Asian stocks closed higher on Friday following a positive lead from Wall Street with trade also aided by domestic factors, dealers said.
However, investors remained cautious against a backdrop of potential higher interest rates in the US and the Federal Reserve policy meeting to be held next week.
Wellington stood out by climbing 0.27 percent for a record finish as investors bought into exporters benefiting from a falling local dollar and ignored data showing the economy teetering close to a recession.
PHOTO: PATRICK LIN, AFP
Tokyo notched up a solid rise with a weaker yen, and improved Tokyo land prices providing an added lift. Kuala Lumpur gained after the government lifted a ban on short selling in the stock market while improved metal prices helped Sydney to another record close.
Bangkok made another modest gain ahead of further rallies calling for the resignation of Thai Prime Minister Thaskin Shinawatra while Jakarta was bolstered by better-than-expected profits from auto maker Astra International.
Taipei share prices closed 0.19 percent higher, steadying after a week of heavy losses as investors rotated into non-tech industrial and financial stocks.
Dealers said the market may now have hit bottom or at least be near it as investors look to have done most of their selling for the moment, opening up the possibility of a rebound next month after the close of the first quarter.
The TAIEX added 12.02 points at 6,376.62 on turnover of NT$76.86 billion (US$2.35 billion).
"The market seems to be nearing its near-term bottom, if it hasn't already got there," SinoPac Securities Corp (
Investors were reluctant to sell down holdings excessively on the expectation that any downside may not prove that significant below the 6,300 points level, he said.
Teng said a sustainable rebound is possible in April as companies start to report their first-quarter results.
Tokyo
Tokyo share prices closed 0.43 percent higher, ending the week on an upbeat note as a weaker yen and news of a rise in Tokyo land prices last year helped boost sentiment.
The NIKKEI-225 index added 71.50 points to 16,560.87.
The market got off to a solid start after a government survey showed that land prices in Tokyo snapped a 15-year losing streak last year, backing up an earlier survey which found similar results.
"Investors responded favorably to the land price data," said Hideyuki Suzuki, a strategist at SBI Securities.
The average price of residential property in Tokyo rose 0.8 percent in 2005 while the average price of commercial land increased 2.9 percent.
Seoul share prices closed 0.68 percent higher, reversing the previous session's mixed performance, as banks, POSCO and LG Philips LCD posted solid gains.
Dealers said the market started weak due to Wall Street's overnight setback and higher oil prices but intensified program buying in late trade offset profit-taking by retail investors.
The KOSPI index closed up 8.97 points at its best level of 1,321.23.
Hong Kong share prices closed 0.35 percent lower in cautious trade ahead of the US Federal Reserve policy meeting next week.
Dealers said Cheung Kong closed marginally higher after its 2005 results announcement but unit Hutchison Whampoa finished lower on doubts whether its 3G business can achieve the targeted break-even next year.
The Hang Seng Index lost 54.71 points at 15,716.46.
"Rate worries dampened market sentiment again. Investors remained cautious ahead of the US Fed meeting next week," said Kenny Tang, research head at Tung Tai Securities.
Tang said trading was rangebound as many investors were reluctant to take positions ahead of the weekend.
Shanghai
Shanghai share prices closed 0.59 percent lower in a correction after gains over the last four trading days, with petrochemical firms and auto makers losing ground.
Dealers said that as expected, investors preferred to take some profits as the market ran into very strong resistance at 1,300 points on the Shanghai Composite index rather than push stocks higher.
The Shanghai A-share Index lost 8.11 points to 1,357.70, and the Shenzhen A-share Index was down 1.21 points or 0.37 percent at 326.88.
The Shanghai Composite Index, which covers A and B-shares, closed down 7.75 points or 0.60 percent at 1,294.70.
Sydney share prices edged higher again to chalk up another record finish as investors added more mining stocks to their portfolios following an overnight rise in metal prices.
The SP/ASX 200 gained 4.8 points or 0.10 percent to move further into 5,000-point territory at 5,040.1, its fourth record close of the week.
In Singapore share prices closed 0.23 percent higher in dull trade, picking up on regional gains after losses on Wall Street overnight.
Dealers said trading focused largely on select blue chips and China-based stocks.
The Straits Times Index added 5.67 points to 2,497.31.
In Kuala Lumpur share prices closed 0.11 percent higher in rangebound trade after the government announced it is lifting its eight-year ban on stock short-selling.
The decision is aimed at reinvigorating the market which has lagged its regional peers as they have risen sharply.
The composite index added 0.98 points to 926.09.
Bangkok
Bangkok share prices closed 0.15 percent higher on gains in regional markets but investors were cautious as the country braced for another protest against embattled Thai Premier Thaksin Shinawatra.
Dealers said buying was modest as jittery investors stayed on the sidelines ahead of yesterday's demonstration demanding Thaksin's resignation. The composite index rose 1.13 points to 730.85.
Jakarta share prices closed 0.44 percent higher led by blue-chip Astra International after the company reported a better-than-expected net profit for last year.
Dealers said foreign investor support continued in select blue chips although some had also started to take profits on the market's recent record-breaking rally.
The composite index rose 5.751 points at 1,311.374.
Manila share prices closed 0.7 percent higher, extending gains to fresh six-year highs led by support for index heavyweight, Philippine Long Distance Telephone.
The composite index rose 15.35 points at 2,208.13.
Wellington share prices rose 0.27 percent for another record finish as investors bought into exporters benefitting from a falling local dollar and ignored data showing the economy teetering close to a recession.
The NZSX-50 gross index rose 9.56 points to 3,580.79.
That was despite GDP data showing the economy contracted 0.1 percent in the December quarter.
"We are in spitting distance of recession, if not already sitting in it," Westpac Bank chief economist Brendan O'Donovan said.
In Mumbai shares prices rose one percent to a record close as fears over government stability eased and funds bought into mid-sized and index stocks, ahead of the financial year-end next week.
Dealers said buying interest was seen in metal, software and select infrastructure stocks.
The 30-share SENSEX index rose 109.71 points or 1.01 percent to 10,950.30.
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