Asian stocks close mostly higher
HONG KONG, Nov 6: Asian stocks closed mostly higher on Tuesday with bargain hunters supporting a minor rally late in the day, but gains were less than convincing amid doubts over the US economy.
Most benchmarks suffered early losses with falls on Wall Street and persistent fears over the impact of the US subprime crisis on the broader international economy hurting sentiment.
However, heavy selling, which has dominated the last three trading days, eased and this helped Seoul to finish 1.9 per cent higher, Hong Kong was up 1.71 per cent, Bangkok rose 1.54 per cent and Jakarta was up 1.1 per cent.
TOKYO: Japanese share prices closed slightly lower at a fresh seven-week low, giving up early gains amid ongoing concerns about the fallout from the US subprime loan crisis.
The Nikkei-225 index dropped 19.29 points to 16,249.63. Turnover dropped to 1.97 billion shares from 2.0 billion on Monday.
HONG KONG: Share prices closed higher, up 1.71 per cent, after an erratic session as property stocks drew bargain-hunting interest after losses over the past few days.
China banks, notably Bank of Communications, also helped the local bourse finish higher after the Hang Seng index Monday suffered its biggest ever one-day points drop, they added.
SYDNEY: Australian share prices closed up 0.7 per cent despite ongoing concerns about the US credit market and the distraction of the Melbourne Cup horse race.
There was also widespread anticipation that the central Reserve Bank of Australia may announce an interest rate rise on Wednesday.
The S&P/ASX 200 index closed up 45.7 points at 6,628.0. A total of 1.23 billion shares worth about 4.57 billion Australian dollars (4.22 billion US) changed hands.
SINGAPORE: Singapore share prices closed 0.35 higher as investors snapped up blue chips after the market’s recent declines.
The Straits Times Index gained 12.92 points to 3,683.1. Volume totalled 2.21 bn shares worth 2.55 bn Singapore dollars (US$1.77 bn).
Sentiment was partially boosted by Singapore banks’ earnings for the September quarter, dealers said.
KUALA LUMPUR: Malaysian share prices closed 0.30 per cent higher as investors returned to seek out bargains and pushed the benchmark index into positive territory.
The composite index rose 4.38 points to 1,389.11. Volume was 1.15 billion shares worth 1.602 billion ringgit (480 million dollars).
JAKARTA: Indonesian share prices closed 1.1 per cent higher led by miners on a technical rebound after sharp falls when the trading week opened.
The composite index closed up 29.42 points at 2,681.90 on volume of 3.62 billion shares valued at 6.03 trillion rupiah (660.46 million dollars).
WELLINGTON: New Zealand share prices fell 0.14 per cent as continuing volatility in world markets dampened local sentiment.
The benchmark NZX-50 index closed 5.77 points lower at 4,135.43 on turnover worth 88.1 million dollars (68.0 million US).
The market is off only five points, so it’s holding up quite well, considering there’s still quite some volatility in those offshore markets, said Grant Williamson of Hamilton Hindin Greene.
MUMBAI: Indian share prices fell 0.97 per cent as investors sold on persistent concern over the US credit squeeze and high global oil prices.
The 30-share Sensex index fell 190.11 points to 19,400.67.
The market is showing signs of nervousness. Global trends are likely to dictate trends in the near-term, said a dealer with brokerage Jamnadas Morarjee.—AFP