Asian stock markets close mixed
HONG KONG, Feb 26: Asian shares closed mixed after falling off their peaks on Tuesday with lingering fears over the health of the United States economy prompting a bout of late profit taking.
Benchmarks had gained in early trade after a rally on Wall Street was partially inspired by ratings on bond insurers Ambac Financial Group and MBIA Inc being held steady by Standard and Poor’s.
But profit takers moved in ahead of the release of US producer price data later Tuesday and Federal Reserve chairman Ben Bernanke’s testimony to the Senate Banking Committee on Wednesday.
TOKYO: Japanese share prices fell back from a five-week high as investors took profits amid concern that the market may have rebounded too quickly given ongoing worries about the US economy, dealers said.
The Nikkei-225 index dropped 89.85 points or 0.65 per cent to 13,824.72.
Volume decreased to 2.093 billion shares from 2.24 billion on Monday.
HONG KONG: Hong Kong share prices closed 1.90 per cent higher led by financials after credit ratings were affirmed on two troubled US bond insurers, easing worries over the credit crisis.
The Hang Seng index closed up 445.61 points at 23,714.75. Turnover was 68.7 billion Hong Kong dollars (8.80 billion US).
SYDNEY: Australian share prices closed up 0.8 per cent, buoyed by strong gains on Wall Street and a series of good half-year results.
The S&P/ASX 200 finished 44.5 points higher at 5,666.1. Volume traded was 1.5 billion shares worth 7.1 billion dollars (6.6 billion US).
SINGAPORE: Singapore share prices closed 0.42 per cent higher after credit ratings were affirmed on two troubled United States bond insurers.
The Straits Times Index closed up 12.88 points at 3,077.83 on volume of 1.64 billion shares worth 1.74 billion Singapore dollars (1.24 billion US).
KUALA LUMPUR: Malaysian share prices closed 0.3 per cent higher led by gains in plantations stocks amid cautious trade.
Phua Kwee Hock, SJ Securities analyst, said the bourse was listless as there remains a fair bit of uncertainty about the global economic outlook, especially concerns about the US economy.
JAKARTA: Indonesian share prices closed 0.5 per cent lower as investors cashed in gains in miners and select plantation stocks following recent rallies.
The composite index closed down 12.99 points at 2,738.87 on volume of 4.19 billion shares valued at 5.36 trillion rupiah (584.24 million).
WELLINGTON: New Zealand share prices closed 0.8 per cent lower after Auckland Airport shares tumbled 13 per cent.
The benchmark NZX-50 fell 27.5 points to 3,543.26 on turnover worth 91.9 million dollars (74.3 million US).
Shares in takeover target Auckland Airport plummetted on news a tax loophole would close, despite assurances that the Canada Pension Fund will not pull its bid for 40 per cent of the airport.
MUMBAI: Indian share prices closed 0.88 per cent higher in response to Wall Street gains and ahead of the country’s federal budget.
The Sensex index rose 155.62 points to 17,806.19.
The markets cheered strong trends and will await more budget-linked news,said a dealer with brokerage Prabhudas Lilldher.—AFP