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The heat and rain could not stop 18,000 people from joining a parade to mark the 10th anniversary of the Hong Kong Special Administrative Region (HKSAR) on Sunday.

Children who just turned 10 - same as the HKSAR - led the parade which started at the Jockey Club racecourse at noon and ended at Wan Chai’s Southorn Center after 2 pm.

One child said this year’s birthday was very meaningful and it was an experience he would never forget.

Many different groups took part in the parade that included dragon and lion dances, and a drive by antique cars.

Locals and tourists cheered and waved at the passing parade.

The people also took pictures of the colorful costumes worn by members of the parade.

Many had been waiting for hours at Morrison Hill in Wan Chai for the parade to begin. The Ng family was one of them.

“The 10th anniversary of the HKSAR is a very special occasion and we wanted to share the joy with the rest of the community, said one of Ng’s daughters.

“We have been waiting here since 10 am to take part in the festivities,” she said.

For 76-year-old Leung Bo it was a first time event.

“I feel very happy that this year is the 10th year of the HKSAR,” she said.

“I brought an umbrella, so the rain does not matter,” she said.

Student Cheng Wai-leung also watched the parade for the first time.

“I traveled all the way from the New Territories to watch the parade. I’m very excited to be able to see it,” he said.

Lin Xiuxiang from Dongguan, Guangdong Province said: “The costumes were very beautiful. The parade was great.”

She visited Hong Kong for its 10th anniversary and especially to see the parade.

Debbie McGowan saw the parade with her husband. She described it as “fantastic”.

“It was so colorful and vibrant, just like Hong Kong itself”, said her husband Ken.

A group of major media representatives from Taiwan is to leave Wednesday for a four-day visit to the Chinese mainland, the island’s Straits Exchange Foundation (SEF) announced Tuesday.

The group, led by the SEF chairman Chiang Pin-kung, will visit Beijing and Shanxi Province, the SEF said in a statement.

Wang Yi, head of the Taiwan Affairs Office of the State Council, and Chen Yunlin, president of the mainland-based Association for Relations Across the Taiwan Straits (ARATS) would meet the delegation in Beijing, said the statement.

The statement said exchanges between media circles had lead the way in cross-Strait cultural exchanges over the past two decades.

During the second round of talks between the SEF and the ARATS in November last year, the two sides listed expanding media exchanges as one of the issues as a priority in future negotiations, the SEF said.

The SEF said with joint efforts, issues of mutual concern among media circles across the Strait would certainly be incorporated into the agenda of negotiation at an early date.

Officials with the General Administration of Press and Publication and the State Administration of Radio, Film and Television will also hear opinions from members of the delegation, according to the schedule.

The delegation is scheduled to visit to major news organizations including Xinhua News Agency, the People’s Daily and China Central Television (CCTV), the SEF said.

The 25-member delegation includes key figures from 15 media organizations in Taiwan as well as experts and staff from the SEF.

Reigning Olympic champion Wang Meng and promising star Zhou Yang snatched two golds for China at ISU World Cup short-track here on Saturday.

Wang, the 500 meters winner in the 2006 Turin Olympics, dominated the women’s 500m final by taking the lead from the very start of the race and pocketing the gold in 43.430 seconds.

“Our Chinese team finished with one short-track gold in the Turin Games. In the coming Vancouver Games, I hope we can have a better performance, or our hard training during these years will be meaningless,” said Wang, the anchorwoman of the Chinese team.

Indonesians expect policy improvement on economy and education from the new government of President Susilo Bambang Yudhoyono, who inaugurated his second term on Tuesday.

They expect the president and his deputy, Boediono, would be able to bring higher life quality by lowering prices of staple goods, education fees and creating more jobs.

“Considering the achievements in terms of economic and security during President Susilo’s government in the last five years, I am very positive and optimistic that more achievements in economic sector would be obtained in the new government’s period,” Darsun, a 41 years old private car driver conveyed his expectations on the new government, while waiting for his master who shopped around in an upscale shopping center in Jakarta.

He, however, regretted the government’s policy that reduced the subsidy for the education sector that made school and college tuition fees jumped at a sky high amount that made low-income families, like Darsun, are hardly able to send their children to school and college.

