Asian stocks close mostly down
HONG KONG, May 6: Asian stocks closed mostly down on Tuesday after crude oil hit a new record of nearly $121 per barrel partly on easing fears of a deep US economic downturn.
The bourses in Hong Kong, Taiwan and South Korea ended higher, although the gains were generally modest. The Japanese stock market, Asia’s biggest, was closed for a holiday.
Mainland Chinese shares fell 0.73 per cent, while Australia ended 0.5 per cent down and India closed lower too.
Sydney ended in the red after the Reserve Bank of Australia decided to leave borrowing costs unchanged at 7.25 per cent. But the central bank said it was on alert for any upward pressure on consumer prices.
The rally in black gold, and Microsoft’s decision to pull the plug on its Yahoo takeover bid, sent Wall Street lower on Monday.
HONG KONG: Hong Kong share prices closed up 0.3 per cent, dealers said.
The Hang Seng index closed up 78.18 points at 26,262.13. Turnover was low at 69.74 billion Hong Kong dollars (8.94 billion US).
SYDNEY: Australian share prices closed 0.5 per cent lower, dealers said.
The benchmark S&P/ASX 200 index closed down 28.9 points at 5,701.4, while the broader All Ordinaries closed down 19.8 points or 0.3 per cent at 5,777.9.
Market volume was 1.5 billion shares worth 4.8 billion dollars (4.53 billion US).
Australia’s fifth-largest bank, St George, reported a fall in interim net profit. It ended down 2.7 per cent at 26.98. Commonwealth shed 2.2 per cent to 43.25.
SINGAPORE: Singapore share prices closed little changed, dealers said.
The blue chip Straits Times Index closed 0.71 points higher at 3,248.75.
Volume was 1.77 billion dollars (1.30 billion US).
United Overseas Bank gained 0.2 per cent to 21.40 dollars after reporting rising profits but below expectations. CapitaLand was down 1.3 per cent at 6.97.
Singapore Airlines fell 1.7 per cent to 15.98
KUALA LUMPUR: Malaysian share prices closed little changed, dealers said.
The Kuala Lumpur Composite Index (KLCI) closed up 1.48 points at 1,276.09.
The market showed some strength today on the back of buying interest in plantation and oil and gas counters, said Phua Kwee Hock, an analyst at SJ Securities.
Maybank fell 3.8 per cent to 7.70 ringgit. Tenaga rallied 4.5 per cent to 7.00 ringgit. IOI Corp. edged down 0.7 per cent to 6.95 ringgit. Sime Darby closed unchanged at 9.40 ringgit.
JAKARTA: Indonesian shares closed 0.7 per cent lower, dealers said.
The Jakarta Composite Index closed down 16.16 points at 2,371.83.
Bank Indonesia hiked rates to 8.25 per cent amid concerns about rising inflation.
Telkom lost 1.1 per cent to 8,900 rupiah, nickel producer Inco fell 0.8 per cent to 6,650 rupiah and conglomerate Astra International fell 3.7 per cent to 20,700 rupiah.
WELLINGTON: New Zealand share prices closed 0.80 per cent lower, dealers said.
The NZX-50 gross index fell 29.43 points to 3,651.09.
We just took our lead from offshore markets, no particular company news, said First NZ Capital director Philip Hunter.
Telecom was unchanged at 3.97 dollars, Fletcher Building fell 25 cents to 8.60 and Contact Energy dropped 24 cents to 9.20.
MUMBAI: Indian share prices closed down 0.67 per cent, dealers said.—AFP