Asian stocks mixed amid late profit-taking
HONG KONG, Dec 7: Asian stocks closed mixed on Friday after late profit-taking eroded earlier gains made on the back of another buoyant performance by Wall Street overnight.
Moves by US President George W. Bush to help struggling homeowners caught up in the subprime mortgage crisis and the prospect of a US interest rate cut next week had underpinned morning trade.
The US Federal Reserve is set to meet on December 11.
Singapore was little changed, Hong Kong slumped 2.42 per cent, Seoul shed 1.0 per cent, Kuala Lumpur eased 0.4 per cent, Jakarta fell 0.6 per cent and Bangkok was off 0.45 per cent.
TOKYO: Japanese share prices closed up 0.52 per cent at a one-month high as investors took heart from a White House plan to help struggling US homeowners.
But dealers said shares ended below the key 16,000 points level as profit-taking emerged in late trade ahead of key US jobs data. Exporters were supported by a softer yen.
The Nikkei-225 index gained 82.29 points to 15,956.37. Volume traded rose to 2.18 billion shares from 1.9 billion Thursday.
HONG KONG: Hong Kong share prices reversed early gains to close 2.42 per cent lower on profit-taking in local properties and banks following recent strong gains.
Dealers said investors factored in recent good trading leads including rate cut hopes and thought it a good time to lock in profits ahead of the weekend after the key index gained more than 2,000 points in the past seven trading days.
The Hang Seng index closed down 716.45 points at 28,842.47. Turnover was 140.12 billion Hong Kong dollars (18 billion US).
SYDNEY: Australian share prices closed up 0.8 per cent, tracking gains on US markets.
The S&P/ASX 200 closed up 53.8 points at 6,654.7. Volume traded was 1.80 billion shares worth 5.48 billion dollars (4.8 billion US).
We have seen a level of confidence creeping back into the market today, particularly in the financial sector, said Matt Lewis, a senior dealer at CMC Markets.
SINGAPORE: Singapore share prices closed steady as investors waited for the outcome of next week’s Federal Reserve meeting to see if US interest rates will be cut again.
The Straits Times Index gained 5.40 points to 3,557.95 on volume of 1.77 billion shares worth 2.27 billion Singapore dollars (1.58 billion US).
KUALA LUMPUR: Malaysian share prices closed down 0.4 per cent as investors sold off selected blue chips after the key index hit fresh records three times earlier this week.
The composite index lost 6.35 points to 1,434.04.
JAKARTA: Indonesian share prices closed 0.6 per cent lower as profit-takers dominated the late session, putting telecom and mining stocks under pressure, ending a four-day rally.
The composite index closed down 16.45 points at 2,778.95 on volume of 4.71 billion shares valued at 6.33 trillion rupiah (685 million dollars).
MUMBAI: Indian share prices closed up 0.86 per cent, after Wall Street rallied overnight after US President George W. Bush announced a mortgage rescue plan to help struggling US homeowners.—AFP