Print

Mail

wiki links

ASIA: Rising commodity prices prop up markets in Asia

A dancer performs on the trading floor of the Jakarta Stock Exchange on Friday at the end of the last trading day of the year. Indonesian shares closed up 0.2 percent, or 6.12 points, to close at 2,745.83, on volume of 5.24 billion shares. For the whole year, the main index gained 52 percent, reaching an all-time high of 2,811 on Dec. 11. PHOTO: AFP

Asian stocks gained this week, led by commodities companies after gold and oil prices climbed. BHP Billiton Ltd and Nippon Steel Corp advanced.

Toyota Motor Corp advanced after it raised its sales forecast for next year.

Central Japan Railway Co was the biggest drag on a regional index this week after it announced a ¥5.1 trillion (US$45 billion) plan to build a magnetic-levitation train link.

"The outlook for the miners is relatively strong," said Steven Marsh, who helps manage the equivalent of US$632 million at Trust Co in Sydney.

The MSCI Asia Pacific Index rose 1.8 percent this week to 156.26, rebounding from a 6.8 percent slide in the past two weeks. For the year, the measure has advanced 11.2 percent, set for its smallest annual gain in five years.

TAIPEI

Taiwanese share prices closed up 1 percent after Chinese Nationalist Party (KMT) presidential candidate Ma Ying-jeou (馬英九) was cleared of corruption charges, resolving some political uncertainty, dealers said.

The TAIEX closed up 83.23 points at 8,396.95 on turnover of NT$114.74 billion (US$3.53 billion).

"The market too has handed down its verdict -- there was more buying than selling," said Oliver Fang (方元及), a Yuanta Core Pacific Securities (元大京華證券) assistant vice president.

TOKYO

Japanese share prices closed down 1.65 percent, the final session of this year, after losses on Wall Street following weak data and the assassination of Pakistani opposition leader Benazir Bhutto.

The Tokyo Stock Exchange's benchmark NIKKEI-225 index fell 256.91 points in the half-day final session to close at 15,307.78.

For this year as a whole, the NIKKEI lost 11.1 percent as fears over a US housing slump and related credit crunch battered global markets.

The broader TOPIX index of all first-section shares ended the final session down 24.26 points or 1.62 percent at 1,475.68.

Japanese financial markets will be closed Thursday.

HONG KONG

Hong Kong share prices closed 1.7 percent lower amid geopolitical worries after Bhutto's assassination, dealers said.

The Hang Seng index closed down 472.33 points at 27,370.60, off a low of 27,296.86 and a high of 27,678.40. For the week, the index is down 256 points or 0.93 percent.

The market will have a half-day session tomorrow.

SYDNEY

Australian stocks closed down 0.2 percent after Bhutto's assassination triggered sharp falls on Wall Street, dealers said.

The benchmark SP/ASX 200 dropped 11 points to end the week at 6,339.9 for the last full trading day of the year, while the broader All Ordinaries lost 2.7 points to close at 6,423.7.

SHANGHAI

Chinese share prices closed 0.89 percent lower on profit-taking in the last trading session ahead of the New Year holidays, dealers said.

The benchmark Shanghai Composite Index closed down 47.33 points at 5,261.56.

The Shanghai A-share Index fell 49.85 points or 0.89 percent to 5,521.49. The Shenzhen A-share Index was down 6.82 points or 0.45 percent at 1,520.99. The Shanghai B-share Index fell 0.93 points or 0.25 percent to 365.93. The Shenzhen B-share Index fell 2.23 points or 0.31 percent at 709.69.

SEOUL

South Korean share prices closed down 0.6 percent, the year's last trading day, as investors sold shares after the release of downbeat industrial output data, dealers said.

The KOSPI index ended 11.49 points or 0.6 percent lower at 1,897.13 after trading between 1,890.81 and 1,911.67.

SINGAPORE

Singapore share prices closed 0.9 percent lower in subdued year-end trading, dealers said.

The main Straits Times Index closed 31.38 points lower at 3,445.82.

KUALA LUMPUR

Malaysian share prices closed up 0.6 percent due to last-minute buying of big stocks like palm oil giant Sime Darby, dealers said.

The Kuala Lumpur Composite Index (KLCI) closed up 9.22 points at 1,447.04.

BANGKOK

Thai share prices closed 0.71 percent higher on buying of energy-linked stocks, dealers said.

The Stock Exchange of Thailand (SET) composite index rose 6.04 points to 858.10, while the blue-chip SET-50 index added 3.86 points to 630.73.

Over the year, the Thai index rose 178.26 points or 26.22 percent.

MUMBAI

Indian share prices closed little changed in cautious trade after the assassination of Bhutto triggered regional security concerns, dealers said.

The 30-share Mumbai stock exchange SENSEX index fell 9.77 points or 0.05 percent to 20,206.95, snapping five straight days of gains.
This story has been viewed 979 times.