HONG KONG, May 12: Asian stocks closed mostly higher on Monday despite concerns about inflation due to near-record-high oil prices and official data showing surging food prices in China.

Investors were also anxiously waiting for developments after a powerful earthquake measuring 7.8 struck close to densely populated areas of southwestern China, reportedly causing damage and fatalities.

Japan, Asia’s largest stock market, had shut before the quake, closing 0.64 per cent up. It shrugged off a Wall Street slide Friday triggered partly by an unexpectedly big loss at insurance giant AIG due to the global credit crisis.

US stocks tumbled nearly one per cent Friday over high oil prices and AIG’s $7.81-billion quarterly loss.

The US economy, the world’s largest, is battling to recover from a house price downturn and default crisis among subprime -- or riskier -- mortgages.

TOKYO: Japanese share prices closed 0.64 per cent higher, dealers said.The benchmark Nikkei-225 index rose 88.02 points to close at 13,743.36. The broader Topix index of all first-section shares added 1.03 points or 0.08 per cent to end at 1,342.79.

Turnover declined to 1.6 billion shares from 2.01 billion on Friday.

Investors moved to cover short, or sell, positions, said Morningstar Japan analyst Hideyuki Suzuki.

But I don’t think there are sufficient incentives to buy either, and the Nikkei is expected to move back and forth in the range of 13,500-14,000, Suzuki said.

Semiconductor manufacturer Elpida Memory jumped 4.4 per cent to 4,040 yen.

Konica Minolta Holdings surged 12.1 per cent to 1,672 yen.

Cosmo Oil advanced 4.6 per cent to 384 yen.

SYDNEY: Australian shares closed up 1.0 per cent, dealers said.

The benchmark S&P/ASX 200 closed up 56.7 points at 5,828.5 while the broader All Ordinaries index gained 49.7 points to 5,894.1.

A total of 1.6 billion shares worth 4.3 billion dollars (4.0 billion US) changed hands.

Westpac Banking Corp. Ltd., Australia’s fourth-largest bank, Monday bid for fifth-ranked St. George Bank Ltd., lifting the financial sector.

BHP Billiton gained 0.6 per cent to $46.85 and Rio Tinto put on 0.2 per cent to $146.76 .

SINGAPORE: Singapore share prices closed up 0.57 per cent, dealers said.

The blue chip Straits Times Index rose 18.13 points to 3,180.16 on volume of 1.14 billion shares worth 1.17 billion Singapore dollars (856 million US).

DBS Group rose 12 cents to 20.10 dollars. CapitaLand rose 19 cents to 6.69 dollars. Singapore Airlines gained 12 cents to 15.66 dollars.

KUALA LUMPUR: Malaysian shares closed up 0.6 per cent, dealers said.

The Kuala Lumpur Composite Index closed up 7.82 points at 1,293.09.

Oil firm Sime Darby added 0.5 per cent to 9.55 ringgit. Maybank was flat at 7.85 ringgit. Telekom Malaysia advanced 1.1 per cent to 3.54 ringgit.

JAKARTA: Indonesian shares closed little changed, dealers said.

The Jakarta Composite Index closed up 2.98 points at 2,378.0.

Indonesian plans cut fuel subsidies due to the high cost of crude oil.

Telkom gained 0.6 per cent to 8,650 rupiah. Astra International rose 1.2 per cent to 20,400 rupiah. Bank Rakyat Indonesia fell 1.7 per cent to 5,950 rupiah.

WELLINGTON: New Zealand share prices closed 1.02 per cent higher, dealers said.

The market opened weaker after falls in US stocks Friday but gains in the Australian bourse turned the index around, ASB Securities broker Stephen Wright said.

Contact Energy rose seven cents to 9.09 dollars. Telecom rose 11 cents to 3.94 dollars. Fletcher Building fell 11 cents to 8.18 dollars.

MUMBAI: Indian share prices closed up 0.74 per cent, dealers said.

The benchmark Mumbai 30-share Sensex rose 123.83 points to 16,860.9 points.

The weaker rupee boosted software stocks and a market recovery.

The industrial production data was a disaster, with deceleration in industrial activity, said Advait Date, a dealer with brokerage BHH Securities.—AFP