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HONG KONG, Jan 5 (AFP): Asian stocks put in another strong performance Thursday, mostly extending gains to fresh multi-year highs on growing expectations the US interest rate cycle is peaking out, dealers said.
They said that while there was some profit-taking, that was only to be expected given the recent record breaking performance in the region and investors are clearly banking on more gains.
Just as long as there are no disappointments on the US front in terms of data or the Federal Reserve's interest rate policy, the current strong tone should be maintained for some time.
On the day, Tokyo added 0.39 per cent for a fresh five-year best while Singapore joined that club with a gain of 0.82 per cent.
Seoul, Sydney, Mumbai and Jakarta all slipped off record highs.
MUMBAI: Indian share prices closed 0.31 per cent lower on modest profit-taking after the market's recent record run, dealers said.
The Mumbai stock exchange 30-share Sensex index fell 30.34 points to 9,617.74.
TOKYO: Japanese share prices rose 0.39 per cent to their highest finish in more than five years as fresh gains on Wall Street fanned upbeat investor sentiment, dealers said.
The Tokyo Stock Exchange's benchmark Nikkei-225 index added 63.83 points to end at 16,425.37, off a high of 16,474.52 but still the best close since September 20, 2000.
SEOUL: South Korean share prices closed 0.47 per cent lower, hit by profit-taking after a four-day record breaking performance as a rising won undercut key IT stocks and exporters, dealers said.
The KOSPI index shed 6.60 points at 1,395.51, off a low of 1,378.96 and a high of 1,405.31, on volume of 525 million shares worth 6.2 trillion won (6.28 billion dollars). Declines led gains 473 to 296, with 53 stocks unchanged.
HONG KONG: Hong Kong share prices closed 0.47 per cent higher on follow-through interest after Wednesday's sharp gains amid easing interest rate worries, dealers said.
The Hang Seng Index closed up 71.07 points at 15,271.13, off a low of 15,261.82 and high of 15,373.79. Turnover was heavy at 33.05 billion Hong Kong dollars (4.23 billion US dollars).
TAIPEI: Taiwan share prices closed 1.41 per cent highery, extending gains in heavy trade after another positive showing on Wall Street as investors welcomed the prospect that US interest rate hikes will soon come to a halt, dealers said.
The weighted index rose 93.43 points at 6,709.87, after trading between 6,717.12 and 6,666.84, on turnover of 165.89 billion Taiwan dollars (5.13 billion US). Gains led declines 842 to 253, with 119 stocks unchanged.
SHANGHAI: Chinese share prices closed 1.35 per cent higher in heavy trade on follow-through interest as investors sought out automakers and metal stocks, dealers said.
The Shanghai A-share Index rose 16.82 points to 1,258.71 on turnover of 14.62 billion yuan (1.80 billion dollars) while the Shenzhen A-share Index was up 5.40 points or 1.83 per cent at 300.37 on turnover of 8.43 billion yuan.
SINGAPORE: Singapore share prices closed up 0.82 per cent, taking the Straits Times Index back above 2,400 points for the first time in five years, dealers said.
The Straits Times Index rose 19.61 points to 2,403.75 on volume of 1.36 billion shares worth 1.35 billion Singapore dollars (824 million US).
KUALA LUMPUR: Malaysian share prices closed 1.06 per cent higher on follow-through buying by institutions on expectations that the US interest rate hike cycle is coming to an end, dealers said.
The Kuala Lumpur Composite Index was up 9.53 points to 906.66 on volume of 808.54 million shares worth 723.7 million ringgit (192 million dollars).
BANGKOK: Thai share prices closed 0.26 per cent lower on profit-taking after two days of sharp gains, particularly in the banks, dealers said.
The Stock Exchange of Thailand (SET) composite index shed 1.92 points to 741.28 and the bluechip SET 50 index was off 1.41 to 524.32.
JAKARTA: Indonesian share prices closed slightly lower as investors took some profits but gains in car dealer Astra International provided the index some support, dealers said.
The Jakarta Stock Exchange composite index lost 0.699 points or 0.06 per cent at 1,211.000 on volume of 1.12 billion shares valued at 1.62 trillion rupiah (167 million dollars).
MANILA: Philippine share prices rose for the third straight session, adding 0.60 per cent to leave the main index at a 10-month high, dealers said.
Stocks retreated in midmorning trade as investors locked in recent gains but buyers returned to the game before closing although losses in telecom giant Philippine Long Distance Telephone capped the upside.
The Philippine Stock Exchange composite index was up 12.88 points at the day's high of 2,150.93. It hit a low of 2,129.34. Volume was 535.1 million shares worth 827.5 million pesos (15.91 million dollars).
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