Asian shares close mostly up; Hong Kong shares hit a new record

Asian shares close mostly up; Hong Kong shares hit a new record

	Published : Tue, 24 Jul 2007 11:40 By : Agencies Print this Story

MUMBAI (Thomson Financial) - Shares across the Asia-Pacific region were mostly up on Tuesday, with stocks in Hong Kong hitting a new record and Tokyo shares closing higher after bargain hunting in late trade.

Shares closed higher in Hong Kong for the fourth straight session, as China insurers posted strong gains after Ping An

Insurance projected over 100 pct growth in first-half earnings. Dealers said select property stocks were also supported on expectations that local housing prices will see a strong rebound in the coming months and bolster full-year earnings of developers. The Hang Seng Index closed up 107.32 points or 0.46 pct 23,472.88, off a low of 23,410.54 and a new all-time high of 23,534.38.

Over in Japan, gains were limited however, as investors were cautious ahead of the earnings announcements of key companies and the outcome of the Upper House elections on July 29. The blue-chip Nikkei 225 Stock Average closed up 38.39 points or 0.2 pct at 18,002.03, after moving between 18,018.94 and 17,906.11. The broader TOPIX index of all issues listed on the first section was up 8.7 points or 0.5 pct to 1,765.99, off a high of 1,768.53 and a low of 1,752.41.

Shares of KDDI Corp surged 40,000 yen or 5 pct to 870,000 after Japan's second-largest telecom operator said on Monday its operating profit in the fiscal first quarter to June rose 15.6 pct.

Yahoo Japan Corp announced after the closing bell that its net profit for the three months to June rose 22.7 pct from a year earlier, driven by its brisk advertising and auction businesses. The company's shares closed up 1,150 yen or 3 pct at 40,750.

South Korea's KOSPI index briefly crossed the 2,000-point mark to touch a new all-time intraday high, but closed little changed from Monday after profit taking emerged. It ended down 0.79 points or 0.04 pct at 1,992.26, after rising to 2,005.02 at open.

Australian shares ended higher, buoyed by the production reports by some mining companies, including index-leading

BHP Billiton. Shares in the world's largest diversified resources group rose 50 Australian cents or 1.3 pct to finish at 38.78 aud, after it said its output of iron ore, copper, nickel, aluminium and metallurgical coal, for the year to end-June had reached record levels.

The S&P/ASX 200 closed 31.9 points or 0.5 pct higher at a new record 6,422.3. The All Ordinaries Index advanced 27.7 points or 0.4 pct to settle at 6,455.5, just off the record close of 6,456.7 set on Friday, having set a new intra-day high of 6,464.3.

Shares in Australia's largest listed gold miner Newcrest Mining jumped 1.59 aud or 6.5 pct to 26.07 aud, after it said its output for the year to end-June had reached a record 1.62 mln ounces, up from 1.53 mln ounces the year before.

China shares closed mixed as investors locked in profits. China A-shares closed mixed, ending a two-day rally, as investors traded cautiously as the index neared its record high. Heavyweight insurance companies led the decline, while property stocks were boosted by the yuan's continuing strength. The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed down 3.03 points or 0.1 pct at 4,210.33. The Shanghai B-share Index was down 0.80 points or 0.3 pct at 298.73, and the Shenzhen B-share Index was up 2.53 points or 0.3 pct at 774.62.

Share prices in Taipei closed higher on follow-through interest, with investors encouraged by Wall Street's gains overnight amid US buyout news and upbeat corporate results. The weighted index closed up 122.49 points or 1.3 pct at 9,744.06, on turnover of 284.71 bln twd. Ample market liquidity and a positive outlook for company earnings also supported the market, dealers said.

Singapore shares were also higher as investors bought blue chips following Wall Street's jump Monday. The benchmark Straits Times index was up 29.78 points or 0.8 pct at a new record high of 3,665.13, on expectations of robust quarterly earnings from shipyards and banks.

In Malaysia, share prices closed higher with the benchmark composite index closing at a new all-time high, as news the government will unveil the Northern Corridor Economic Region next Monday spurred strong buying interest in construction and property stocks. The Kuala Lumpur Composite Index closed up 10.65 points or 0.8 pct at 1,392.18.

Jakarta share prices closed higher as investors continued to accumulate select big caps including banks and Astra International in anticipation of strong first half to June earnings. The main index finished at a record high for the fourth straight day, breaking the psychologically important 2,400-point level. The composite index closed up 20.93 points or 0.9 pct at a new record of 2,401.14 points, beating its previous all-time high of 2,380.21 set yesterday.

Meanwhile, Philippines shares closed slightly lower after president Gloria Arroyo's annual address to Congress Monday outlining her growth plan for the remainder of her term failed to inspire investors. The 29-company composite index ended down 31.55 points or 0.8 pct at 3,706.24, off its day high 3,741.80. The broader all-share index lost 12.81 points or 0.5 pct to 2,406.57.

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