DAWN.COM

Today's Paper | December 13, 2024

Published 05 Jan, 2008 12:00am

Asian shares close mostly higher

HONG KONG, Jan 4: Asian shares closed mostly up on Friday despite a four per cent slump in Japan with the Indian and Malaysian bourses hitting record highs despite soaring oil prices and worries about the US economy.

Japan slumped four per cent in a shortened trading session, the country’s first of 2008, on concerns about record high oil prices at near $100 per barrel and fears of a US economic slowdown.

But investors in other parts of Asia were much more upbeat despite share price falls earlier this week.

The Indian market closed up 1.68 per cent at an all-time high, trumping an earlier record set Wednesday. The Malaysian market jumped 2.2 per cent to establish its best-ever close.

Hong Kong, Australia, China, Taiwan, Seoul and Singapore were also higher.

TOKYO: Japanese share prices slumped 4.0 per cent Friday, hitting the lowest level in 17 months as investors fretted about the health of the US economy and a surge in crude oil prices, dealers said.

They said that a stronger yen also rattled the Tokyo market on its first trading session of 2008 because of the negative impact on exporter earnings.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index fell 616.37 points in a holiday shortened session to 14,691.41, the lowest close since July 19, 2006.

The broader Topix index of all first-section shares lost 63.77 points or 4.32 per cent to 1,411.91.

HONG KONG: Hong Kong share prices closed 2.35 per cent higher as commodity stocks surged on the back of high oil and gold prices, dealers said.

The Hang Seng index closed up 632.41 points at 27,519.69. Turnover was 99.84 billion Hong Kong dollars (12.80 billion US).

PetroChina rose 7.4 per cent to 14.18 dollars. Oil producer CNOOC gained 5.6 per cent to 13.86 dollars.

Mining stocks rallied on record gold prices, with Zijin Mining Group surging 7.2 per cent to 13.44 dollars.

SYDNEY: Australian share prices closed up 0.3 per cent driven by gains in banking and mining stocks, dealers said.

The benchmark S&P/ASX 200 index rose 16.1 points to 6,306.8 while the broader All Ordinaries gained 12.8 points to 6,385.4.

Turnover was 1.6 billion shares worth 3.7 billion dollars (3.3 billion US).

Woodside Petroleum closed up 0.8 per cent at 52.17 dollars. Newcrest Mining fell 24 cents to 37.01. National Australia Bank rose 38 cents to $37.33.

KUALA LUMPUR: Malaysian share prices closed 2.2 per cent higher at a new record, dealers said.

The Kuala Lumpur Composite Index (KLCI) closed up 31.29 points to a closing record of 1,466.67. The bourse is seeing renewed interest after a flat week, said analyst S.

Sharath of MIDF Amanah Investment Bank.

Telekom jumped 60 sen to 12.10 ringgit. Among plantation stocks, Sime Darby surged 60 sen to 12.60 ringgit while IOI Corp. jumped 60 sen to 8.35 ringgit.

JAKARTA: Indonesian share prices closed up 1.9 per cent Friday, on strong buying in miners, oil producers and plantation stocks following a rise in commodity prices, dealers said.

The Jakarta composite index was up 50.13 points at 2,765.19.

WELLINGTON: New Zealand share prices closed 0.57 per cent lower, dealers said.

The benchmark NZX-50 index fell 23.11 points to 4,010.82.

Telecom fell three cents to 4.31 dollars and accounted for well over half the market volume.

MUMBAI: Indian share prices rose 1.68 per cent to a record close, dealers said.

The 30-share Mumbai stock exchange Sensex index rose 341.69 points to a record 20,686.89.

The Sensex also hit a new intra-day high of 20,762.8.

The market rose on expectations of funds being raised in the primary markets. We expect to see fresh buying ahead of third-quarter earnings commencing next week, said Bhaskar Kapadia of Pyramid Securities.—AFP

Read Comments

FBR withdraws 'widely misinterpreted' notification on traveller luggage restrictions Next Story