“I was charged to pay 9 million rupiah (about 958.4 U.S. dollars) to enroll my son in a college with tuition fee of 4 million rupiah (about 426.1 dollars) per semester. It is very hard for me, I am hardly able to pay it,” said the driver who earns 1.5 million rupiah (159.8 dollars) from his monthly salary.

The father of three said that he was greatly assisted by his wife in financing his family life as she runs a laundry and cloth ironing business for dorm tenants around his rented house in Pejaten, South Jakarta.

“I can survive with minimum funds. Thank God, because of my wife’s initiatives I can send two of my children to college and school,’ he said after sipping a cup of instant coffee he ordered from a street vendor.

Expectations were also conveyed by the public over the need to reduce the price of kerosene and resume the direct cash assistance for the poor people.

“I want the government to reduce the price of kerosene. It’s now sold in unaffordable price. I would rather use kerosene than liquefied natural gas because it’s safer. Many deadly explosions related to the usage of gas were reported in the news recently,” Marita, the owner of a food stall in Senayan, Central Jakarta said.

According to Marita, the price of kerosene had increased up to more than 8,000 per liter (about 0.85 dollars), from the previous 3,500 rupiah (about 0.37 dollars), since last year.

The 58 years old woman who has three children also expected the government to provide more jobs for the youths since many of them, including two of her sons, were unemployed as of now.

“My two sons were graduated from colleges, but they are now working as couriers to finance their families’ lives. They seemed hardly able to get proper jobs since they graduated from their colleges,” the woman who earns at least 4 million rupiah (about 425.7 dollars) from her food stall per month said.

Citing the daily life of her poor neighbors, she also said that the government should resume the direct cash aid assistance for the poor program, popularly know with its acronym BLT, since it was very useful for the recipients.

“The BLT money was very useful for them as they were hardly able to finance their own daily lives,” she said.

The BLT program was implemented during first term of Susilo’s administration. It was intended to provide compensation for the poor people who were hardly able to buy staple goods following the price hike of the goods after the government increased the fuel prices.

Beijing’s subway fares look set to be reduced in an effort to ease congestion on the capital’s roads.

In a public hearing held by the Beijing Municipal Development and Reform Commission on Wednesday, two subway pricing systems were proposed: lower the price of a one-way ticket to two yuan (27U.S. cents); adopt a flexible pricing system ranging from two to four yuan (54 cents) according to the distance traveled.

Most of the people attending the meeting - transport experts, passengers, representatives of the metro operator and government officials - favored the single pricing system, under which 80 percent of commuters will save 1.3 yuan (17 cents) every trip.

Chai Xiaozhong, deputy director of Beijing municipal development and reform commission, said a final decision is expected to be made before National Day on October 1, when a new subway line will start operation.

“The single pricing system is easier to adopt and cheaper for passengers. As more subway lines are completed, more people will choose to take the subway, the above-ground traffic jams will be eased and air quality will improve,” said Liu Tongliang, head of Beijing municipal transportation administration bureau.

Liu said the government expenditure on public transport will increase by one billion yuan (133 million U.S. dollars) annually if the single price scheme is adopted.

“I will definitely vote for the two-yuan proposal as I will save up to 60 percent on metro fares,” said Wang Xiaojie, a Beijing resident who usually takes two subway lines to get to his workplace.

Under both schemes, the monthly metro ticket which have been used for over 10 years in the city, will be revoked.

However, some voiced concerns. Ou Guoli, a professor from Beijing Jiaotong University, said the two oldest subway lines are basically saturated during rush hours, and if the price goes down, the authorities should consider how to cope with more passengers.

Beijing now has four subway lines with a total mileage of 114 km and they transport about 1.15 million passengers daily, 15 percent of the total commuters.

According to the municipal government, Beijing will add three subway lines next year and the total mileage will reach 200 km.

The torch run of the 2007 Special Olympics World Summer Games was held here on Thursday.

Choi Yuk Kwan, a representative of Disciplinary Departments of Hong Kong, started the torch run from UC Centenary Garden in Tsim Sha Tsui East to Golden Bauhinia Square in Wan Chai and lighted the cauldron there.

The Flame will travel through 14 cities across China, including Hong Kong and Macao, before it arrives in Shanghai on Oct. 2.

