Asian shares little changed, Bangkok down sharply

Asian shares little changed, Bangkok down sharply

Agence France-Presse, Hong Kong

Asian stocks closed little changed on Wednesday as record oil prices and uncertainty over the outcome of the U.S. presidential election outweighed Wall Street's strong rally overnight, dealers said.

They said the Wall Street lead would normally have been enough to ensure a positive day in Asia but the bounce in New York was seen as part of the recent pattern there -- a sharp gain in a market which overall continues to slide.

There was little incentive to trade aggressively given that the U.S. presidential election looks too close to call, the dollar is weakening and concerns are increasing over the outlook for the crucial electronics sector in key markets,

In Tokyo, Japanese share prices closed 0.18 percent higher in cautious trade amid concerns about the possible impact on the economy of the sustained series of quakes in northern Japan.

The Tokyo Stock Exchange's benchmark Nikkei-225 index gained 19.49 points or 0.18 percent to 10,691.95, off a high of 10,777.43 seen before another tremor hit northern Japan in the morning.

In Seoul, South Korean share prices closed 0.47 percent lower, giving up early gains driven by bargain-hunting as investors quickly sold down exporters after the won hit a four-year high.

With oil prices continuing at record highs and a strong tremor hitting Japan, sentiment remained under pressure, leaving the market perilously close to the 800 points level at one stage despite Wall Street's rebound overnight.

The KOSPI index closed down 3.79 points at 809.91, off a high of 822.30 and a low of 803.72.

In Hong Kong, share prices closed 0.11 percent lower on continuing concerns over high oil prices, with many investors staying on the sidelines ahead of the settlement on Thursday of futures contracts.

The key Hang Seng Index closed down 13.64 points or 0.11 percent at 12,838.71, off a low of 12,836.49 and high of 12,918.45.

In Singapore, Singapore share prices closed little changed, supported by gains in Singapore Telecommunications (SingTel) and the bank stocks amid continuing concerns over high oil prices.

The Straits Times Index rose 1.64 points to 1,959.05 and the All-Singapore Equities index was 0.79 points up at 511.51.

In Kuala Lumpur, Malaysian share prices closed little in lackluster trade as investors remained largely sidelined in the absence of fresh domestic leads

The Kuala Lumpur Composite Index eased 0.38 points to 851.17.

In Bangkok, Thai share prices closed 3.32 percent lower, dropping sharply on increasing concerns about the deaths of 78 Muslims who were rounded up by troops and crammed into trucks after a protest, dealers said.

The Stock Exchange of Thailand (SET) composite index lost 21.53 points to close at 626.85 and the blue-chip SET 50 was down 1.59 points at 43.78.

In Jakarta, Indonesian share prices closed 0.93 percent higher on a technical rebound led by telecom stocks following the market's recent falls, with the banking sector also gaining following strong third quarter results, dealers said.

The Jakarta Stock Exchange composite index closed up 7.831 points at 849.184 on volume of 1.07 billion shares worth 924.64 billion rupiah (101.61 million dollars.) Gainers led losers 72 to 35, with 80 stocks unchanged.

"Most of the banks' financial reports are good," said Kuo Capital Raharja analyst Edwin Sinaga and the prospect of dividends this year further boosted investor interest.

In Manila, Philippine share prices closed 0.31 percent higher, supported by a positive third quarter performance from key blue chip companies.

The market continues its technical rebound following recent sharp falls to below the main index's psychological support of 1,750 but investors were quick to cash in early gains given concerns about higher crude oil costs.

The Philippine Stock Exchange composite index gained 5.56 points to 1,774.34 after trading between 1,767.98 and 1,786.61.