Asian stocks close mostly higher on U.S. gains

Asian stocks close mostly higher on U.S. gains

Dow Jones, Singapore

Asian stocks markets ended the week mostly higher Friday on the back of sharp gains overnight on Wall Street.

Tokyo's benchmark 225-issue Nikkei Stock Average surged 285.34 points, or 2.8 percent, to end at 10632.35. On Thursday, the average closed up 382.13 points, or 3.8 percent.

Buying of technology issues led the rally in Tokyo as investor sentiment was boosted by the U.S. markets' sustained gains.

In New York, the Dow Jones Industrial Average rose 169.59 points to 9410.45 Thursday following some healthier-than-expected earnings reports. The Nasdaq Composite Index ended at 1701.47, up 75.21 points.

However, analysts cautioned the gains on Wall Street shouldn't be seen as a fundamental market recovery or a sign that investors are no longer worried about fallout from last month's terrorist attacks or U.S. retaliation.

Singapore shares also closed higher, boosted by the government's S$11.3 billion economic stimulus package to help the city-state survive its worst-ever economic slump.

The main Straits Times Index closed up 20.50 points, or 1.5 percent, at 1416.24.

The Singapore government this week said the economy would likely contract by 3 percent this year, down from the earlier forecast for 0.5 percent-1.5 percent growth. The economy grew by 9.9 percent last year.

Indonesian shares closed higher. The JSX Composite Index rose 8 points, or 2.2 percent, to 378.59.

Taiwan share prices closed slightly higher. The Weighted Price Index rose 11.57 points, or 0.3 percent, to 3801.50.

Philippine shares closed higher on bargain-hunting after five sessions of losses and Wall Street's overnight gains. The 30- company Philippine Stock Exchange Index rose 27.84 points, or 2.8 percent, to 1017.87.

Malaysian shares closed slightly higher on mild bargain- hunting. The Composite Index rose 1.93 points, or 0.3 percent, to close at 611.32.

But the Hong Kong Stock Exchange bucked the regional stock market trend as its share prices fell on profit-taking.

The blue-chip Hang Seng Index fell 248.48 points, or 2.4 percent, finishing at 10274.13. On Thursday, the index had gained 224.37 points, or 2.2 percent.

South Korean shares also closed slightly lower on profit- taking. The Korea Composite Stock Price Index, or Kospi, slipped 0.1 percent, or 0.65 point, to 516.40.

Thai stocks also closed slightly lower. The Stock Exchange of Thailand index slipped 1.45 point, or 0.5 percent, to 284.97.