin Energy fell 0.8 percent at $16.15 after rejecting a $13.7-billion- hostile takeover bid from Britain’s BG Group Plc.

SINGAPORE: Singapore share prices closed 0.42 percent higher, dealers said.

The blue-chip Straits Times Index closed up 12.09 points at 2,892.54.

Volume was a slim 879 million shares worth 913 million Singapore dollars (671 million US).

DBS finished two cents higher at 18.68 Singapore dollars. CapitaLand ended up seven cents at 5.79. Singapore Airlines rose 18 cents to 14.10.

KUALA LUMPUR: Malaysian share prices closed down 1.7 per cent, dealers said.

The Kuala Lumpur Composite Index dropped 19.56 points to 1,134.14.

We are likely to see a technical rebound next week on bargain-hunting, he said Pong Teng Siew, head of research at Jupiter Securities.

JAKARTA: Indonesian shares closed 1.2 per cent higher, dealers said.

The Jakarta Composite Index rose 28.14 points to 2,314.75.

Coal miner Bukit Asam rose 4.9 percent to 16,000 rupiah, and rival Bumi Resources rose 4.9 percent to 7,500.

WELLINGTON: New Zealand share prices closed 2.05 per cent up, dealers said.

The NZX-50 gross index rose 63.50 points to close at 3,157.92.

It’s been a good finish to a pretty bad week, said Grant Williamson of Hamilton Hindin Greene.

Fletcher Building rose 21 cents to 6.42, casino investor Sky City jumped 14 cents to 3.15, and pay television firm Sky TV gained 18 cents to 4.25.

MUMBAI: Indian shares closed 2.75 per cent higher, dealers said.

The benchmark Mumbai 30-share Sensex index rose 359.89 points to 13,454.—AFP