|
ASIAN shares rose, lifted by technology and bank stocks as stronger-than-expected United States consumer spending calmed fears the world's top economy was heading into a recession, while the dollar traded near a six-week high against the yen.
Commodity and energy companies, such as Australia's Woodside Petroleum, were also firmer after copper, gold and oil prices rose.
Trading activity was slowing as investors took off for the Christmas holidays. Australia's market closes early on Monday, while Japanese financial markets were shut for the Emperor's birthday, but reopen on Tuesday.
HONG KONG
Hong Kong stocks rallied on Monday, tracking gains on the US market, with telecoms stocks up on reports the Chinese government will restructure the industry and and oil stocks rallying on higher crude prices.
The benchmark Hang Seng Index ended up 1.82 per cent at 28,128.80.
SHANGHAI
Chinese share prices rose 1.37 per cent in Monday morning trade, boosted by consumer and telecom stocks, dealers said.
They said consumer stocks were considered relatively immune from government measures to cool the economy and had been boosted by Beijing's efforts to increase domestic consumption.
The benchmark Shanghai Composite Index, which covers both A and B shares, ended the morning session up 69.87 points at 5,171.65.
'The market was pushed up largely by consumer stocks such as Chinese liquor firms,' said Mr Ma Xin, an analyst at Daton Securities.
'Institutional investors kept adjusting their portfolios and are buying blue chips at the current relatively low levels.'
China United Telecommunications, the smaller of the country's two handset operators, gained 0.68 yuan or 6.42 per cent to 11.28.
The Shanghai Securities News reported on Monday that the government planned to split the company as part of a long-awaited restructuring of the telecom industry.
The government suggested that China's fixed-line operators acquire China Unicom's assets, creating two entities with both mobile and fixed-line operations to challenge dominant cellular firm China Mobile.
Large property developers underperformed on fears of further measures by the authorities to cool the sector. The central bank reiterated on Friday that it would tighten monetary policy and curb credit growth.
KUALA LUMPUR
The Kuala Lumpur Composite Index added 14.88 points to 1418.44 at the closing.
TOKYO
All Japanese financial markets are closed on Monday for a public holiday, the day following the Emperor's Birthday.
The markets will reopen on Tuesday, Dec 25. -- REUTERS, AFP
| 
