Asian stocks closed mixed after trading within a tight range on Friday as investors consolidated their positions after Wall Street's modest overnight gains and an easing in oil prices.
Dealers said Asian markets had shrugged off reports of a possible strike by Osama bin Laden's al-Qaeda network on an Asian financial hub and were instead focusing on fundamentals ahead of the weekend.
Jakarta again fared badly dropping more than one percent on continued concerns of the impact by historically high oil prices on its currency while Tokyo added to steady gains made over the week ahead of upcoming elections.
But the tight trading ranges were perhaps best reflected in Singapore, Kuala Lumpur and Shanghai, which all closed flat.
Taiwanese share prices closed 0.44 percent higher on the back of a technical rebound led by some large-caps following Wall Street's overnight gains.
Dealers said the recovery was, however, limited by caution ahead of earnings reports by select companies due out by the end of this month.
"Wall Street's lead sparked a technical rebound, but fundamental concerns were anticipated to continue to affect the local bourse [going forward]," said Michael Hsu (
He said these fundamental concerns will include Taiwan's trade, corporate earnings growth prospects and currency movement.
The TAIEX closed up 26.89 points at 6,136.55 on turnover of NT$62.95 billion (US$1.95 billion).
"The broad market has been in consolidation in the range between 6,000 and 6,300 points ... it may face some pressure unless it successfully breaches the monthly moving average of 6,277 points or the quarterly moving average of 6,280," Hsu said.
Tokyo share prices closed up 0.28 percent, rounding off a winning week as investors set aside reports of a possible attack on an Asian financial center and cheered gains on US markets.
Dealers said a report that Al-Qaeda may be preparing a strike on centers such as Tokyo, Sydney or Singapore weighed on the yen briefly but had a muted impact on stocks here.
"Stocks rose as bargain hunters here, such as retail investors, stepped in to purchase shares following gains on New York markets," said Yutaka Miura, chief strategist at Shinko Securities.
The NIKKEI-225 index rose 34.32 points to close at 12,439.48, with 1.80 billion shares changing hands.
Seoul share prices closed 0.98 percent lower as investors took to the sidelines due to high oil prices, and ahead of key economic data and a new government property policy. The KOSPI index closed down 10.74 points at 1,086.55.
Hong Kong share prices closed 0.63 percent higher led by property stocks. The Hang Seng Index closed up 93.79 points at 14,982.89.
Sydney share prices rose 0.63 percent as investors bought into resource and bank stocks following three days of profit taking. The SP/ASX 200 index rose 28.0 points to 4,452.5.
Shanghai share prices closed flat with the market hit by profit-taking and Shenzhen-listed oil refiners gaining ground on hopes for a possible hike in fuel prices.
Dealers said sentiment remained cautious ahead the full-unveiling of the government's plan to dispose the state-owned, non-tradable shares in listed companies as it seeks to salvage the ailing market.
The Shanghai A-share Index fell 0.38 points or 0.03 percent to 1,231.76, and the Shenzhen A-share Index rose 1.07 points or 0.37 percent to 288.59. The benchmark Shanghai Composite Index, which covers A and B-shares, closed down 0.62 point or 0.05 percent at 1,171.86.
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