Escorted by Special Olympics athletes and police officers, the Flame of Hope had traveled through Greece, Egypt, Britain, the United States, South Korea, Japan and Australia after it was ignited in Athens, Greece, on June 29.

The Special Olympics, which will take place in Shanghai from Oct. 2 to 11, will feature some 10,000 athletes and trainers from more than 160 countries and regions. About 111 Hong Kong athletes will take part in 10 events.

The games are one of the major international sports events for athletes with intellectual disabilities. It will be held in Asia for the first time.

SHANGHAI stocks climbed for the first time in five trading days as the growing value of the yuan bolstered bank shares.

The Shanghai Composite Index, which tracks both yuan-denominated A shares and hard-currency B shares, edged up 1.18 percent, or 65.21 points, to 5,601.78 at 3pm today.

But the Shenzhen Composite Index, which covers the smaller mainland stock market, lost 0.03 percent, or 0.36 points, to 1,379.30.

Among the stocks on the Shanghai Composite Index, 315 rose, 451 fell and 80 were unchanged.

Banking stocks lead the rally.

Industrial & Commercial Bank of China, the nation’s biggest listed lender, inched up 7.48 percent, or 0.39 yuan (5 US cents), to 8.55 yuan.

Merchants Bank, the nation’s biggest dual-currency credit- card issuer, gained 2.82 percent, or 1.19 yuan, to 43.34 yuan. China Minsheng Banking Corp, the nation’s only privately controlled lender, advanced 4.70 percent, or 0.78 yuan, to 17.39 yuan.

The yuan was fixed at 7.4476 against the US dollar today, its highest level since China ended a peg to the American currency in July 2005. A strengthening yuan lures overseas speculative money into the domestic real-estate market, boosting demand for mortgages.

The stronger yuan also aided property developers higher today.

Vanke, the largest listed property developer, rose 1.16 percent, or 0.42 yuan, to 36.50 yuan.

But Financial Street lost 0.11 percent, or 0.03 yuan, to close at 59.73 yuan.

Oil-related stocks rebounded from yesterday’s plunge despite the price of crude oil drawing near a record.

Crude oil rose 2.9 percent to US$96.70 a barrel, a record close, in New York yesterday as a storm caused concerns about production disruptions.

China Petroleum & Chemical Corp, Asia’s biggest oil refiner, also known as Sinopec, climbed 2.24 percent, or 0.53 yuan, to 24.21 yuan. PetroChina Co, the nation’s biggest oil company, bounced back from a drop in the morning session and edged up 1.10 percent, or 0.44 yuan, to 40.43 yuan, wrapping up yesterday’s slide of 9.03 percent.

Sinopec skyrocketed as much as 191 percent on its first day of trading on the Shanghai Stock Exchange on Monday.

Gold producers also gained this morning after the price of the metal hit its highest level since 1980 yesterday.

Zhongjin Gold Corp, China’s largest publicly traded gold miner by market value, added 8.27 percent, or 9.83 yuan, to 128.68 yuan. Shandong Gold Mining Co, the second-largest China-listed gold producer, increased 7.61 percent, or 12.93 yuan, to 182.94 yuan.

Gold yesterday rose to a new high as record oil prices and a slumping US dollar boosted the appeal of the precious metal as a hedge against inflation. Gold for December delivery rose 1.6 percent yesterday to US$823.40 an ounce in New York. Prices earlier reached US$827.20, the highest for a most-active contract since January 21, 1980.

Steel makers such as Baoshan Iron & Steel Co and Shanxi Taigang Stainless Steel Co declined on concerns higher raw-material costs will cut into earnings.

Baoshan Steel, the largest steel maker, fell 1.43 percent, or 0.24 yuan, to 16.55 yuan.

Shanxi Taigang, China’s biggest stainless-steel producer, lost 2.80 percent, or 0.70 yuan, to 24.30 yuan. Chairman Chai Zhiyong yesterday said China’s drive to curb economic growth or a jump in nickel costs may undermine its target to raise output 32 percent next year.

Asian stocks closed mostly down Wednesday despite an overnight Wall Street rally as investors fretted about US economic prospects and potential moves to slow the Chinese economy.

Tokyo was down 0.45 percent, Shanghai and Taipei both slipped 1.19 percent, Seoul was down 1.4 percent, Sydney shed 1.0 percent and Mumbai closed down 0.99 percent.

