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Asian market highlights

HONG KONG: Hong Kong stocks closed marginally higher, ending an eight-day losing streak, but brokers said market sentiment remained weak.

The blue chip Hang Seng Index surged from 13 points down near the close to end 7.04 points, or 0.08 percent, higher at 8,931.31. Turnover was HK$2.97 billion (US$384.22 million).

The index hit a high of 9,003.46 in the morning on Wall Street's gains and strong HSBC Holdings earnings announced on Monday.

"In fact, bank results are good but stocks failed to rebound and overseas markets are not that weak, so it's a bit disappointing today," said Antony Mak at Vickers Ballas.

BANGKOK: Thai stocks closed at a three-month low in the absence of positive news and scepticism that the market would get a further boost from Wall Street, brokers said.

The SET Index fell 16.09 points, or 1.21 percent, to 1,314.53, its lowest close since 1,288.01 on May 8. Turnover was 3.85 billion baht ($154 million).

Media and communications were the only two sectors to end in positive territory.

COLOMBO: Sri Lanka stocks closed flat as investors dawdled on the sidelines due to the lack of shares, brokers said.

The Colombo Stock Exchange all share index fell 0.77 of a point to 753.70.

"You cannot find volumes at current market prices," a local unit trust manager said. "Those who have stock either cannot afford to sell at these prices or have long-term holding power."

JAKARTA: Jakarta shares prices were mixed on low volume, with a stream of positive corporate results and late buying in second-liners failing to boost the market, brokers said.

The composite index fell 0.92 points, or 0.18 percent, to 515.019.

"Keen late buying in some second-liners such as Matahari and a stream of encouraging results failed to lend much support to the otherwise weak sentiment," one broker said.

Gajah Tunggal, Andayani Megah and Bank Niaga announced their six-month results on Tuesday.

KUALA LUMPUR: Concern over rising interest rates and inflation, and weak regional markets combined to put pressure Malaysian shares, traders said.

The Kuala Lumpur Stock Exchange's Composite Index slumped 10.18 points, or 0.97 percent, to 1,038.07.

Bank Negara's borrowing of six-month money on Monday to support interbank rates was seen by some as a hint of tighter monetary policy, brokers said.

A hike in cement prices announced Monday boosted cement stocks but caused some analysts to worry about its inflationary effects.

MANILA: A $1 loss overnight in New York of Philippine Long Distance Telephone Co (PLDT) and profit-taking on second-liners dragged down shares at the close, brokers said.

The index dropped 14.38 points, or 0.50 percent, to 2,862.98. The commercial-industrial sector had the biggest share of losers.

"Heavy selling on Mabuhay Holdings Corp dampened interest in second-liners," said an analyst at Keppel Securities.

SHANGHAI: Shanghai A shares fell sharply, mainly on profit-taking after news of an equity acquisition in Beijing Lightbus by two Japanese firms helped push up prices over the past week, brokers said.

Meanwhile, it was rumoured that authorities would soon approve new A share issues, which dampened overall confidence, they said.

The A index lost 26.280 points, or 3.26 percent, to 780.020 on heavy turnover of 4.413 billion yuan.

Beijing Lightbus was the day's heaviest loser, shedding 1.08 yuan, or 10.80 percent, to 8.92 yuan.

Shanghai B shares ended down in slow trade, continuing Monday's technical correction after the B index hit 1995 closing highs twice last week, brokers said. The B index shed 0.603 of a point, or 0.97 percent, to 61.252.

SHENZHEN: Shenzhen A shares tumbled as heavy profit-taking set in, brokers said, while the hard-currency B share index eked out a small gain.

The A share index slid 4.09 points, or 2.75 percent, to 144.79 as turnover contracted to 1.045 billion yuan ($125 million).

The B share index inched up 0.06 of a point to 72.26 on turnover of HK$15 million ($1.9 million). Brokers said the B share index gain was due in part to a surge in Gintian Industry, which soared HK$0.40, or 11.77 percent, to HK$3.80.

The composite index fell 3.68 points, or 2.56 percent, to 140.35 on total turnover of 1.236 billion yuan ($148 million).

SINGAPORE: Singapore shares ended lower on profit-taking, wiping out earlier gains, brokers said.

The key 30-share Straits Times Industrials Index eased 1.54 points, or 0.07 percent, to 2,062.55, off the day's high of 2,077.18 Volume was a brisk 269.44 million shares.

Shares of second-liners, including Horiguchi Engineering and PCI Ltd, rose on takeover rumours.

The UOB OTC index, tracking mainly Malaysian shares, fell 11.48 points to 1,72.54.

SYDNEY: The Australian share market closed at its day's highs after the 41-point jump in the Dow and a strong futures-led pickup in the afternoon.

The All Ordinaries index rose 15 points, or 0.71 percent, to 2,133.0. The September share price index (SPI) contract was up 23 points at 2,160, a 27-point premium to the physical market.

"There has been some programme buying around this afternoon and this has boosted the SPI and this has pushed the physical market higher," said a Sydney dealer.

TAIPEI: Taiwan share prices were sharply higher after the Securities and Exchange Commission announced five measures to boost the market on the same day China was due to start a new series of missile tests near the island, brokers said.

The index rose 88.04 points, or 1.95 percent, to 4,591.41, also its intra-day high. Turnover was T$34.41 billion ($1.26 billion).

Brokers noted active buying by government pension funds and short-covering by big shareholders of listed firms, especially in late trade.

"Apparently it's buying urged by the government to support the market," said Chen Han-chung of Yungli Securities.

WELLINGTON: New Zealand shares closed easier, despite the Dow's rise, in what brokers said was a spiritless performance.

The NZSE-40 index eased 2.76 points, or 0.13 percent, to 2,125.52. Volume was a paltry NZ$28 million ($18.76 million) and brokers said that that really told the story.

"There was just a general lack of interest," said County NatWest broker Craig Robins. "It's difficult to see anything to push the market one way or other."-Reuter