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Asian market highlights:

TOKYO: Japanese stocks ended little changed after fluctuating narrowly.

Selling by corporations and dealers capped stock prices, while there was continued buying of low-priced, incentive-backed issues such as Japan Steel Works and shares in the over-the-counter market, brokers said.

The benchmark 225-share Nikkei average ended 6.72 points, or 0.04 percent higher, at 17,877.77 after moving in a range of between 18,028.58 and 17,818.11.

HONG KONG: Stocks closed an anaemic session modestly higher, buoyed partly by talk of various covered warrant issues, players said.

The blue-chip Hang Seng Index put on 46.71 points to close at 8,947.19.

"The covered warrants talk helped the market a little, but volume is so thin that any movement on the index has no genuine significance to speak of," said Samuel Lau, research director at China Everbright Securities, who blamed the market lethargy on lack of fresh liquidity.

BANGKOK: Thai stocks closed slightly up as investors shopped for bargains in the finance and bank sectors but overall trade remained stuck in the doldrums on worries about rising inflation, brokers said.

The SET index closed 6.60 points higher at 1,322.40.

"It was another quiet day. Only a small group of investors traded while most others are still waiting for fresh incentives," a broker at SITCA Finance and Securities said.

BOMBAY: Blue chips on the Bombay Stock Exchange (BSE) traded in a narrow band but put on a spurt at the close to finish higher in active end-account trade, brokers said.

The new account in A-group stocks begins on Thursday. Wednesday is a holiday on the BSE.

BSE's 30-share index lost 10.99 points to a provisional 3,441.45 but traders said this did not reflect the late buying, adding that the final closing figure would lift the index into positive territory. The National index lost 7.08 points to 1,576.87.

KUALA LUMPUR: Malaysian shares finished mostly higher on improved sentiment, but volume was thin with buying focused on selected stocks, brokers said.

The key Kuala Lumpur Stock Exchange's Composite Index ended up 7.05 points at 1,029.90, helped by gains in blue chips.

"Retail players were nibbling into stocks but they were very selective," said a dealer with a local brokerage. "There's not much liquidity at the moment for the market to ride on."

MANILA: Philippine shares ended sharply down, nudging the 2,800 support level on inflation fears.

The 30-share composite index dropped by 26.18 points to 2,801.3, with blue-chips suffering most.

"Inflation worries due to spiralling prices of basic commodities are keeping investors at bay," Ed Bancod at Peregrine Securities said.

SEOUL: South Korean stocks closed firmer for the fourth consecutive session as investors broke with their indiffernce to non-manufacturing shares, brokers said.

Brokers said a similar trading pattern would continue for a few days but a sharp rise was not likely.

The index closed at 917.76, up 4.45 points, after hitting a high of 918.53 shortly after the morning bell.

"Buying interest in non-manufacturing sectors will lead the trading for the time being," a Dongsuh Securities broker said.

SINGAPORE: Share trading slowed to some of the lowest levels this year as dealers waited for news from the Federal Open Market Committee's (FOMC) meeting later on Tuesday.

The 30-share Straits Times Industrial Index closed 0.71 of a point lower at 2,105.67 on thin volume.

Dealers said recent falls in the index had encouraged many institutions to stay sidelined until the market started a clear rally and the FOMC meeting added to this pressure. The FOMC is due to meet at 1745 GMT to decide on U.S. financial policy.

SYDNEY: Australian shares closed weaker on thin volume after buyers retreated and the futures market fell away.

The All Ordinaries Index closed four points lower at 2,104.30.

In what brokers described as a quiet day the market came off its lows in the afternoon but still failed to reach positive territory by the close.

TAIPEI: Taiwan share prices closed higher in slow trade mainly on hopes for an easing in credit controls, which spurred buying in construction issues, brokers said.

The index ended up 33.83 points, or 0.71 percent, at its intraday high of 4,807.21.

Trading was cautious as the ruling Nationalist Party held a congress to choose its nominee for presidential elections next March. But small-scale buying still emerged in late trade to send up most major sectors except plastics. Construction led the gains.

WELLINGTON: New Zealand shares ended mostly stronger on the highest daily turnover for months.

The NZSE-40 Capital Index closed 14.60 points higher at 2,111.95 on turnover worth NZ$105 million (US$70.35 million) -- about three times the recent daily average.

Fletcher Challenge and Telecom were actively traded, together accounting for about NZ$70 million (US$46.9 million) of business.-Reuter