Hong Kong was the only major market to buck the trend, rising 0.59 percent.

Analysts said investors generally failed to respond to a rally on Wall Street on Tuesday, which was triggered after news of a multibillion dollar cash injection into ailing US banking giant Citigroup.

That piece of news had already been factored in by Asian stocks earlier, they said.

But investors were still concerned about the default crisis in the US subprime mortgage sector, which has led to huge financial losses, slowed the country’s housing market and threatens a sharp economic slowdown.

Sentiment was also hit after a state media report Wednesday that China’s President Hu Jintao and the nation’s political elite had made avoiding economic overheating and curbing inflation their top priorities for next year.

TOKYO: Japanese share prices closed down 0.45 percent as investors took profits from the recent rebound amid jitters about the US subprime mortgage crisis, dealers said.

They said a stronger yen weighed on exporters, adding to market caution despite a strong rebound overnight on Wall Street on news that Citigroup will get a big investment from an Abu Dhabi investment fund.

The Tokyo Stock Exchange’s benchmark Nikkei-225 index dropped 69.07 points to 15,153.78, falling for the first time in four trading days.

The broader Topix index of all first-section shares dipped 3.14 points or 0.21 percent to 1,475.64.

Gainers outnumbered decliners 835 to 762, with 121 issues unchanged.

Turnover declined to 1.98 billion shares from 2.34 billion on Tuesday.

Shares opened higher, tracking the rebound on Wall Street overnight, but they lost momentum as investors opted to lock in recent gains.

“Uncertainty over the US economy has yet to be cleared up,” said Yumi Nishimura, manager of equities marketing at Daiwa Securities SMBC.

“While there was good news about Citigroup Inc. receiving a capital injection from Abu Dhabi … the US economic data were not so good,” she said.

Banks lost ground amid the fresh subprime worries.

Mitsubishi UFJ Financial dropped 16 yen or 1.6 percent at 1,014, Sumitomo Mitsui Financial fell 22,000 yen or 2.4 percent to 880,000 and Mizuho Financial eased 10,000 yen or 1.8 percent at 557,000.

Auto makers were mixed. Toyota Motor was down 100 yen or 1.6 percent at 6,000 and Honda Motor fell 50 yen or 1.4 percent to 3,610, while Nissan Motor rose 26 yen or 2.2 percent to 1,225.

Sony advanced 190 yen or 3.3 percent to 5,940, remaining in favour after Dubai International Capital said Monday that it had acquired a stake in the firm.

Sanyo Electric added four yen or 2.1 percent to 196 yen.

HONG KONG: Hong Kong share prices closed 0.59 percent higher partly on fresh hopes for a US interest rate cut next month, dealers said.

The Hang Seng index closed up 161.03 points at 27,371.24, off a low of 27,028.67 and a high of 27,455.81. Turnover was 104.13 billion Hong Kong dollars (13.35 billion US).

“The local market reflected the volatility of markets overseas, with the US rebound last night helping the bourse close higher today,” said Matthew Kwok, research head at Tanrich Securities.

Truck maker Sinotruk fell 15.7 percent below its flotation debut price of 12.88 dollars, amid concerns over its valuation and earnings prospects.

HSBC extended its losses, sliding 1.30 dollars to 129.60 dollars. Investors dumped HSBC shares Tuesday after the bank said it would rescue two restructured investment vehicles with a 35-billion-US-dollar funding facility.

Bank of China fell one cent to 4.01 dollars. The lender has the biggest subprime-related exposure among Chinese banks.

Industrial and Commercial Bank of China lost 50 cents to 6.02 dollars.

SHANGHAI: Chinese share prices closed 1.19 percent lower, led by property developers and steelmakers amid worries over further policy tightening measures by the government, dealers said.

Chinese President Hu Jintao and the nation’s political elite have made preventing economic overheating and curbing inflation their top priorities for next year, state media reported Wednesday.

“Further macro-economic policy adjustments will impact the stock market and investors need to pay attention,” said Wu Chunlong, an analyst with China Securities Research.

The benchmark Shanghai Composite Index, which covers both A and B shares, closed down 57.72 points at 4,803.39, its lowest level since August 20.

Turnover rose to 53.26 billion yuan (7.10 billion US dollars) from 52.77 billion yuan in the previous session.

