HONG KONG, Dec 24: Asian stocks closed sharply higher on Monday after Wall Street’s surge at the end of last week on improved economic data, which helped regional markets shake off US recession fears ahead of Christmas.
Stronger-than-expected US consumer income and spending numbers buoyed stock markets where investors remain wary about the state of the world’s largest economy, but volumes were thin ahead of the break.
Tokyo, Bangkok, Jakarta and Manila were closed while some other markets traded for only a half-day as the holiday season swung into high gear.
HONG KONG: Hong Kong share prices closed 1.80 per cent higher in a half-day session following Wall Street’s advance on Friday.
Dealers said property stocks led the gains after last week’s strong project sales.
The Hang Seng index was up 501.88 points at 28,128.80. Turnover was 51.9 billion Hong Kong dollars (6.70 billion US).
The market closed after the morning session. Trading will resume on Thursday following Christmas holidays.
Investors are in a Christmas mood, with follow-through buying in property and other sectors, said Alex Tam, research analyst at CSC Securities.
SYDNEY: Australian shares closed up 1.2 per cent as gains in crude oil and metals prices boosted the market.After a shortened session ahead of Christmas, the S&P/ASX 200 closed up 76.6 points at 6,323.6. Turnover was 671 million shares worth some 2.2 billion dollars (1.90 billion US).
For a truncated trading day the result is positive on relatively low volume, said Bell Potter Securities private client advisor Stuart Smith.
SINGAPORE: Singapore share prices closed 1.07 per cent higher on buying interest in heavyweight stocks, amid half day trade ahead of Christmas.
The Straits Times index gained 36.43 points to 3,434.53. Trade ended at 12:30 pm (0430 GMT) on Christmas eve. Volume totalled 721 million shares worth 762 million Singapore dollars (529 million US).
Things seem to be all right in the US. Consumer spending was good, said Najeeb Jarhom, research head at Fraser Securities.
Economists say robust consumer spending could help offset the housing downturn and tighter credit market and keep US economic growth ticking along despite concerns about the health of the world’s biggest economy.
KUALA LUMPUR: Malaysian share prices closed up 1.4 per cent as investors extended buying of plantation and construction stocks.
The composite index was up 19.68 points at 1,423.24. Volume was thin at 528 million shares, valued at 987 million ringgit (296 million dollars).
Extended buying of select big caps pushed the key index up, but the volume of trade remains weak, said Tee Sze Chiah, an analyst at Aseambankers.
WELLINGTON: New Zealand share prices closed up 1.61 percent in quiet trade, tracking a strong performance in Australia.
The NZX-50 Index rose 65.20 points to 4,058.71 on turnover worth 32.01 million dollars (24.26 million US).
The market picked up pace once Australia opened with a strong start, but trading was quiet with industrial investors having “pretty much pulled down the shutters”, said Barry Lindsay of First Capital NZ.
MUMBAI: Indian share prices surged 3.61 per cent, on sustained fund buying following a strong performance by Wall Street late last week that shook off US recession fears.
The 30-share Sensex rose 691.55 points to 19,854.12.
Dealers said software stocks rose ahead of the third-quarter earnings season starting in early January.—AFP
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