HONG KONG, May 5: Asian stocks closed mostly higher on Monday as fears of a potentially deep US economic downturn eased, with the Chinese stock market continuing a strong rally.
The Japanese, South Korean and Thai markets were shut, but trading resumed in mainland China after a holiday and the Shanghai bourse rose nearly two per cent.
The mainland Chinese market has risen roughly 20 per cent over its last seven trading days. The rally is due mainly to a sharp cut in a stock trading tax late last month, which came after a steep slide in share prices since October.
Official data last week showed the US labour market had performed better than expected in April, losing only 20,000 jobs. The US unemployment rate, based on a different survey, edged down to five per cent. US shares closed up Friday and have nearly recouped their 2008 losses.
HONG KONG: Hong Kong share prices closed down 0.22 per cent, dealers said.
The Hang Seng index closed down 57.07 points at 26,183.95. Turnover was 74.04 billion Hong Kong dollars (9.49 billion US).
The market saw some profit-taking after gaining more than 3,000 points since the beginning of the second quarter, said Peter Lai, sales director at DBS Vickers.
E-commerce firm Alibaba.com slumped nearly six per cent on worries over its earnings results due Tuesday. Exporter Li and Fung lost more than 6.7 per cent.
Angang Steel rose almost four per cent after a report that European steel giant ArcelorMittal is looking to acquire a stake in the Chinese firm.
SYDNEY: Australian shares closed up 0.5 per cent, dealers said.
The benchmark S&P/ASX 200 gained 29.9 points to close at 5,730.3. The All Ordinaries index added 37.3 points to 5,797.7. Turnover was 4.0 billion dollars (3.8 billion US).
It has been a fairly quiet day with volumes very low -- the resources sector has done quite well but the banks have also on the whole extended Friday’s gains, said Justin Gallagher, head of sales trading at ABN Amro.
SINGAPORE: Singapore share prices closed up 0.37 per cent, dealers said.
The blue chip Straits Times Index gained 11.94 points to 3,248.04. Volume was 1.63 billion dollars (1.19 billion US).
With recession fears subsiding, we may see a good run up in the short term, said Westcomb Securities in a note to clients.
KUALA LUMPUR: Malaysian share prices closed 0.3 per cent higher, dealers said. The Kuala Lumpur Composite Index (KLCI) closed up 3.13 points at 1,274.61.
The market lacks fresh leads at the moment,” said Phua Lee Kerk at Pheim Unit Trusts Bhd.
Maybank said it would pay 2.17 billion ringgit (678 million US) for a 15 per cent stake in the Karachi-listed MCB Bank Ltd. Its shares have been suspended and will resume trading on Tuesday.
JAKARTA: Indonesian shares closed 1.9 per cent higher, dealers said.
The Jakarta Composite Index gained 45.23 points to 2,387.99.
WELLINGTON: New Zealand share prices closed 0.52 per cent higher, dealers said.
The NZX-50 gross index rose 19.18 points to 3,680.52. Contact Energy closed down 12 cents at 9.44. Telecom rose seven cents to 3.97.
MUMBAI: Indian share prices closed 0.62 per cent lower, dealers said. The benchmark Mumbai 30-share Sensex index fell 109.22 points to 17,490.9 points.
The markets could see a cooling-off phase, with very few triggers to boost fresh buying after recent gains, said Bhaskar Kapadia at Pyramid Securities.—AFP
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