Sun, Sep 16, 2007 - Page 10 News List

Asian stocks bolstered by soaring oil prices

FAVORABLE MOOD An upswing in Japan, South Korea and Hong Kong boosted stocks in Taiwan, particularly those with exposure to the China market, dealers said

BLOOMBERG AND AFP , HONG KONG

Chinese share prices closed 0.73 percent up after volatile trade led by steel and machinery stocks.

The Shanghai Composite Index, which covers both A and B shares, closed up 38.59 points at 5,312.18.

SEOUL

South Korean share prices closed sharply higher as foreign investors snapped up shares of shipbuilders, steelmakers and retailers amid hopes that their earnings will not be hit by any US economic slowdown.

The KOSPI index ended 22 points higher at 1,870.02.

SYDNEY

Australian share prices closed up 1.2 percent as concerns over mortgage defaults in the US appeared to ease. The S&P/ASX 200 closed 76.2 points higher at 6,306.8.

SINGAPORE

Singapore share prices closed 0.9 percent higher as investors, buoyed by Wall Street's overnight rally, bought into property stocks and select blue chips. The Straits Times Index rose 32.00 points to 3,536.40.

MUMBAI

Indian share prices erased intraday gains to close flat after investors were rattled by Europe's weak opening on global credit concerns.

"The markets saw strong gains intraday but fell as European markets weakened. We may still see record highs next week," a dealer with brokerage Prabhudas Lilladher said.

The SENSEX fell 10.64 points to 15,603.8.

KUALA LUMPUR

Malaysian share prices closed 0.4 percent higher due to bargain hunting following a rally on Wall Street overnight.

The composite index closed up 5.48 points at 1,289.50.

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