Asian stock markets mostly higher

Published November 29, 2008

HONG KONG, Nov 28: Asian markets were mostly higher on Friday as dealers brushed aside more woeful economic data and looked at recent stimulus plans around the world, hoping they could kick-start the global economy.

Japan fell further into recession, with factory output tumbling 3.1 per cent and consumer spending dropping 3.8 per cent in October, official data showed.

The figures were “stunningly bad,” said Societe Generale’s chief Asia economist, Glenn Maguire.

Data from India showed Asia’s third biggest economy had slowed, with 7.6 per cent growth in the second quarter, down from 7.9 per cent in the previous three months.

But markets took their cues from recent stimulus packages announced by world capitals.

Sydney soared 4.3 per cent, while Hong Kong added 2.5 per cent, Japan 1.66 per cent and Seoul 1.2 per cent.

Mumbai rose 0.73 per cent a day after the trading markets were closed following a coordinated attack by gunmen across the city which left at least 130 people dead.

TOKYO: Japanese shares rose 1.66 per cent.

The Nikkei climbed 138.88 points to finish at 8,512.27. The broader Topix index of all first section issues edged up 5.79 points or 0.70 per cent to 834.82.

Japanese trading houses that manage resources and raw materials saw their shares climb on renewed hope that China, Japan’s biggest trading partner, will continue to support its export-driven growth, dealers said.

Mitsui and Co. jumped 8.3 per cent to 846 yen and Itochu firmed 9.0 per cent to 483.

Nippon Steel rose 5.3 per cent to 297 and JFE Holdings added 7.2 per cent to 2,315.

HONG KONG: Shares closed 2.5 per cent higher.

The benchmark Hang Seng Index was up 336.18 points to 13,888.24. Turnover was 42.37 billion Hong Kong dollars (5.43 billion US).

The gains were led by China Mobile and heavyweight HSBC which rose 2.3 per cent and 2.5 per cent respectively.

UOB KayHian Securities Director Steven Leung said speculation of more stimulus measures from the United States helped buoy Hong Kong shares.

Port operators also rose. Cosco Pacific was up 7.6 per cent, while China Merchants ended up 6.5 per cent.

SYDNEY: Australian shares closed 4.3 per cent higher.

The benchmark S&P/ASX 200 soared 154.5 points to finish at 3,742.5 while the broader All Ordinaries added 144.6 points, or 4.1 per cent, to 3,672.8.

Preliminary national turnover was 1.44 billion shares worth $5.79 billion (3.80 billion US).

Westpac rose 6.8 per cent to 17.89, ANZ gained 5.7 per cent to 14.80, National Australia Bank climbed 5.3 per cent to 20.00 and Commonwealth Bank of Australia was up 4.1pc at 34.09.

SINGAPORE: Singapore shares closed 1.29 per cent higher.

The blue-chip Straits Times Index finished 22.05 points higher at 1,732.57 on volume of 1.26 billion shares worth 1.12 billion Singapore dollars (743 million US).

Sembcorp Marine fell 17 cents to 1.60.

Banks were higher, with DBS up 33 cents at 9.40, UOB up 38 cents at 13.18 and OCBC 15 cents higher at 5.15.

KUALA LUMPUR: Malaysian shares closed 0.4 per cent lower.

The Kuala Lumpur Composite Index shed 3.84 points to end the day at 866.14.

Genting was down 8.1 per cent at 4.08 ringgit, Malaysia Airlines lost 2.7 per cent to 2.56 and Maybank shed 1.0pc to 5.15.

Among gainers, BAT added 1.1 per cent at 44.75, Digi was 1.0 per cent higher at 20.70 and IOI Corp added 3.2 per cent at 3.24.

JAKARTA: Indonesian shares ended 3.3 per cent higher.

The Jakarta Composite Index rose 39.47 points to 1,241.54.

WELLINGTON: New Zealand shares closed 1.58 per cent higher. The benchmark NZX-50 index rose 42.22 points to 2,710.96.

Market leader Telecom rose 11 cents to 2.49 New Zealand dollars.

Air New Zealand rose three cents to 89 cents, despite news one of its aircraft had crashed on a test flight in France, leaving two confirmed dead and five missing.

Fisher & Paykel Healthcare rose seven cents to 3.07 and Mainfreight gained 30 cents to 4.85.

MUMBAI: Indian shares closed up 0.73 per cent.

The benchmark 30-share Sensex rose 66 points to 9,092.72.—AFP

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