HONG KONG, Sept 24: Asian stocks closed mostly up on Wednesday after a massive investment by Warren Buffett in Wall Street bank Goldman Sachs offset concern about the $700-billion US financial rescue plan.

However, US lawmakers said the plan needed to be changed before it could be passed through Congress, leaving many investors concerned, dealers said.

Japan’s Nikkei reversed early losses to close up 0.20 per cent, on a day when the government pumped another 1.5 trillion yen (14.2 billion dollars) into the market, the sixth straight business day it has flooded the bourse with money.

Traders were also bouyed on moves by two Japanese banks to buy stakes in Wall Street giants.

Australia picked up 1.2 per cent and Hong Kong shares rose 0.47 per cent, while Shanghai bounced back from early losses to record a 0.70 per cent rise and Seoul added one per cent. Singapore stayed flat. Taiwan closed down 0.8 per cent.

We continue to bounce from boom to gloom to boom to gloom, said Richard Herring, director at Australia’s Burrell Stock broking.

The moves came in the wake of the worst financial crisis in decades.

The plan would allow the government to buy bad mortgage-related debt that sparked the current crisis more than a year ago.

TOKYO: Japanese share prices closed up 0.20 per cent, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 24.44 points to end at 12,115.03. The broader Topix index of all first-section shares rose slipped 0.72 points or 0.06 per cent to 1,167.97.

Sumitomo Mitsui Financial, Japan’s number three bank, is reportedly considering taking a stake in Goldman Sachs.

MUFG added 4.2 per cent to 936 yen. Nomura Holdings climbed 5.2 per cent to 1,505 yen. Sumitomo Mitsui Financial rose 1.2 per cent to 684,000 yen.

Major exporters came under selling pressure due to a stronger yen. Toyota Motor declined 1.2 per cent to 4,810 yen as Canon shed 3.0 per cent to 4,220 yen.

HONG KONG: Shares closed 0.5 per cent higher, dealers said.

The benchmark Hang Seng Index closed up 89.14 points at 18,961.99 off a low of 18,862.90 and a high of 19,291.02. Turnover was light at 59.01 billion Hong Kong dollars (7.57 billion US).

Bank of East Asia shares closed down 6.9 per cent as thousands of savers queued outside branches to withdraw deposits after a text message rumour over the bank’s exposure to assets linked to failed investment bank Lehman Brothers.

SYDNEY: Australian shares closed up 1.2 per cent, dealers said.

The benchmark S&P/ASX 200 rose 58.4 points to 4,981.9, on average volume, while the broader All Ordinaries was up 50.5 points at 5,008.2.

BHP Billiton fell three cents to 37.87 and fellow mining giant Rio Tinto dropped 2.5 per cent to 105.50.

SINGAPORE: Singapore shares closed flat, dealers said.

The blue-chip Straits Times Index closed 0.04 per cent or 1.09 points higher at 2,477.60, on volume of 1.11 billion shares worth 1.08 billion dollars (763 million US). Gainers led losing issues 287 to 160 with 906 unchanged.

DBS was steady at 16.68, UOB dropped two cents to 17.00, while OCBC gained two cents to 7.43.

KUALA LUMPUR: Malaysian share prices closed 0.2 per cent higher, dealers said. The Kuala Lumpur Composite Index added 2.22 points to close at 1,028.40, off an intraday low of 1019.31.

Prime Minister Abdullah Ahmad Badawi announced after the market closed that petrol prices will be reduced by 3.9 per cent on easing global crude oil prices.

WELLINGTON: New Zealand share prices rose 0.98 per cent, dealers said.

The benchmark NZX-50 index rose 31.49 points to 3,259.68.

Casino operator Sky City rose seven cents to 3.62 and discount retailer The Warehouse rose three cents to 3.17.

Air New Zealand rose two cents to 1.05 and infrastructure investor Infratil edged up one cent to 2.08.

MUMBAI: Indian shares were up 0.66 per cent in volatile mid-afternoon trade, dealers said.

The BSE benchmark 30-share Sensex index was up 89.99 points to 13,660.3 in late afternoon trade.—AFP