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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 shares mixed as India hikes rates AFP - Wednesday, January 26 Send IM Story Print Asian shares mixed as India hikes rates HONG KONG (AFP) - – Asian shares were mixed Tuesday with Sydney lifted by better-than-expected inflation data, but Shanghai and Hong Kong stuck in the doldrums and Mumbai dipping after a rate hike. Tokyo closed 1.15 percent, or 119.31 points, higher at 10,464.42 and Sydney rose 0.46 percent, or 21.8 points, to 4,807.8. Seoul closed 0.22 percent higher, adding 4.51 points to reach 2,086.67. The Bank of Japan said Tuesday it expected Asia's second biggest economy to grow 3.3 percent in the year to March, up from previous forecasts of 2.1 percent growth. Tokyo's Nikkei was boosted by exporters, which rose on the back of a weakening yen, while traders were also looking to a strong set of corporate reports at home and in the United States. Elsewhere, the Reserve Bank of Australia said the fourth-quarter consumer price index rose 0.4 per cent from the previous three months and was up 2.7 percent over the year -- both figures lower than predicted. "The RBA can sit tight for quite some time," BNP Paribas economist Dominic Bryant told Dow Jones Newswires, adding he did not expect a rate hike this year. "There's a lack of underlying price pressures present," he said. Regional shares were given a lift by a 0.92 percent gain on the Dow in New York, brought about by hopes of strong corporate earnings and as dealers awaited the outcome of a Federal Reserve policy meeting this week. However Shanghai closed 0.68 percent, or 18.29 points, lower at 2,677.43 and Hong Kong saw a late sell-off to end 12.95 points lower at 23,788.83 amid ongoing fears of a rate hike in mainland China after data showed inflation last year above the government's target. In addition, Shanghai metals stocks were led lower by a slippage in global metal prices and a reported plan for changes to China's resource tax. Meanwhile Indian stocks fell 0.95 percent, or 181.83 points, to 18,969.45 on fears of more monetary policy tightening after the central bank raised interest rates to curb surging inflation. The Reserve Bank of India, while hiking rates, raised its projection for annual inflation to 7.0 percent for March this year, from 5.5 percent. Rate-sensitive banking, auto and infrastructure stocks fell, with India's largest private bank, ICICI, falling 4.21 percent and Tata Motors falling 1.91 percent. On forex markets, the euro hovered at two-month highs as sovereign debt worries eased. The euro rose to $1.3675 in early European trade from $1.3635 in New York late Monday, when the unit hit a two-month high of $1.3686. The dollar slipped to 82.45 yen from 82.48 while the euro was up at 112.74 yen from 112.53 yen. The single currency was also given support by comments from European Central Bank chief Jean-Claude Trichet warning against inflation pressures in the eurozone, which fuelled speculation of an interest rate increase. Crude was lower after oil cartel OPEC said it may boost output in line with an expected rise in demand. New York's main contract, light sweet crude for March delivery, dipped 37 cents to $87.50 per barrel in afternoon trade, and Brent North Sea crude for March was down 24 cents at $96.37. Growing confidence in the global economic outlook pressed on gold, with the precious metal closing sharply lower in Hong Kong at $1,331.00-$1,332.00 an ounce, well down from Monday's close of $1,348.30-$1,349.30. In other markets: -- Singapore fell 0.14 percent, or 4.61 points, to 3,181.15. Singapore Telecom was up 1.32 percent at Sg$3.07. Casino operator Genting Singapore dropped 2.36 percent to Sg$2.07. -- Taipei rose 0.49 percent, or 43.60 points, to 8,991.39. Hon Hai rose 0.43 percent to Tw$116.5, while TSMC fell 0.4 percent to Tw$75.0. -- Manila was 1.48 percent, or 57.59 points, up at 3,960.30. Budget carrier Cebu Air added 0.1 percent to 93 pesos, conglomerate Ayala Corp rose 1.7 percent to 354 and Manila Electric ended 1.5 percent higher at 276. -- Wellington ended 0.19 percent, or 6.41 points, higher at 3,359.07. Fletcher Building added 1.2 percent to NZ$7.90 and Air New Zealand rose 2.1 percent to NZ$1.45 while Telecom was flat at NZ$2.30. -- Jakarta rose 2.63 percent, or 87.84 points, to 3,433.91 due to bargain-buying in most blue chips after an earlier sell-off. Carmaker Astra rose 5.1 percent to 49,200 rupiah, Bank Rakyat jumped 5.6 percent to 5,150, while palm oil producer Astra Agro increased 7.5 percent to 22,850. -- Kuala Lumpur fell 1.07 percent, or 16.54 points, to 1,526.43 on profit-taking. Plantation firm KL Kepong dropped 2.20 percent to 21.40 ringgit, budget airline AirAsia fell 5.70 percent to 2.66 while Petronas Gas rose 1.10 percent to 11.38. -- Bangkok fell 0.47 percent, or 4.51 points, to 959.17. Coal miner Banpu lost 8.00 baht to 740.00, while energy firm PTT gained 2.00 baht to 323.00. 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