The Shanghai A-share Index fell 61.12 points or 1.20 percent to 5,041.83 on turnover of 52.83 billion yuan. The Shenzhen A-share Index was down 21.26 points or 1.63 percent at 1,280.62 on turnover of 23.71 billion yuan.

PetroChina closed down 0.40 yuan at 32.15.

Shenzhen Overseas Chinese Town tumbled 4.18 yuan to 49.80, and China Merchants Property Development lost 3.73 yuan to 59.07.

Bank of China tumbled 0.25 yuan to 6.28 on concerns about its possible exposure to the US subprime credit crisis.

The Shanghai B-share Index rose 3.00 points or 0.95 percent to 319.50 on turnover of 423.29 million US dollars.

The Shenzhen B-share Index rose 7.33 points or 1.17 percent at 634.57 on turnover of 425.71 million Hong Kong dollars (54.72 million US dollars).

TAIPEI: Taiwan share prices closed 1.19 percent lower as early gains spurred by a rebound on Wall Street slipped away, dealers said.

The weighted index closed down 99.50 points at the session’s low of 8,276.26, after hitting a high of 8,440.12, on turnover of 101.31 billion Taiwan dollars (3.14 billion US).

Decliners outnumbered advancers 1,382 to 618, with 417 stocks unchanged. Five stocks closed limit-up, while 34 were limit-down.

“While there was some bargain-hunting interest, investors were reluctant to chase prices much higher,” said Alvin Teng, an assistant vice president with SinoPac Securities.

“Investors were uncertain about the US economic outlook, the impact on consumption and the consequences on Taiwan’s exports-reliant economy,” Teng said.

Taiwan Semiconductor Manufacturing Co. dropped 0.60 to 58.50 Taiwan dollars and United Microelectronics Corp. lost 0.20 to 18.95.

AU Optronics closed down 1.50 at 59.50 and Chunghwa Picture Tubes shed 0.60 to 12.20. Chunghwa Telecom rose 0.30 to 62.10.

Asia Cement ended down 1.65 to 41.35 and China Steel lost 0.55 to 42.00.

Uni-President Enterprises added 0.50 to 37.50 and Shining Building Business fell 3.50 to 51.50.

SEOUL: South Korean shares closed 1.4 percent lower as investors remained concerned about uncertainty in overseas markets, dealers said.

They said the market opened higher, lifted by Wall Street’s overnight rally after the Abu Dhabi Investment Authority injected billions of dollars into Citigroup, but that the buying momentum soon fizzled.

The KOSPI fell 25.10 points to 1,834.69.

“Trading is too volatile to predict what will happen next and that is keeping investors at bay,” Korea Investment Securities analyst Kim Hak-Gyun said.

Volume traded reached 317 million shares worth 5.9 trillion won (6.3 billion US). Decliners outpaced advancers 467 to 336.

Shares of Samsung Group companies rebounded following heavy losses yesterday amid a bribery scandal.

Samsung Electronics edged up 5,000 won or 0.9 percent to 544,000 won. Samsung Corp. fell 1,700 won or 2.7 percent to 60,300 won. Samsung Heavy dropped 450 won or 1.1 percent to 40,200 won.

SYDNEY: Australian share prices closed down 1.0 percent as global financial concerns and a drop in commodity prices weighed on the market, dealers said.

The benchmark S&P/ASX 200 index lost 62.6 points to close at 6,370.1, while the broader All Ordinaries index fell 60.8 or 0.9 percent to 6,432.8.

Macquarie Private Wealth private client adviser Joseph Youssef said a surge on Wall Street overnight had little effect.

“The market had already pre-empted the surge on Wall Street yesterday when the market came off its lows so it was really weaker commodity prices and other concerns that were in the market today,” Youssef said.

Investors remain wary about the health of credit markets, he said.

A total of 2.35 billion shares worth about 6.16 billion Australian dollars (5.40 billion US) changed hands.

Some 477 stocks closed up, 768 closed down and 348 were unchanged.

BHP Billiton lost 65 cents to 41.30 dollars as it voiced hope that its takeover target Rio Tinto would eventually warm to its uninvited takeover bid.

Rio Tinto lost 75 cents to 135.00 dollars.

