Asian stocks followed the record performance set by Wall Street overnight and closed solidly higher on Friday with many markets nearing all-time best or multi-year highs.
Investors around the region cheered as the Dow Jones in New York closed above the 12,000 mark for the time ever and this helped Singapore and Jakarta to close at a record high and Manila notched up its best finish since 1999.
Sydney and Hong Kong were also higher and trading just shy of record levels while Taipei, Seoul and Tokyo shrugged off the lingering impact of North Korea's nuclear test and made strong gains.
However, Kuala Lumpur was flat and Mumbai slightly lower while trading near its record high after profit-taking set in ahead of national holidays.
TAIPEI
Share prices closed 0.69 percent higher on the back of Wall Street's gains overnight as the Dow Jones closed above 12,000 points for the first time.
Dealers said electronics rose in tandem with gains on NASDAQ, while financials stabilized after recent losses on concerns about investigations into Chinatrust Financial Co's (
The weighted index closed up 43.54 points at 7,039.37 on turnover of NT$70.27 billion (US$2.12 billion).
"We had a rebound mainly thanks to overnight gains on Wall Street and largely firmer regional markets today," said Daniel Tseng (
The relatively low turnover, however, signaled an underlying sense of caution, which was probably natural ahead of the weekend, he said.
"Yes, an extended technical rebound remains possible next week," he said. "Still, a conspicuous expansion in turnover will be needed for the market to recover its recent highs above 7,100 points."
AU Optronics Corp's (
TOKYO
Share prices ended in positive territory after Wall Street's Dow Jones index closed at a record high above 12,000 points and on hopes of upbeat local earnings.
Bucking the trend, Sony fell after the electronics giant's profit warning but dealers said the overall market impact was limited as investors were confident that other companies would not be dragged down.
The NIKKEI-225 index gained 100.27 points to 16,651.63. Volume rose slightly to 1.55 billion shares from 1.53 billion on Thursday.
"Basically, market sentiment remains solid, supported by expectations for improved earnings at Japanese firms," said Hideo Mizutani, a chief strategist at Sieg Securities.
Major Japanese companies such as Sharp, Honda Motor, Sony and Nissan Motor will release their first half results next week.
Some analysts warned, however, that shares would not necessarily rise in response to positive first-half results.
"Since some other technology stocks have already advanced on [upbeat] expectations, some investors feel that those stocks may become the victim of `buy on the rumor, and sell on the fact' [strategies]," said Shinko Securities market analyst Yutaka Miura said.
SEOUL
Share prices closed higher on an overnight rally on Wall Street and expected solid earnings from local firms.
Dealers said domestic demand-linked stocks such as retailers and financials led the advance.
The KOSPI index closed up 10.18 points or 0.75 percent at 1,364.24. Volume was 264 million shares.
"The market, which has been passed up by recent global market gains because of uncertainty arising from North Korea's nuclear threats, joined the rally today," Hanwha Securities analyst Jung Young-hoon said.
HONG KONG
Share prices closed 0.70 percent higher as investors added blue chip property and financial stocks to their portfolios after the Dow Jones Industrial Average chalked up another record finish.
Dealers said sentiment was supported by the view that the US economic and interest rate outlook is positive and the market's prospect remains sound as reflected by the frenzied response to Industrial and Commercial Bank of China's huge initial public offering.
The Hang Seng Index closed up 126.58 points at 18,113.55.
Kenny Tang, associate director at Tung Tai Securities, said trade was "supported by the strength of the US markets."
SHANGHAI
Share prices closed slightly lower, slipping 0.10 percent as investors took some quick profits in the airlines and property developers while looking ahead to next week's massive listing of Industrial and Commercial Bank of China (中國工商銀行).
Dealers said that with the market at five-year highs on the Shanghai Composite Index, further gains are harder to come by but ICBC's listing next Friday should give a strong boost.
The nation's largest lender attracted massive demand here and in Hong Kong for its Initial Public Offering (IPO), tying up huge amounts of money which may now be freed up as the IPO shares are allocated.
The Shanghai A-share Index fell 1.89 points to 1,880.67, and the Shenzhen A-share Index was down 1.68 points or 0.36 percent at 466.80. The Shanghai Composite Index, which covers A and B-shares, closed down 1.89 points or 0.11 percent at 1,790.36.
SYDNEY
Share prices closed 0.95 percent higher, boosted by Wall Street's record finish above 12,000 points overnight and continued takeover activity in the media sector.
Dealers said firmer resources provided additional support but it was the media stocks which grabbed the limelight after News Corp took a 7.5 percent stake in Fairfax, seen as one of the most likely candidates for a takeover following the relaxation of industry ownership laws.
The SP/ASX 200 advanced 50.1 points to the day's high of 5,335.4. Turnover was 1.54 billion shares.
SINGAPORE
Share prices closed at another new record, following the lead of the blue-chip Dow Jones Industrial Average in the US.
Dealers noted that investors targeted a number of blue chips on hopes they will report strong quarterly earnings in the current third quarter results season.
The Straits Times Index ended the day up 18.85 points or 0.71 percent at 2,686.43, breaking Monday's record when the index finished at 2,669.55, after also touching a new intraday peak of 2,686.89.
The previous intra-day high came last Monday at 2,685.51.
KUALA LUMPUR
Share prices closed only marginally higher as the market wound down for next week's three-day public holiday.
Dealers said the market has discounted Wall Street's record-breaking run, as well as positive expectations for an easing of inflation after September inflation data held steady at 3.3 percent year-on-year.
The composite index closed up 0.42 points to 979.19.
BANGKOK
Share prices closed at a five-month high as foreign investors chased gains in blue-chip stocks after Wall Street finished above 12,000 points for the first time.
Dealers said a strong performance across the region also helped boost the Thai market.
The composite index rose 4.11 points to 724.98.
JAKARTA
Share prices closed 0.27 percent firmer with late buying in selected major stocks pushing the index to a new record high. Dealers said some investors came back into the market in the afternoon to pick up stocks which have released positive third-quarter results.
The composite index closed up 4.251 points at 1,572.846.
MUMBAI
Share prices fell for a fourth straight session in volatile trade, closing down 0.11 percent as investors took profits.
Trading activity was hectic in private-sector Tata Steel on Friday after Anglo-Dutch steelmaker Corus Group accepted a US$8.07 billion takeover bid from Tata Steel to create what will be the world's fifth-largest steelmaker.
The 30-share SENSEX index fell 14.19 points to 12,709.4.
"We saw strong gains largely led by news events such as the Tata Steel deal. The markets are obviously facing pressure close to the crucial 13,000 level," said R. Balakrishnan, director at Parallex Consultancy Services Ltd.
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