HONG KONG, July 7: Asian stocks closed mostly up on Monday, boosted by a sharp jump in China, as the G8 summit of world leaders began with the global oil and food price crises high on the agenda.

Chinese shares rose 4.59 per cent, buoyed by upbeat profit forecasts from banks and soothing words from officials about the importance of financial market stability following a steep plunge over many months.

Hong Kong rose over two per cent, Taiwan and Singapore jumped about 1.5 per cent and Japan was up nearly one per cent, but Australia slipped 1.6 per cent.

Investors are waiting to see if the three-day Group of Eight summit will take a tough line on the global economic threat from rising inflation, which has been stoked worldwide by soaring fuel and food prices.

TOKYO: Japanese shares closed 0.92 per cent higher, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 122.15 points to end at 13,360.04. The broader Topix index of all first-section shares rose 14.92 points or 1.15 per cent to 1,312.80.

Dealers said a weaker yen had helped the market as it boosts exporters.

The benchmark had fallen for 12 straight sessions before Monday’s rise, in the longest losing streak since April 1954, when it declined for 15 straight trading days.

Tokyo Land rose 7.5 per cent to 575 yen. Mitsubishi UFJ Financial Group added 3.2 per cent to 967 yen and Mizuho Financial Group advancing six per cent to 512,000 yen.

HONG KONG: Hong Kong share prices closed up 2.28 per cent, dealers said.

The Hang Seng Index closed up 489.24 points at 21,913.06. Turnover remained light at 59.86 billion Hong Kong dollars (7.67 billion US).

Property firms led the strong showing with Sun Hung Kai jumping 5.24 per cent and Sino Land up 5.88 per cent.

SYDNEY: Australian shares closed down 1.6 per cent, dealers said.

The benchmark S&P/ASX 200 index fell 79.6 points to 5,002.5, while the broader All Ordinaries lost 78.3 points to 5,091.7. Volume was 1.3 billion shares worth 4.0 billion dollars (3.8 billion US).

There’s still an overall sentiment of a banking crisis and global slowdown which is weighing heavily on the market, and it’s likely to continue for some time, said Ord Minnett private client adviser Jon Hancock.

SINGAPORE: Singapore share prices closed 1.44 per cent higher, dealers said.

The blue-chip Straits Times Index closed 41.58 points higher at 2,934.12.

Volume totalled 1.03 billion shares worth 1.12 billion Singapore dollars (824 million US).

The market’s recent weakness means this is the best buying opportunity since March, said UOB Kay Hian analyst K. Ajith.

CapitaLand rose nine cents to 5.88 Singapore dollars. Singapore Airlines rose 32 cents to 14.42. Neptune Orient Lines was a big gainer, climbing 16 cents to 3.17.

KUALA LUMPUR: Malaysian share prices closed down 0.6 per cent, dealers said.

The Kuala Lumpur Composite Index dropped 6.88 points to 1,127.26.

IOI Corp. lost 1.5 per cent at 6.80, Sime Darby was down 1.1 per cent at 8.65 and Tenaga shed 1.3 per cent at 7.70.

JAKARTA: Indonesian shares closed 0.5 per cent lower, dealers said.

The Jakarta Composite Index dropped 10.93 points to 2,303.82.

The market continued to consolidate amid an absence of fresh leads, a trader told Dow Jones Newswires.

WELLINGTON: New Zealand shares closed down 1.15 per cent, dealers said.

The NZX-50 gross index fell 36.47 points to close at 3,121.45.

Telecom fell three cents to 3.38 dollars, Fletcher Building dropped 20 cents to 6.22 and Contact Energy was down 20 cents at 7.60.

MUMBAI: Indian shares closed 0.54 per cent higher, dealers said. The benchmark Mumbai 30-share Sensex index rose 71.99 points to 13,525.99.

This is a relief rally. The markets may correct as earnings are set to be downgraded in coming quarters, as input costs rise, said R.Balakrishnan, executive director with financial services Centrum Broking.—AFP