Qantas Airways dropped nine cents to 5.81 dollars after the airline was ordered to pay 61 million US dollars in the United States over price-fixing at its freight division.

Publishing and Broadcasting gained 25 cents to 20.45 dollars after it won legal approval from the Federal Court for its demerger scheme.

Energy stocks were down with Woodside falling 87 cents to 47.98 dollars and Santos down 36 cents to 13.75 dollars. Gold miner Newcrest lost 1.50 dollars to 34.00 dollars, while Lihir Gold lost 24 cents to 3.85 dollars.

Telstra lost three cents to 4.69 dollars.

SINGAPORE: Singapore share prices closed little changed in cautious trading Wednesday after an overnight Wall Street rally, dealers said.

The Straits Times Index dipped 2.92 points to settle at 3,369.72 on volume of 1.50 billion shares worth 1.70 billion Singapore dollars (1.18 billion US).

Declining stocks outpaced risers 411 to 286 with 1,016 issued unchanged.

“What has happened on the New York market was practically a roller-coaster ride, making investors relatively cautious,” said Goh Mou Lih, research head at Westcomb Securities.

Banking stocks fell across the board. DBS Group declined 30 cents to 18.90 dollars, United Overseas Bank was down 20 cents to 18.70 dollars and Oversea-Chinese Banking Corp dropped five cents to 8.30 dollars.

Singapore Telecom rose six cents to 3.72 dollars and publisher Singapore Press Holdings added six cents to 4.64 dollars. Singapore Airlines fell 20 cents to 17.60 dollars and Keppel Corp. tumbled 10 cents to 12.50 dollars.

KUALA LUMPUR: Malaysian share prices edged up 0.1 percent as late buying of selected blue-chips kept the main index in positive territory, dealers said.

The Kuala Lumpur Composite Index (KLCI) closed up 1.59 points at 1,366.58 with volume at 1.034 billion shares valued at 1.30 billion ringgit (385 million dollars).

“The market is still on a downward bias mainly because global markets are still volatile,” said Tee Sze Chiah, analyst at Aseambankers.

Tee said he expected the market to suffer from a lack of leads as it waits for the government to call general elections. Polls are widely tipped to be held next year.

The listing of Synergy Drive, a palm oil producer which is expected to become the largest listed company on the Malaysian bourse when it hits the market on Friday, would be a major factor, Tee said.

“The listing of Synergy Drive on Friday is an important catalyst for the market but whether it can sustain the momentum is another issue altogether,” he said.

Telekom Malaysia was up 20 sen at 10.90 ringgit, while national power company Tenaga declined five sen or 9.00 ringgit.

Malaysia’s largest bank, Maybank, was unchanged at 11.60 ringgit.

BANGKOK: Thai share prices closed 0.30 percent lower as investors sold energy-linked stocks in line with easing oil prices, dealers said.

The Stock Exchange of Thailand (SET) composite index fell 2.47 points to 820.52, and the blue-chip SET-50 index lost 2.43 points to 599.68.

Turnover was 1.8 billion shares worth 17.2 billion baht (508 million dollars).

“Trading lacked a clear direction, but investors sold energy-related stocks toward the end of the afternoon session due to a fall in oil prices,” said Chai Chirasevenupraphand, a market strategist at Capital Nomura Securities.

Energy shares alone account for nearly 30 percent of the Thai stock market.

Thailand’s top energy firm PTT was unchanged at 364.00, and its subsidiary PTT Exploration and Production fell 4.00 baht to 142.00. Thai Oil also shed 2.00 to 81.50.

The kingdom’s top lender Bangkok Bank lost 2.00 to 113.00.

Thai Airways International was unchanged at 36.75, but the kingdom’s biggest mobile phone operator, Advanced Info Service, edged up 0.50 to 88.50.

JAKARTA: Indonesian share prices closed 1.7 percent higher Wednesday, keeping track with gains on Wall Street, dealers said.

The Jakarta Stock Exchange composite index closed up 43.94 points at 2,671.90.

Volume was 3.83 billion shares valued at 8.53 trillion rupiah (906.19 million dollars).

“Investors were particularly targeting stocks that were known to have strong fundamentals and have bright prospects, such as miners,” Mega Capital analyst Debby Handojo said.

