HONG KONG, June 24: Asian stocks closed mostly down amid uncertainty ahead of a US interest rate decision later this week and continuing fears over the economic damage from soaring oil prices.

The biggest drop was 1.76 per cent in Taipei, where an analyst said concerns over oil prices were likely to run deeper as, despite Saudi Arabia increasing production, the crisis drags on.

Seoul fell 0.3 per cent as it continued to worry about US economic conditions and oil costs, while Hong Kong dropped 1.14 per cent, Singapore shed 0.57 per cent and Sydney remained level.

Tokyo was little changed as dealers awaited the outcome of the two-day US Federal Reserve meeting starting Tuesday, with most analysts expecting interest rates to be kept at 2.0 per cent.

Shanghai was one of just three to buck the regional trend rising 1.54 per cent, a day after shedding 2.54 per cent.

However, its gains came as China’s largest steelmaker tumbled after agreeing a new iron ore price deal with Rio Tinto. Wellington and Kuala Lumpur were also slightly up.

TOKYO: Share prices ended level, dealers said.

The benchmark Nikkei-225 index slipped 7.91 points or 0.06 per cent to end at 13,849.56. The broader Topix index of all first-section shares edged up 1.26 points or 0.09 per cent to 1,349.19.

It seems like only short-term investors are trading, Yutaka Miura, senior technical analyst at Shinko Securities, told Dow Jones Newswires.

Market players were looking ahead to the Fed’s two-day meeting slated to begin Tuesday at which US interest rates are expected to be left unchanged at 2.0 per cent, dealers said.

Investors will be focusing on the Fed’s post-meeting statement for any clues on prospects for higher US interest rates that could pressure Wall Street shares.

Steel shares were under pressure after Anglo-Australian mining group Rio Tinto said Monday it had agreed a near doubling of the price of its iron ore sales to Chinese steel maker Baosteel.

Automakers fared better, with Honda Motor adding 2.7 per cent to 3,770 yen.

SYDNEY: Share prices finished little changed, dealers said.

The benchmark S&P/ASX 200 index rose 6.3 points or 0.12 per cent to 5,290, while the broader All Ordinaries was up 9.9 points at 5,418.8.

Market turnover was 1.90 billion shares worth 6.41 billion Australian dollars (6.1 billion US).

ANZ bank was down 3.5 per cent to 17.95.

Rio Tinto gained 3.0 per cent to 141.75, while BHP Billiton rose 2.9 per cent to 45.88.

Shares in power retailer Origin Energy rose 5.8 per cent to 16.42 after British giant BG Group renewed its 15.50 dollar per share offer.

SINGAPORE: Share prices closed 0.57 per cent lower Tuesday, dealers said.

The blue chip Straits Times Index fell 16.99 points to 2,962.16 on volume of one billion shares worth 1.01 billion Singapore dollars (742 million US).

DBS Vickers said that “in the near term the market is expected to be volatile with a downside bias as it climbs the wall of concerns over rising inflation and interest rates.”The Federal Reserve is widely expected to leave its base rate unchanged at 2.0 percent after its two-day meeting Wednesday, economists said.

Local bank DBS dropped 18 cents to 18.74 Singapore dollars, while CapitaLand slipped six cents to 5.75.

Singapore Airlines surrendered two cents to 14.84 and Singapore Telecommunications was off four cents at 3.67.

KUALA LUMPUR: Share prices closed 0.4 per cent higher, dealers said.

The Kuala Lumpur Composite Index rose 4.87 points to 1,200.28.

Dealers say buying interest was largely from local government-linked funds and reflected a return to some stability after Malaysia’s ruling coalition Monday pushed through a vote supporting its fuel price hike in parliament.

Top lender Maybank was stable at 7.15 ringgit, Telekom rose 0.03 ringgit to 3.28 ringgit while utility giant Tenaga Nasional was steady at 8.10 ringgit.

JAKARTA: Indonesian shares closed little changed Tuesday as investors looked for fresh leads, dealers said.

The Jakarta Composite Index rose 0.1 percent, to 2,365.37.

Coal miner Bumi Resources fell 0.5 percent at 8,450 rupiah, Telkom fell 0.6 percent at 7,700 rupiah and rival Indosat rose five percent at 6,300.

WELLINGTON: New Zealand share prices ended 0.32 per cent higher, dealers said.

The NZX-50 gross index rose 10.63 points to 3,298.18.

Market leader Telecom fell seven cents to 3.70 dollars and Fletcher Building reversed early gains to close down 16 cents at 6.42.

Contact Energy jumped 16 cents to 8.39 dollars following news of a renewed bid for Australian majority owner Origin Energy from British gas producer BG Group.

Casino operator Sky City gained eight cents to $3.33 and Air New Zealand gained three cents to $1.13.

MUMBAI: Indian shares fell 1.31 per cent on Tuesday as overseas funds sold amid fears of further monetary tightening by India’s central bank, dealers said.

The benchmark Mumbai 30-share Sensex index fell 186.74 points to 14,106.58, the fifth straight day of losses.

Earlier in the day, the Sensex hit a new intra-day low this year at 13,991.31, from its previous low for the year of 14,163.45 on Monday.—AFP