Asian stocks close mixed
HONG KONG, May 7: Asian stocks closed mixed on Wednesday after the oil price soared to a fresh all-time high, with the Chinese market tumbling more than four per cent on fears of surging share supply.
The Shanghai bourse fell 4.13 per cent amid reports that shares worth some 40 billion dollars will become freely tradable for the first time in May. They had been put aside -- or “locked up” -- off the market under government reforms.
Hong Kong shares also had a bad session, dropping nearly 2.5 per cent, with analysts saying investors cashed in after the market’s strong recent run.
The bourses in Australia, South Korea, Singapore and India also ended in the red, with the record cost of oil cowing some Asian investors.
Oil crashed through 122 dollars per barrel for the first time on Tuesday amid predictions it could rise as high as 200 dollars over time.
TOKYO: Japanese share prices closed up 0.38 per cent at the highest level in almost four months as investors returned from a long weekend in upbeat mood following fresh gains on Wall Street.
The benchmark Nikkei-225 index rose 53.22 points to end at 14,102.48, the best finish since January 11. The broader Topix index of all first-section shares advanced 15.89 points or 1.15 per cent to 1,393.28.
Gainers outpaced decliners 1,137 to 495, with 90 issues unchanged. Volume rose to 2.12 billion shares from 1.72 billion shares on Friday.
HONG KONG: Hong Kong share prices closed 2.48 per cent lower, dealers said.
The Hang Seng index closed down 651.92 points at 25,610.21. Turnover surged to 101.35 billion Hong Kong dollars (13 billion US).
PetroChina lost nearly 5.5 per cent to $11.46 after brokers downgraded the stock. Ping An Insurance slumped more than 4.5 per cent to $72.0.
SYDNEY: Australian stocks closed 0.6 per cent lower, dealers said.
The benchmark S&P/ASX 200 shed 33.0 points to close at 5,668.4 and the broader All Ordinaries index lost 20.1 points to 5,757.8.
Turnover was 2.0 billion shares worth 6.2 billion dollars (5.8 billion US).
SINGAPORE: Singapore share prices closed down 0.61 per cent, dealers said.
The blue chip Straits Times Index fell 19.80 points to 3,228.95. Volume was 2.35 billion Singapore dollars (1.74 billion US).
The market has advanced since last Wednesday and I would expect the market to have one or two days of pullback, said Gabriel Yap at DMG Partners Securities.
KUALA LUMPUR: Malaysian share prices closed 0.9 per cent higher, dealers said.
The Kuala Lumpur Composite Index was up 11.06 points at 1,287.15.
Today’s performance reaffirmed our view that the market has upside bias going forward on the back of continued interest in the plantation and the oil and gas sectors, said Phua Kwee Hock from SJ Securities.
JAKARTA: Indonesian shares closed 0.5 per cent higher, dealers said.
The Jakarta composite index closed up 10.87 points at 2,382.70.
Most mining and plantation stocks finished higher Wednesday. I think investors chased these stocks as they expect they would benefit from the soaring oil price, Dongsuh Securities analyst Ryan Ariadi Suwarno said.
WELLINGTON: New Zealand share prices closed 1.49 per cent lower, dealers said.
The NZX-50 gross index fell 54.27 points to 3,596.82.
Central bank governor Alan Bollard warned the economy could slow faster than expected.
Retailer Briscoe Group reported a 10 per cent fall in same store sales in the March quarter and warned first half profit might halve. The company’s shares fell 11 cents to 1.12 dollars, a three-year low.
MUMBAI: Indian share prices closed down 0.19 per cent, dealers said.
The benchmark Mumbai 30-share Sensex fell 33.7 points to 17,339.31 points.—AFP