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Asian market highlights

HONG KONG: Stocks closed sharply higher in thin trade, propelled by futures, brokers said.

The blue-chip Hang Seng Index surged 217.80 points, or 1.99 percent, to 11,144.64.

"Wall Street's overnight jump provided an excuse to push the market higher and it seems short-term traders were taking the opportunity to try and squeeze short futures positions in a market thinned by the approach of the Easter holiday," said Antony Mak of Vickers Ballas.

BANGKOK: Thai stocks closed 2.1 percent higher in moderate trade after heavy foreign buying, particularly from Europe, brokers said.

The SET index closed 27.23 points up at 1,320.86 after moving in a narrow range all morning.

"The index rose sharply in the afternoon session after foreign investors bought finance and bank shares," Itphong Saengtubtim, of Nava Finance and Securities, said.

JAKARTA: Indonesian shares ended higher with investors snapping up secondliners such as Lippo Securities, brokers said.

The Jakarta composite index rose 0.67 of a point to close at 588.27.

Brokers said although overall trading was slow, local players were seen speculating on second-liner stocks such as property firm Duta Pertiwi and textile stock Concord Benefit.

"Duta and Concord were considered to be cheap and players were buying them up," one broker said.

KUALA LUMPUR: Malaysian shares closed lower led by heavy selling of Second Board stocks as investors reacted nervously to a Kuala Lumpur Stock Exchange (KLSE) move to impose trading restrictions on a second-line share, dealers said.

The Second Board index, which had risen more than 100 percent from its low early this year, fell 17.14 points, or 3.53 percent, to 468.64.

Analysts said this could spell the start of a long overdue market correction.

The Composite Index, which tracks blue chips, fared better, falling 5.22 points, or 0.45 percent, to 1,153.22.

MANILA: Philippine shares closed higher with hopes of a rally after the long Easter break, brokers said.

The index closed up 20.30 points, or 0.70 percent, at 2,939.39.

John Zarate of Guoco Securities said investors' interest was on second liners with corporate developments or good earnings prospects.

SEOUL: South Korean stocks closed higher after falling in the morning as institutional investors actively bought shares towards the close to keep their self-imposed rule of buying more than they sell, brokers said.

The composite index closed six points higher at 884.47.

"Institutional investors increased buying later to abide by the 'net-buying' rule," Lim Chong-woo, of Ssangyong Investment and Securities, said.

SHANGHAI: Shanghai B shares ended sharply down, with investors selling old shares to buy two new issues, brokers said.

The B index fell 0.956 of a point, or 1.89 percent, to 49.680 points.

Shanghai's A share market ended a short-lived rebound and tumbled on fears over new issues and listings, brokers said.

The A index fell 9.212 points, or 1.57 percent, to 576.229 points.

SHENZHEN: Stocks ended a sluggish session lower as a less than sparkling results season continued to sap enthusiasm, brokers said.

The A share index fell 1.35 points to 114.74. The B share index inched down 0.06 of a point to 60.59.

Analysts said Beijing's tighter credit policies were taking a toll on profits this year and depressing trading interest.

SINGAPORE - Shares ended mixed with some activity in Malaysian over-the-counter (OTC) stocks perking up an otherwise lazy market.

Dealers said Malaysian OTC stocks started to stir late morning and they were watching to see if there would be more buying over the next one to two weeks.

The Straits Times Industrials Index dropped by 10.22 points to 2,365.81.

SYDNEY: The Australian share market closed firmer despite an early afternoon dip into the red as the June share price index (SPI) futures contract stormed home, dragging the underlying market with it.

The All Ordinaries index ended 6.6 points higher at 2,236.9.

The June share price index was 19 points higher at 2,265 and at a 28.1 point premium to the underlying index.

Brokers said that after an early afternoon walk on the weaker side, the bourse bounced back into the black to end near its day's high as traders turned bullish on the SPI contract.

TAIPEI: Share prices ended higher in active trade as the market relied on strong post-election momentum to overcome a significant resistance level, brokers said.

The index, on an uptrend since the March 23 presidential election, gained 48.26 points, or 0.94 percent, to end at the intra-day high of 5,175.75.

"Confidence is high right now as political tensions with China have eased," Michael Hung, of Nikko Securities, said.

WELLINGTON: Continued weakness in market leader Telecom saw New Zealand equities wander to a softer close.

Telecom was down seven cents to NZ$6.45 while the NZSE-40 Capital Index lost 5.37 points to 2,128.23 on quiet turnover.

Brokers said the market was subdued in the lead-up to Easter. One said following the day's trade was like "watching paint dry".-Reuter