Perusahaan Gas Negara rose 750 rupiah or 4.7 percent to 16,700.

Tin miner Timah rallied 2,050 to 25,900. Bumi Resources surged 800 to close at a fresh all-time closing high of 5,850.

Telkom rose 100 to 10,100 and nickel miner Antam added 150 to 5,050.

MANILA: Philippine share prices closed 0.4 percent higher after Wall Street rose overnight despite concerns over the global credit crisis and the health of the US economy, dealers said.

The composite index added 12.81 points to 3,537.00. The broader all-share index rose 9.10 points to 2,157.37.

A total of 3.8 billion shares worth 3.9 billion pesos (91.16 million dollars) changed hands.

“The bleak outlook for the US economy still persists. There’s a worsening credit crisis and oil is near 100 dollars per barrel,” said Ron Rodrigo of DBP Daiwa Securities.

The Philippines publishes third quarter economic growth figures on Thursday.

Ayala Corp. fell five pesos to 550. Philippine Long Distance Telephone rose five to 3,015.

San Miguel A shares rose 1.50 to 47, while its B shares added a peso to 47.50

WELLINGTON: New Zealand share prices fell 0.80 percent, failing to respond positively to gains on Wall Street, dealers said.

The benchmark NZX-50 index fell 33.03 points to close at 4,071.03 on turnover worth 175.2 million dollars (133.0 million US).

“There’s not a lot of guts behind this market at the moment. Sellers are still in control and buyers are being very selective and very cautious,” said Grant Williamson, a partner with Hamilton, Hindin, Greene.

Casino operator Sky City fell 30 cents to 4.90 dollars after a media report claimed only one potential bidder for the company was still doing due diligence.

Auckland Airport fell two cents to 2.93 dollars. Chairman John Maasland resigned Tuesday.

Fletcher Building followed Tuesday’s 40 cent rise with a 15 cent fall to 12.10 dollars. Market leader Telecom fell three cents to 4.27 dollars.

MUMBAI: Indian share prices closed down 0.99 percent, slipping below the 19,000-point level on weak Asian market trends, dealers said.

The benchmark 30-share Sensex index slid 188.86 points to 18,938.87, losing ground for the second straight day.

“Some amount of profit-booking was expected at these new levels. There are also year-end considerations for some overseas funds,” said Vallabh Bhansali, chairman of financial services firm Enam.

Overseas funds have sold 1.03 billion dollars worth of Indian equities in November. But they have been net buyers for the year, purchasing a total of 16.27 billion dollars in shares.

Asian stocks traded mostly lower on Friday as investors continued to fret over the state of the US economy and any further fallout from a global credit squeeze.

Fears persisted that the United States Federal Reserve was not doing enough to prevent the US economy from slipping into recession.

An international central bank plan to pump billions of dollars into the global banking system also continued to be poorly received by investors.

Many remain unconvinced that the initiative, alongside the latest 25 basis point interest rate cut by the fed, would prove enough to help ease liquidity pressures. However, on the day losses were mild when compared with trade on Thursday when benchmarks fell sharply.

Tokyo was down 0.14 percent, Taipei shed 0.85 percent, Singapore was off 0.37 percent, Sydney lost 1.6 percent and Wellington was down 0.18 percent.

Seoul fell 1.1 percent, Kuala Lumpur eased 0.5 percent, Jakarta shed 0.6 percent and Hong Kong was off 0.7 percent. Manila was the worst on the day with a 2.4 percent loss. Mumbai was down 0.37 percent.

Bangkok bucked the trend and rose 0.40 percent after a Thai court ruled the market’s largest listing, PTT, was legal. Shanghai was up 1.0 percent amid a technical rebound.

TOKYO: Japanese share prices retreated on worries about a drop in domestic business confidence and an uncertain outlook for the US economy.

Dealers said Japanese business confidence slipped for the first time in three quarters amid rising costs, a stronger yen and a shaky global economy, a central bank survey showed.

The Nikkei-225 index closed down 22.01 points at 15,514.51. Volume traded rose 2.82 billion shares from 2.16 billion Thursday.

Jitters about the US subprime mortgage crisis continued to weigh on sentiment, dealers said.

“With the number of participants limited, the market became volatile,” said Mitsushige Akino, chief fund manager at Ichiyoshi Management.

