Asian stock markets close higher
HONG KONG, Feb 27: Asian shares closed higher on Wednesday as Wall Street continued its recent rally but broader regional gains were capped as the cost of crude struck a record high.
Dealers said investors were heartened by the $15-billion share buyback plan by US computer giant IBM which eased worries about the financial health of major US companies and sent stocks across Asia flying higher.
But many benchmarks lost momentum as oil traded around 100 US dollars a barrel and with investors turning cautious ahead of Federal Reserve chairman Ben Bernanke’s congressional testimony later in the day.
As a result Tokyo closed up 1.49 per cent, Sydney gained 1.8 per cent, Seoul rose 0.7 per cent, Taipei advanced 1.86 per cent as Wellington was up 0.5 per cent and Manila also ended 0.5 per cent higher.
TOKYO: Japanese share prices rallied 1.49 per cent, closing at a six-week high above 14,000 points after Wall Street extended a rebound overnight despite weak economic data.
The Nikkei-225 index gained 206.58 points to 14,031.30. Volume dropped to 2.083 billion shares from 2.094 billion on Tuesday.
HONG KONG: Hong Kong share prices surged to close up 3.20 per cent after sweeping cuts in property, personal and business taxes in the city’s budget.
The Hang Seng index closed 769.09 points higher at 24,483.84.
Hong Kong’s Financial Secretary John Tsang announced Wednesday cuts in corporate and personal income taxes and one-off property tax concessions.
SYDNEY: Australian shares closed higher for the third straight session, up 1.8 per cent on strength in the resources and banking sectors.
The S&P/ASX 200 closed up 101.1 points at 5,767.2. Turnover was 1.52 billion shares worth 6.5 billion dollars (6.01 billion US).
SINGAPORE: Singapore share prices closed 0.54 per cent higher after Wall Street gained despite weak economic data.
The Straits Times Index closed 16.62 points higher at 3,094.45 on volume of 1.52 billion shares worth 2.02 billion Singapore dollars (1.43 billion US).
KUALA LUMPUR: Malaysian share prices closed slightly higher in volatile trade with plantations and consumer stocks leading the gains.
The composite index gained 1.19 points at 1,376.62 on volume of 779 million shares worth 1.4 billion ringgit (435.3 million dollars).
JAKARTA: Indonesian shares closed up 0.1 per cent after a volatile session, with gains in index heavyweights offsetting falls in miners and plantations.
The composite index closed up 1.27 points at 2,740.14 on volume of 4.0 billion shares valued at 5.56 trillion rupiah (606 million dollars).
WELLINGTON: New Zealand share prices rose 0.5 per cent, reflecting solid profit results from local companies and a good day out on Asian bourses.
The NZX-50 index rose 19.11 points to 3,562.37 on turnover worth 117 million dollars (95.5 million US).
ASB broker Stephen Wright said that investors had had positive leads, both from overseas and local company results.
MUMBAI: Indian share prices closed 0.11 per cent higher, shedding most morning gains after European markets opened weak.
The Sensex index rose 19.8 rupees to 17,825.99.
The markets slipped in afternoon trade and await sector-specific news from the federal budget on Friday, said Advait Date, dealer with brokerage BHH Securities.—AFP