HONG KONG, Dec 17: Asian stocks saw modest gains on Wednesday as investors stayed cautious over the economic outlook despite the US Federal Reserve’s dramatic move to cut interest rates to near zero, dealers said.

Tokyo gained 0.52 per cent, off an earlier high, while Hong Kong closed 2.2 per cent higher and Sydney added 0.4 per cent.

Financial shares rose in Tokyo after the Fed’s move, but the strong yen and more bad news from the auto sector hurt carmakers.

Shares in Honda Motor Co. lost 4.2 per cent shortly before it slashed its profit projections on Wednesday. Nissan lost 4.1 per cent after saying it would reduce production on weak demand and would cut another 500 jobs in Japan.

TOKYO: Japanese shares ended up 0.52 per cent.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index ended up 44.50 points at 8,612.52. The Topix index of all first section issues gained 9.84 points, or 1.19 per cent, to 838.46.

Japan’s top bank Mitsubishi UFJ Financial Group gained 2.2 per cent to 519 yen, Mizuho Financial Group added 3.2 per cent to 237,500 yen and Sumitomo Mitsui Financial Group advanced 4.4 per cent to 354,000 yen.

Honda Motor Co. lost 4.2 per cent to 1,891 yen ahead of its announcement that it was slashing its net profit projections by more than half for the year.

Nissan Motor Co. gave up 4.1 per cent to 302 yen.

HONG KONG: Hong Kong shares closed 2.2 per cent higher.

The benchmark Hang Seng Index was 330.31 points up at 15,460.52, after trading between 15,179.38 and 15,557.45. Turnover was light at 56.40 billion Hong Kong dollars (7.23 billion US).

Henderson Land ended up 7.8 per cent at $33.05, off a high of 33.30 dollars. New World Development rose 6.5 per cent to $7.56. Sun Hung Kai Properties closed 4 per cent higher at $68.70.

SYDNEY: Australian shares gained 0.4 per cent.

The benchmark SP/ASX200 index rose 14.4 points to close at 3,570.6 points while the broader All Ordinaries gained 16.1 points, or 0.5 per cent, to 3,515.0 points.

Turnover was 1.35 billion shares worth $4.35 billion (US$3.0 billion).

National Australia Bank rose 0.6 per cent to 19.32 dollars.

Miner BHP Billiton rose 1.0 per cent to 30.95 dollars and its rival Rio Tinto added 2.9 per cent to 40.32 dollars.

SINGAPORE: Shares closed 0.16 per cent lower.

The blue-chip Straits Times Index was down 2.80 points at 1,779.29 on volume of 1.08 billion shares worth 985 million shares.

Singapore Airlines fell 28 cents to 11.12 Singapore dollars and shipping firm Neptune Orient Lines was steady at 1.21.

Property firm City Developments was up 22 cents to 6.39.

KUALA LUMPUR: Malaysian shares closed 0.9 per cent higher.

The Kuala Lumpur Composite Index gained 7.70 points to close the day at 862.50.

Turnover was 338.10 million shares valued at 544.75 million ringgit (156 million dollars).

JAKARTA: Indonesian shares ended 1.6 per cent higher.

The Jakarta Composite Stock Index closed 21.14 points higher at 1,363.98.

Car distributor Astra International climbed 6.8 per cent to 10,950 rupiah and cement maker Indocement jumped 11 per cent to 4,150.

WELLINGTON: New Zealand shares were little changed.

The benchmark NZX-50 index closed 0.85 points, or 0.03 per cent, higher at 2,695.93 on turnover worth 102.7 million dollars (59.6 million US).

Fisher & Paykel Appliances fell one cent to 1.27 dollars and fishing company Sanford was down five cents at 5.10.

MUMBAI: Indian shares fell 2.62 per cent. The benchmark 30-share Sensex index lost 261.69 points to 9,715.29.—AFP