Sun, Sep 23, 2007 - Page 10 News List

Fed rate cut bolsters Asian stocks

RELIEF The TAIEX ended the week at its highest level since Aug. 9 as old-economy holdings outperformed, although the financial sector bucked the upward trend

BLOOMBERG AND AFP , HONG KONG

SEOUL

South Korean share prices closed up 0.5 percent as the bourse got what dealers called a last-minute boost from hopes for positive earnings reports.

The benchmark KOSPI index closed up 10.29 points at 1,919.26, off a high of 1,921.23.

SYDNEY

Australian share prices closed down 0.6 percent, with the banking sector hardest hit as fears about the health of the US economy refused to go away.

The benchmark S&P/ASX 200 shed 35.8 points to close at 6,357.9 while the broader All Ordinaries lost 29.7 points to end at 6,371.2.

SINGAPORE

Singapore share prices closed down 0.29 percent amid continued caution about the outlook for the US economy given record-high oil prices and the weaker dollar.

The Straits Times Index (STI) fell 10.24 points to 3,542.22 on volume of 1.77 billion shares.

KUALA LUMPUR

Malaysian share prices closed down 0.2 percent in a mixed market as losses due to profit-taking on blue chips were limited by gains in plantation, oil and gas stocks.

The Kuala Lumpur Composite Index was down 2.73 points at 1,305.94.

BANGKOK

Thai share prices closed 1.97 percent higher as investors chased gains in energy-linked stocks in line with surging oil prices.

The Stock Exchange of Thailand (SET) composite index jumped 16.08 points to 831.51 and the bluechip SET-50 index gained 14.35 points to 604.70.

MANILA

Philippine share prices closed 0.5 percent lower as investors took profits amid surging oil prices and the concerns about the state of the US economy.

The Philippine Stock Exchange composite index fell 18.65 points to 3,423.73 after moving between 3,402.98 and 3,442.38. The broader all-share index shed 12.86 points at 2,143.53.

MUMBAI

Indian share prices rose 1.32 percent to a third straight record close on sustained overseas fund buying in benchmark stocks.

Dealers said sentiment improved as India's inflation fell to a near five year low of 3.32 percent for the week ended Sept. 8.

The Mumbai stock exchange SENSEX index rose 216.28 points to 16,564.23, from a previous record close of 16,347.95.

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