HONG KONG, July 24: Asian stocks closed mostly up Thursday on lower oil prices and moves to shore up the US housing market, with Japan rising more than two per cent despite the first fall in its exports for years.

The Tokyo bourse closed 2.18 per cent higher as investors shrugged off data showing exports slipped 1.7 per cent for the first time in four years. The figures also showed that Japan’s trade surplus tumbled nearly 89 per cent.

Later at the closing bell electronics firm Canon reported a profits slump due in part to a sharp slowdown in the US economy.

Elsewhere in Asia, Chinese and South Korean shares rose more than two per cent, while Australia and Taiwan ended in the black too. The Singaporean bourse closed little changed.

But Hong Kong slipped back as property firms fell on worries for the southern Chinese city’s housing market.

Asia is battling high inflation amid soaring food and fuel costs, and feeling the chill from a cooling US economy, but the fall in crude oil has brought some relief in recent days.

TOKYO: Japanese share prices closed up 2.18 per cent to hit a one-month high after a further easing of global oil prices and fresh gains overnight on Wall Street, dealers said.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index gained 290.38 points to close at 13,603.31, the third straight session it has gained and the highest level since June 26.

The broader Topix index of all first-section shares added 29.22 points or 2.24 per cent to close at 1,332.57.

In addition, falling oil prices, as well as a stable yen and a firm performance by other Asian stocks prompted some technically-driven short-covering, said Yoshikiyo Shimamine, chief economist at Dai-Ichi Life Research Institute.

HONG KONG: Hong Kong share prices closed down 0.2 per cent, dealers said.

The benchmark Hang Seng Index dropped 46.83 points to 23,087.72. Turnover was 77.25 billion Hong Kong dollars (9.90 billion US).

Concerns grew that the city’s property market might have peaked after several real-estate agencies announced plans to reduce staffing.

Sino Land fell 2.4 per cent, Sun Hung Kai Properties was down 0.9 per cent, and Wharf Holdings declined 0.7 per cent.

SYDNEY: Australian shares closed up 0.76 per cent, dealers said.

The benchmark S&P/ASX 200 index climbed 38.8 points to 5,144.1, while the broader All Ordinaries rose 26.8 points or 0.52 per cent to 5,188.4.

Market volume was 1.37 billion shares worth 6.8 billion dollars (6.6 billion US).

CommSec market analyst Elvina Simpson said the financial sector propped up the market for the second straight session while resource stocks were down due to falls in commodity prices.

SINGAPORE: Singapore share prices closed flat, dealers said.

The blue-chip Straits Times Index fell 1.07 points to 2,977.91. Volume was 1.47 billion Singapore dollars (1.08 billion US).

Investors are only slowly getting back on their feet, so we saw quite a bit of profit-taking in the late afternoon, said one analyst.

Noble Group dropped seven cents to 2.15 dollars. City Developments gained 20 cents to 11.90.

KUALA LUMPUR: Malaysian share prices closed 0.2 per cent higher, dealers said.

The Kuala Lumpur Composite Index gained 2.18 points at 1,141.59.

The combination of sustained falls in crude oil prices and lower expectations of an interest rate hike helped to stir bargain hunting among a number of heavyweights, a dealer told Dow Jones Newswires.

JAKARTA: Indonesian shares closed 1.4 per cent up, dealers said.

The Jakarta Composite index rose 31.21 points to 2,257.05.

Buying looked healthy despite selling in commodity-related stocks, a trader told Dow Jones Newswires.

Top gainers included Bank Rakyat Indonesia, which rose 7.6 per cent to 6,400 rupiah and Bank Negara, which rose 8.3 per cent to 1,430. Car distributor Astra rose 4.4 per cent to 22,600.

WELLINGTON: New Zealand share prices closed 2.67 per cent higher, dealers said.

The benchmark NZX-50 index closed 85.58 points higher at 3,287.23.

MUMBAI: Indian shares closed 1.11 per cent lower, dealers said. The benchmark Mumbai 30-share Sensex index fell 165.27 points to 14,777.01.

A sharp rally in the past few days warranted some profit booking. Concerns over inflation also pegged back buying, said Bhaskar Kapadia, a partner with brokerage Pyramid Securities.—AFP