Asian stock markets mostly higher
HONG KONG, Jan 29: Asian shares closed mostly up on Tuesday as Tokyo jumped nearly three per cent, but the likely impact of an expected US interest rate cut overshadowed trading amid fears for the global economy.
The US Federal Reserve is expected to chop borrowing costs Wednesday following its emergency 75 basis points cut last week to 3.50 per cent.
Most of Asia’s other major markets also rose Tuesday but the gains were generally modest, although Sydney bucked the trend to end down 2.5 per cent.
Indian shares also ended down after the country’s central bank held key interest rates.
TOKYO: Japanese share prices jumped almost 3.0 per cent, lifted by an overnight rebound on Wall Street on hopes of another US interest rate cut this week, dealers said.
They said news of a bigger-than-expected drop in December sales of new homes in the United States had raised expectations that the Federal Reserve will cut rates again at the end of a two-day meeting on Wednesday.
The Tokyo Stock Exchange’s benchmark Nikkei-225 index ended up 390.95 points, or 2.99 per cent, at 13,478.86, regaining most of Monday’s near 4.0 per cent slump.
The broader Topix gained 35.70 points, or 2.76 per cent, to 1,328.73.
Gainers outpaced decliners 1,508 to 181, with 38 issues unchanged. Volume dipped to 2.147 billion shares from 2.159 billion Monday.
HONG KONG: Hong Kong share prices closed one per cent higher, dealers said.
The Hang Seng index closed up 238.19 points at 24,291.80. Turnover was 92.63 billion Hong Kong dollars (11.86 billion US).
The market took its lead from Wall Street, with properties providing significant support on expectations of a rate cut by the Fed, said Patrick Yiu, associate director at CASH Asset Management.
Property stocks were up on hopes that local banks would follow the US lead -- as they did last week -- and cut rates again.
SYDNEY: Australian share prices closed down 2.5 per cent, dealers said.
The benchmark S&P/ASX 200 shed 143.8 points to close at 5,716.5 and the broader All Ordinaries dropped 131.8 points, or 2.2 per cent, to 5,754.5.
Turnover was 1.8 billion shares worth 6.3 billion dollars (5.6 billion US).
SINGAPORE: Singapore share prices closed 0.29 per cent higher, dealers said.
The Straits Times Index closed 8.84 points higher at 3,049.90 on volume of 1.30 billion shares worth 1.41 billion Singapore dollars (993 million US).
The uncertainty and risk factors have increased. So investors are more trading-oriented, where basically you make some money and run.
KUALA LUMPUR: Malaysian share prices closed up 0.6 per cent, dealers said.
The Kuala Lumpur Composite Index (KLCI) was up 7.96 points at 1,388.50.
The market is showing signs of a recovery and technical indicators are showing positive signs, pointing to a pre-Chinese New Year rally although it may be slow in coming, said Phua Kwee Hock, an analyst at SJ Securities.
JAKARTA: Indonesian share prices closed 1.0 per cent higher, dealers said.
The Jakarta composite index closed up 25.79 points at 2,607.84.
WELLINGTON Philex Mining gained 10 centavos at nine pesos. Philippine: New Zealand share prices closed 0.17 per cent lower, dealers said.
The benchmark NZX-50 index fell 6.16 points to 3,704.16.
Telecom ended the day down six cents at 4.03 dollars, and Fletcher Building gave up early gains to end 16 cents lower on 10.15. Contact Energy rose five cents to 7.55 dollars.
MUMBAI: Indian share prices closed down 0.34 per cent, dealers said. The benchmark 30-share Sensex index fell 60.84 points to 18,091.94. The Reserve Bank of India kept key interest rates unchanged Tuesday.—AFP