InfoAnda - Asian markets edge higher but yen hurts Tokyo stocks

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World Asian markets edge higher but yen hurts Tokyo stocks AFP - Friday, December 31 Send IM Story Print Asian markets edge higher but yen hurts Tokyo stocks HONG KONG (AFP) - – Asian stock markets closed broadly higher on Thursday, with some signs of optimism going into 2011, though the strengthening yen saw Tokyo end the year on a low. Sydney's S&P/ASX 200 index ended up 0.32 percent, or 15.2 points, at 4,790.4 and Seoul rose 0.37 percent, or 7.51 points, to 2,051.00, its highest close in more than three years. Hong Kong added 0.13 percent, or 30.04 points, to 22,999.34 and Shanghai rose 0.29 percent, or 8.05 points, to 2,759.58 but traders said the market was still coming to terms with last weekend's interest rate hike, the second in less than three months. A warning by China's housing ministry of further unspecified measures to rein in the property market added to nervousness, dragging down developer stocks. The rate hike "has hurt already-weak sentiment as it will have a negative impact on the market liquidity conditions," Dow Jones Newswires quoted Capital Securities analyst Jacky Zhang as saying. However there were also signs of exuberance, with firmer metals prices helping push Sydney higher after losses on Wednesday caused partly by gloom about China. "At the end of the day this is concern over an overheating economy as opposed to an economy that's about to collapse," said David Land, a trader at CMC Markets. "For the last two months economic data, especially from the US, is certainly supporting the bulls' argument that 2011 is going to be a year of profit and revenue growth." In Hong Kong, Haitong Securities said the dip in the market was likely to be limited as China's economic cooling measures had largely been priced in. Haitong noted that the Hang Seng had climbed just five percent over the year, while "H-shares" -- mainland firms listed in Hong Kong -- were two percent lower. Tokyo ended 2010 by losing 1.12 percent, or 115.62 points, to 10,228.92. The Nikkei's fall came as the dollar plunged against the yen, weighing on exporters as a stronger currency makes their goods less attractive overseas. "A high yen was the theme of the market today. It symbolises this year's trading," said Masatoshi Sato, senior strategist at Mizuho Investors Securities. But Meiwa Securities' senior market analyst Masayoshi Yano said: "Despite the fact that the dollar is nearing 80 yen, the selling is limited. It reflects continuing hopes for a US economic recovery into next year." The dollar fell as investors left the US currency due to falling US bond yields and instead hunted out riskier assets. The greenback dropped to 81.53 yen in early European trade, off an intraday low of 81.26, but down from 81.62 yen in New York late Wednesday. The euro rose to 1.3239 dollars from 1.3224 dollars in New York. Against the yen, the single European currency was marginally higher at 107.90 against 107.88 yen in New York. And the Australian dollar surged to a new record high against the US dollar after breaking parity two months ago. In afternoon Asian trade the Aussie fetched 1.0197 US dollars and is up about 20 percent since June thanks to Australia's robust economy, which is being driven by a mining boom. Oil rose in Asian trade on expectations that freezing temperatures in the northern hemisphere will stoke demand. New York's main contract, light sweet crude for February delivery, rose 20 cents to 91.32 dollars per barrel in the afternoon. Brent North Sea crude for February was up 16 cents at 94.30 dollars. Gold closed at 1,413.00-1,414.00 US dollars an ounce in Hong Kong, up from Wednesday's close of 1,407.00-1,408.00 dollars. US stock markets drifted upwards on Wednesday, keeping the Dow index at two-year highs. The Dow Jones Industrial Average rose 0.09 percent to 11,585.38, the broader S&P 500 index gained 0.10 percent and the NASDAQ rose 0.15 percent. In other markets: -- Singapore closed up 0.14 percent, or 4.55 points, at 3,212.46. United Overseas Bank gained 0.99 percent to 18.44 Singapore dollars and Singapore Telecommunications dipped 0.97 percent to 3.07. -- Taipei rose 0.47 percent, or 41.56 points, to 8,907.91. Hon Hai added 1.3 percent to 117.0 Taiwan dollars while UMC was up 0.62 percent at 16.15. -- Manila edged up 1.83 points to 4,201.14 on the last trading day of the year. The index has gained 38 percent over the past 12 months, making it one of the most successful in the region this year. SM Investments rose 0.8 percent to 543 pesos, Manila Electric gained 3.2 percent to 228 and Metro Pacific added 4.0 percent to 3.89. -- Kuala Lumpur ended 0.36 percent, or 5.43 points, lower at 1,518.91. Property developer KL Kepong slid 2.8 percent to 22.10 ringgit and power generation firm YTL Power dropped 2.4 percent to 2.44 as national carrier Malaysian Airlines climbed 1.5 percent to 2.09. -- Jakarta gained 0.12 percent, or 4.30 points, to 3,703.52. Carmaker Astra rose 1.0 percent to 54,550 rupiah, Indosat jumped 4.9 percent to 5,400 and gas and oil company Medco increased 6.3 percent to 3,375. Bank Danamon fell 1.7 percent to 5,700 rupiah. -- Wellington gained 0.26 percent, or 8.65 points, to end at 3,334.27. NZ Oil & Gas closed 2.4 percent higher at 87 New Zealand cents, Fletcher Building fell 0.5 percent to 7.69 dollars and Fisher & Paykel Appliances shed 1.8 percent to 55 cents. -- Bangkok edged down 0.18 percent or 1.83 points to 1,032.76. Banpu gained 4.00 baht to 792.00 while Siam Cement lost 1.00 baht to 341.00. -- Mumbai closed up 0.66 percent, or 133.04 points, at 20,389.07. 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