Asian shares close higher, Tokyo at 5-year high on bargain hunting
HONG KONG - Share prices across the Asia-Pacific region ended higher,
with Tokyo surging to a more than five-year high, as investors bought stocks
after a selldown in the morning session, dealers said.
The blue-chip Nikkei 225 Stock Average closed up 88.12 points or 0.5 pct at
16,747.76 off a high of 16,777.37. It was the highest close since August 31,
2000 when it finished at 16,861.26.
The broader-based TOPIX index of all first-section shares gained 4.34 points
or 0.2 pct to 1,712.30.
"Morning trading saw bouts of profit-taking. But then some bargain hunters
emerged to push the main indices back into positive territory and this prompted
a further wave of purchases," said Hiroichi Nishi, equity general manager at
Nikko Cordial Corp.
In Australia, share prices closed higher as investors shrugged off US
interest rate concerns following stronger jobs data on Friday which led to a
fall on Wall Street, dealers said.
They said the Australian share market opened down at the beginning of the
trading session before investor buying drove the market into positive territory.
Dealers said index leading resources stocks BHP Billiton and Rio Tinto
finished higher after starting in negative territory on concerns higher US rates
could slow global growth and lower demand for metals.
The S&P/ASX 200 rose 31.8 points or 0.65 pct to close at 4,915.6 but remains
below Wednesday's record close of 4,956.7.
In Hong Kong, share prices ended higher as investors put aside initial
caution and renewed accumulating China-related stocks, dealers said.
They said interest in H-shares and red chips is being driven by the
mainland's economic prospects and expectations that the yuan will be allowed to
appreciate this year.
The Hang Seng Index closed up 118.33 points or 0.77 pct at 15,548.06.
A-shares in Shanghai and Shenzhen ended higher thanks to inflows of fresh
funds on the first day after the week-long holidays with metal and retail stocks
in favor, dealers said.
The benchmark Shanghai Composite Index, which covers both A- and B-shares
listed on the Shanghai Stock Exchange, closed up 29.58 points, or 2.35 pct, at
1,287.63, an 11-month high.
The Shanghai A-share Index rose 30.12 points to 1,349.03 on turnover of
14.45 bln yuan and the Shenzhen A-share Index was up 8.76 points at 326.12 on turnover of 8.70 bln yuan.
Share prices in Seoul finished slightly higher, rebounding from a near two
pct drop in early trade, with institutions and retail investors buying blue
chips and domestic-demand focused stocks, dealers said.
The initial fall was due to fears of rate hikes both at home and in the US,
with the won approaching the 960 won per dollar level adding to the pressure,
they added.
The KOSPI index closed up 8.14 points or 0.61 pct at 1,341.64.
Asian Bourse Round-Up
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