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Sony and China Mobile set pace in Asian trading

A pedestrian is silhouetted in front of a stock indicator board in Tokyo on Friday. Japanese share prices closed up 1.36 percent as investors cheered upbeat corporate earnings from major companies such as Sony and Honda, dealers said. The NIKKEI-225 index gained 221.46 points to 16,505.63. PHOTO: AFP

Asian stocks climbed this week after record customer growth boosted profit at China Mobile Ltd (中國移動) and Sony Corp reported earnings that topped analyst estimates.

China Mobile, the world's largest wireless-phone carrier by users, climbed to a record, and Sony, the second-biggest maker of consumer electronics, had its best week in two months. Posco led South Korea's KOSPI index higher after a report showed the economy grew in the third quarter and billionaire investor Warren Buffett said the nation's shares were attractive.

The Morgan Stanley Capital International Asia-Pacific Index added 1.4 percent to 168.06 this week. India's benchmark led gains in the region. Japan, Australia, New Zealand, the Philippines and Pakistan were the only decliners.

China's CSI 300 Index plunged the most since June after the economy expanded more than 11 percent for a third straight quarter, fueling concern borrowing costs will rise.

China Mobile gained 4.3 percent to HK$154.2 in Hong Kong after third-quarter profit rose 38 percent from a year earlier to 22 billion yuan (US$2.9 billion). Sony added 4.5 percent to ?5,560, the most since the five days ended Aug. 24. The Tokyo-based company said profit rose to ?73.7 billion (US$645 million) in the quarter ended Sept. 30 from ?1.7 billion a year earlier.

TAIPEI

Taiwanese share prices closed 0.66 percent higher on hopes that the strength of the local currency will attract foreign capital. Dealers said some industrial and technology shares found favor.

The weighted index closed up 63.25 points at 9,631.51 on turnover of NT$139.41 billion (US$4.3 billion).

"The firmer Taiwan dollar is definitely a clear indicator of foreign interest picking up," Yuanta Core Pacific Securities (元大京華證券) assistant vice president Oliver Fang said.

"We are not the only beneficiary of this ongoing spate of [regional] currency appreciation led by the yuan," he said, adding that the local market had lagged its Asian peers and may continue to attract bargain-hunters.

"The Taipei bourse remains a laggard to Hong Kong and Seoul," he said.

Taipei stocks have a good chance of sustaining upward momentum in the short run and may test the year's high of 9,807 points attained in late July, Fang said.

TOKYO

Japanese share prices closed up 1.36 percent, rising for the first time in three days as investors cheered upbeat corporate earnings from major companies such as Sony and Honda.

The NIKKEI-225 index jumped 221.46 points to 16,505.63.

"Share prices reacted positively to earnings today," said Masatoshi Sato, a senior strategist at Mizuho Investors Securities.

HONG KONG

Share prices closed sharply higher, up 1.84 percent, with the key index finishing above the 30,000-point level for the first time, as property stocks extended gains.

Dealers said the sector was buoyed by hopes for an interest rate cut in the US next week.

The Hang Seng index closed up 550.73 points at 30,405.22.

Despite financial sector gains, H-shares finished flat overall as investors locked in profits in some stocks amid worries that China could announce new tightening measures, including an interest rate hike, following Thursday's economic data.

BANGKOK

Thai share prices closed 0.13 percent higher, led by gains in energy stocks as world oil prices rose past 92 dollars per barrel to a new record on tension in the Middle East.

The composite index rose 1.12 points to 894.57.

SHANGHAI

Chinese share prices closed 0.49 percent higher, lifted by strong earnings in banks with property developers also in favour due to the strengthening currency.

Dealers said stocks rebounded after being in negative territory for most of the day before late bargain hunting in key financial and property shares lifted the key index to a positive finish.

The Shanghai Composite Index, was up 27.74 points at 5,589.63 on turnover of 87.41 billion yuan (US$11.65 billion).

Baoshan Iron & Steel Co (寶鋼), China's biggest steelmaker, fell 6.4 percent to 17.86 yuan. China's GDP rose 11.5 percent from a year earlier, the statistics bureau said on Thursday.

Central bank Governor Zhou Xiaochuan (周小川) said last week that steeper or more frequent interest-rate increases are possible and expressed concern at rising asset prices.

SEOUL

South Korean share prices closed 2.6 percent higher, rising in tandem with key regional markets, as large-cap chip stocks found favour among investors because of their attractive valuations.

Dealers said the mood was upbeat for most of the session.

The KOSPI index ended 51.31 points higher at 2,028.06.

SYDNEY

Australian share prices closed up 1.2 percent supported by oil and mining stocks and firms exposed to strong Asian economies.

The benchmark S&P/ASX 200 gained 76.3 points to 6,700.6.

The Australian dollar broke through US$0.91 on Friday to trade at 23-year highs on speculation that the country's central bank will hike interest rates early next month while the US Federal Reserve is likely to cut rates next week.

SINGAPORE

Share prices closed 1.74 percent higher on gains in banks after strong earnings by banking giant DBS Group eased worries over the impact from the credit crunch.

Dealers said investors snapped up banking shares after DBS reported solid third quarter earnings that allayed concerns about how local banks may have been hit by the US subprime credit turmoil.

The Straits Timex Index rose 64.41 points to 3,771.55.

KUALA LUMPUR

Malaysian share prices closed 1.5 percent higher to hit a fresh record high with investors increasingly convinced there will be an interest rate cut in the US.

The composite index closed up 20.08 points at 1,398.35.

JAKARTA

Indonesian share prices closed 1.1 percent higher as investors cheered strong quarterly earnings at Astra Agro Lestari and Inco.

The composite index closed up 27.77 points at 2,624.43.

MANILA

Philippine share prices closed 0.5 percent higher in cautious trade ahead of next week's three-day holiday.

The composite index ended up 17.10 points at 3,784.88.

WELLINGTON

New Zealand share prices fell 0.95 percent, led down by leading stocks Telecom and Contact Energy, dealers said.

The NZX-50 index fell 40.43 points to close at 4,226.71.

MUMBAI

Indian share prices rose 2.52 percent to a new record close on, as investors brushed off concerns of large fund outflows due to new rules limiting the anonymous buying of shares by foreign investors.

The 30-share SENSEX index rose 472.28 points to 19,243.17.
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