Sun, Dec 24, 2006 - Page 10 News List

Singapore stars as Asia markets close mainly higher

CHRISTMAS CHEER After panic selling in Thailand triggered by measures to curb the baht, Asian stocks ended the week buoyant, with Singapore share prices at record levels

AFP , HONG KONG

The KOSPI index inched up 1.02 points at 1,437.49.

SHANGHAI

Although Chinese markets are up 100 percent, making them the world's best performing major exchange this year, investors may be in for a bumpier ride ahead as investors pocket profits prior to new share offerings.

The Shanghai A-share Index rose 0.87 points to 2,464.21 and the Shenzhen A-share Index was down 5.10 points or 0.91 percent at 554.28.

The Shanghai Composite Index, which covers A and B-shares on the Shanghai Stock Exchange, rose 0.73 points at 2,343.67.

SYDNEY

Share prices closed 0.36 percent higher as gains in banking stocks offset a slump in resources.

Dealers said the Australian market had taken a slightly defensive position, with financial stocks up and resources shares down on the back of lower prices on the London Metal Exchange and an overnight retreat in the oil price.

The S and P/ASX 200 climbed 20.2 points to 5,603.7. A total of 1.30 billion shares were traded.

SINGAPORE

Share prices powered to a new record high, boosted by gains in banking and property stocks.

The Straits Times Index rose 21.55 points to 2,942.39. Volume totalled 1.05 billion shares worth S$893 million (US$580 million).

"Volumes are quite thin, we saw some light interest today but nothing too strong," a dealer from a European brokerage said.

Banks and property stocks garnered the most interest as traders looked for some last minute opportunities with the year-end holidays looming, dealers said.

KUALA LUMPUR

Share prices closed 0.28 percent higher as blue chips attracted interest in late trade.

The composite index gained 3.04 points to 1,079.72 on turnover of 733.34 million shares.

BANGKOK

Share prices rose 0.62 percent after days of volatile trading, set off by panic selling on the government's draconian currency measures aimed at curbing the baht's rise.

Dealers said investors bought energy-linked shares but overall gains were limited as investors were cautious following the army-installed government's abrupt U-turn on the capital rules in the wake of a 15-percent plunge.

The composite index gained 4.21 points to 680.31 on turnover of 3.1 billion shares.

MUMBAI

Share prices closed higher led by cement companies as investors expect strong demand for building materials despite the prospect of higher lending rates for home loans.

Dealers said cement companies would continue to benefit from demand for new homes and office space and that an expected hike in interest rates by the central bank next month will have a marginal impact.

The 30-share Mumbai stock exchange Sensex index ended up 86.88 points or 0.65 percent to 13,471.74.

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