Sun, May 06, 2007 - Page 10 News List

Asian markets still advancing to record highs

SOARING Investors in Asia took their lead from Wall Street's surge, with Hong Kong, Sydney, Seoul, Singapore and Jakarta moving into new territory

AFP , HONG KONG

SINGAPORE

Share prices closed at a record high for the second straight session, closing up 1.01 percent on expectations of strong corporate earnings.

The Straits Times Index finished 35.12 points up at 3,485.76.

KUALA LUMPUR

Share prices closed up 1.53 percent, with the benchmark index reaching another new high.

Dealers said gains were supported by positive economic data out of the US and a strong ringgit, with investors also buying in on expectations of further upside to the market spurred by merger and acquisition deals.

The composite index closed up 20.61 points at 1,363.40.

MUMBAI

Share prices closed 1.02 percent lower as software stocks fell on profit taking and as the rupee strengthened against the US dollar.

Dealers said investors sold on concern that a stronger rupee will cut earnings for software firms that bill customers abroad in US dollars.

The Mumbai 30-share SENSEX index fell 143.94 points to 13,934.27.

"This sell-off was due to investors booking profit," said Hiten Mehta, fund manager with Fortune Financial Services.

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