HONG KONG, Feb 19: Asian shares closed up on Tuesday after a sharp rally in Europe pierced the gloom spreading from the ailing US economy and raised tentative hopes of calmer stock market performance.
Japan, Asia’s biggest market, ended the day up nearly one per cent. The region’s other major bourses also posted healthy gains, including a rise of more than two per cent in Shanghai.
The rally followed a sharp rise in Europe’s main stock markets on Monday, when Wall Street was shut for the President’s Day public holiday in the US.
TOKYO: Japanese share prices closed up 0.90 per cent, lifted by a strong performance on European markets and by a weaker yen, which is positive for exporters, dealers said.
They said foreign investors continued to return to the Japanese market, helping to drive the recovery as sentiment gradually improves.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 122.51 points to 13,757.91. The broader Topix index of all first-section shares firmed 12.30 points or 0.92 per cent to 1,345.29.
Gainers outpaced decliners 1,102 to 528, with 99 issues unchanged. Volume declined to 2.14 billion shares from 2.16 billion shares on Monday.
Toyota Motor gained 1.8 per cent at 6,310. Canon put on 4.2 per cent to 4,930 and Sony climbed 2.2 per cent to 5,010. Mizuho Financial added 5.4 per cent to 449,000.
HONG KONG: Hong Kong share prices closed 1.53 per cent higher, dealers said.
The Hang Seng index closed up 363.92 points at 24,123.17. Turnover was 78.79 billion Hong Kong dollars (10.10 billion US).
Bank of China (BOC) surged 7.8 per cent 3.30 dollars after flagging profit growth for 2007 and reportedly reducing its exposure to subprime problems.
China banks led the gains after BOC chairman said the bank had cut part of its subprime investment exposure, said Peter Lai, sales director at DBS Vickers.
HSBC was up 1.80 at 114.40, HKEx was up 0.90 at 161.80 and Hutchison Whampoa rose 0.55 at 74.70.
Sun Hung Kai Properties was up 0.6 at 140.0 despite news that its chairman Walter Kwok had taken sudden leave.
SYDNEY: Australian share prices rose 1.1 per cent, dealers said.
The benchmark S&P/ASX 200 closed up 60.7 points at 5,619.1, while the broader All Ordinaries finished 54.6 points or 1.0 per cent higher at 5,688.6.
Market volume was 1.4 billion shares worth 6.0 billion dollars (5.45 billion US).
Macquarie Equities director Lucinda Chan said investors were sifting through the wreckage of the recent sell-off looking for bargains.
AXA Asia Pacific surged 8.5 per cent to 5.86 dollars despite posting a net profit fell to 638.7 million dollars in 2007.
Foster’s Group slipped 1.5 per cent to 5.77 dollars despite reporting half-year net profit before significant items rose 6.0 per cent to 393.5 million dollars.
SINGAPORE: Singapore share prices closed 0.48 per cent higher, dealers said.
The Straits Times index rose 14.72 points to 3.098.06 on volume of 2.00 billion shares worth 1.78 billion Singapore dollars (1.26 billion US).
“What’s happening around the region gives confidence to the local markets,”said Song Seng Wun, research head at CIMB-GK Research. “No bad news is good news for the markets.”DBS gained 12 cents to 18.36 dollars. City Developments slipped 20 cents to 11.92 dollars. Singapore Airlines gained 28 cents to 16.08 dollars.
KUALA LUMPUR: Malaysian share prices closed up 0.9, dealers said.
The Kuala Lumpur Composite index gained 12.66 points at 1,425.49.
The local market was higher because of the strong performance of plantation stocks after crude palm oil futures hit record levels, said Choong Khuat Hock, head of research at Kumpulan Sentiasa Cemerlang.
Choong said the bourse will continue to trade in narrow ranges until the general elections next month.
Maybank gained 15 sen to 9.85 ringgit, Tenaga gained 10 sen at 9.40 ringgit while state-controlled Telekom Malaysia fell 10 sen to 11.40 ringgit.
Palm oil producer Sime Darby jumped 30 sen to 12.20 ringgit.
JAKARTA: Indonesian share prices closed 1.0 per cent higher, dealers said.
The Jakarta Composite Index closed up 27.17 points at 2,711.87.
The rise in some Asian markets, following gains in European markets, apparently helped lift sentiment on the local market, said Valbury Asia Securities analyst Mastono Ali.
Telkom rose 150 rupiah to 10,100, Astra International gained 400 to 27,200 and gas distributor Perusahaan Gas Negara added 50 to 12,550.
WELLINGTON: New Zealand share prices closed up 0.21 per cent, dealers said.
The benchmark NZX-50 index gained 7.63 points to 3,609.41.
Telecom closed even at 4.12 dollars, Fletcher Building rose 10 cents to 9.45 and Contact Energy was up five cents at 7.55.
MUMBAI: Indian share prices closed up 0.15 per cent, dealers said.
The 30-share benchmark Sensex index rose 27.61 points to 18,075.66.
The markets saw sporadic buying but slipped on profit booking towards the end. Volatility is expected in coming days, said Advait Date, a dealer with BHH Securities.—AFP
Dear visitor, the comments section is undergoing an overhaul and will return soon.