HONG KONG, Jan 4: Asian stocks closed sharply higher on Wednesday, extending gains on a strong lead from Wall Street as investors there welcomed the latest sign the US cycle of rising interest rates could be coming to an end, dealers said.
They said New York’s advance of 1.21 per cent was just the tonic for markets testing fresh highs on an almost daily basis while the likelihood US interest rates will peak sooner rather than later should provide even further support.
TOKYO: Japanese shares started 2006 on a high note, rising 1.55 per cent to fresh five-year highs helped by gains on Wall Street and an upbeat outlook for the world’s number two economy, dealers said.
In a half-day session, the Tokyo Stock Exchange’s benchmark Nikkei-225 index rose 250.11 points to 16,361.54, the highest close since September 2000.
The broader TOPIX index of all first-section shares gained 23.31 points or 1.41 per cent to 1,673.07 on turnover of 1.47 billion shares.
HONG KONG: Hong Kong share prices closed sharply higher in very heavy trade on Wall Street’s gains and after minutes of a Fed meeting renewed hopes that the US interest rate-rise cycle is nearing an end, dealers said.
The benchmark Hang Seng Index closed up 255.29 points or 1.71 per cent at 15,200.06, off a low of 15,085.44 and high off 15,208.86.
SYDNEY: Australian share prices rose 0.93 per cent for a second consecutive record performance as continued gains in commodity and metal prices boosted energy and mining stocks, dealers said.
Mining giant BHP Billiton added 0.67 or 2.89 per cent to close at 23.85 dollars after reaching a record intraday high of 23.90. Rio Tinto added 1.16 or 1.66 per cent at 71.06.
SINGAPORE: Singapore share prices closed 0.62 per cent higher, boosted by gains in property and oil and gas plays, dealers said.
The Straits Times Index rose 14.77 points at 2,384.14 on volume of 1.25 billion shares work 1.21 billion Singapore dollars (734 million US).
KUALA LUMPUR: Malaysian share prices closed 0.48 per cent higher on a technical rebound, with Wall Street’s sharp gains supporting sentiment, dealers said.
Bbuying was concentrated on index-linked stocks which fell Tuesday.
JAKARTA: Indonesian share prices closed up 2.28 per cent at a record high on hopes that interest rates will fall and with sentiment further boosted by a stronger rupiah, dealers said.
WELLINGTON: New Zealand share prices closed 0.12 per cent higher in thin holiday trade, dealers said.
The market was still in holiday mode and “I’m expecting similar quiet trading for the rest of the week,” said Hamilton, Hindin, Greene partner Grant Williamson.
Market leader Telecom fell one cent to 6.00 dollars.
MUMBAI: Indian share prices rose 1.14 per cent for yet another record finish as foreign funds bought blue chips on hopes the central bank will call a halt sooner rather than later to its interest rate hikes, dealers said.
The Mumbai stock exchange’s 30-share Sensex climbed 108.71 points to 9,648.08, breaking Tuesday’s record of 9,539.37 on volume of US$953 million.—AFP
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