Sun, Jul 08, 2007 - Page 10 News List

Asian stocks rise while traders consolidate positions

DIGGING IN While the TAIEX ended the week with a fifth consecutive daily gain, investors began locking in some profits toward the end of trading, traders said

AFP , HONG KONG

SHANGHAI

Share prices closed 4.58 percent higher as bargain hunters helped the key Shanghai index recover most of the previous day's sharp losses.

Dealers said it was another volatile day of trading as markets climbed, fell and then rose again amid persistent liquidity fears sparked by a special treasury bond issue and plans to allow greater overseas investment.

The Shanghai Composite Index jumped 165.48 points to 3,781.35.

SYDNEY

Share prices closed 0.18 percent lower as the market gave back some of the gains made the previous day.

The S&P/ASX 200 fell 11.2 points at 6,351.1.

SINGAPORE

Share prices closed 0.29 percent higher led by gains in banks and offshore marine issues amid a buoyant economy.

However, gains were limited by profit-taking in select blue chip stocks and Wall Street's lackluster performance on Thursday, dealers said.

The Straits Times Index rose 10.28 points to 3,561.96.

KUALA LUMPUR

Share prices closed 0.33 percent higher on a technical rebound driven by gains in construction and property stocks. The Kuala Lumpur Composite Index gained 4.54 points to 1,373.84.

BANGKOK

Share prices closed 1.03 percent higher, reaching a fresh 10-year high after a military-appointed council approved a final draft of a post-coup Thai constitution.

The composite index gained 8.45 points to 832.38 on trading of 5.4 billion shares.

JAKARTA

Share prices closed 0.28 percent higher on follow-through buying in big caps led by the country's biggest car dealer Astra International.

Bank Indonesia on Thursday cut its benchmark interest rate, called the BI rate, by 25 basis points to 8.25 percent.

With the latest cut, the central bank has trimmed the key rate by a cumulative 450 basis points since May last year.

The composite index closed up 6.120 points at 2,227.051.

MANILA

Share prices closed 1.14 percent lower as investors took profits from Thursday's record-breaking run, with domestic political concerns weighing on sentiment.

The composite index lost 43.48 points to 3,758.84.

WELLINGTON

Share prices closed 0.31 percent lower as a lack of news continued to leave the market treading water.

The NZX-50 gross index fell 13.18 points to 4,223.53.

MUMBAI

Share prices closed at a new record high, after crossing the key 15,000-point mark in intraday trading as interest rate worries eased.

Dealers said buying sentiment improved on sustained interest in capital goods, engineering and software stocks against a backdrop of fast-paced economic growth in the South Asian economy.

The 30-share SENSEX index closed up 102.23 points at 14,964.12.

India's second-biggest software exporter, Infosys, will report earnings next week.

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