The Bank of Japan’s quarterly Tankan meanwhile showed confidence among big Japanese manufacturers dropped to 19 in December from 23 in September. Economists were expecting a figure of 21.

HONG KONG: Hong Kong share prices closed 0.7 percent lower on mounting worries over the global credit crisis and fears of another interest rate increase from China later in the day.

Dealers said market sentiment was hit after Hong Kong Monetary Authority chief executive Joseph Yam said some local banks may incur losses or post lower profits because of their exposure to subprime mortgages in the US.

In the latest subprime revelation, US bank Citigroup Inc said it plans to assume control of the seven structured investment vehicles to help them repay their debts.

The Hang Seng Index closed down 180.81 points at 27,563.64. Turnover stayed weak at 111.78 billion Hong Kong dollars (14.3 billion US).

“We are still feeling the heat from the subprime problems in the US and more so today after Joseph Yam refocused on how that could impact the local banks,” said Howard Gorges, vice chairman of South China Securities.

SYDNEY: Australian share prices closed down 1.6 percent amid weakness in the resources sector due to falls in base metal prices.

The S&P/ASX 200 closed down 105.9 points at 6,491.7. Market volume was 1.65 billion shares worth 6.4 billion Australian dollars (5.7 billion US dollars).

Dealers said Australian shares mirrored the performance on other markets in the region and followed a volatile session on Wall Street as investors worried the US Federal Reserve was not doing enough to prevent the US economy from slipping into recession.

The Fed’s plan to pump billions of dollars into the global banking system has been poorly received by investors, who remain unconvinced that the initiative will help ease liquidity pressures.

SHANGHAI: Chinese share prices closed up 1.01 percent on a late-session technical rebound with some consumer, financial and oil issues leading the charge.

Dealers said the market was in negative territory for most of the day after Thursday’s fall of 2.7 percent, with heavy-weight PetroChina helping to lift the market to a positive finish after it recovered nearly two percent.

The composite index, which covers both A and B shares, ended up 49.87 points at 5007.91 on turnover of 81.63 billion yuan (10.9 billion dollars).

“The market returned to positive territory in late trading led by consumer stocks, with other heavyweight stocks also trimming their losses,” said Zhang Qi, analyst at Haitong Securities.

“However, reduced volume indicates upward momentum is not very strong,” he said. Turnover in Shanghai hovered at around 105 billion yuan through most of the week, compared to Friday’s 81 billion.

TAIPEI: Taiwan share prices closed 0.85 percent lower on margin calls, although late bargain-hunting pushed the index above 8,000 points again on a day of heavy trade.

The weighted index closed down 69.87 points at 8,118.08 on turnover of 151.72 billion Taiwan dollars (4.70 billion US).

While some local stocks managed to rebound during early trade, lingering worries over US economic health and the worsening domestic political atmosphere continued to plague the market, dealers said.

Profit margins are set to suffer as new Chinese regulations will increase the labor costs and tax burdens of Taiwanese firms in the mainland, dealers added.

Bargain hunters surfaced during the last 30 minutes of the session after the index tumbled below 8,000 points.

SEOUL: South Korean share prices closed 1.1 percent lower as Asian markets were battered by deepening concerns about global credit markets following Moody’s downgrade of US financial giant Citigroup.

Dealers said fears of further monetary tightening action in China also accelerated sell-offs by foreign investors.

The KOSPI closed down 20.85 points at 1,895.05. Volume was 296 million shares worth 5.2 trillion won (5.59 billion dollars).

Woori Investment Securities analyst Hwang Chang-Joong said the market is facing another major source of concern, with Citigroup’s rating downgrade seen spreading credit fears and China expected to impose monetary tightening measures.

SINGAPORE: Singapore share prices closed 0.37 percent lower , following declines in regional bourses with investors worried over the fate of the US economy.

The Straits Times Index fell 12.93 points to close at 3,466.38 on volume of 2.07 billion shares worth 1.93 billion Singapore dollars (1.34 billion US).

“The Singapore market is just a follower, so a lot depends on the regional performance and the US,” said Yeo Kee Yan, retail market strategist at DBS Vickers.

KUALA LUMPUR: Malaysian share prices closed down 0.5 percent amid concerns over rising political tensions in the country and a shaky outlook on Wall Street.

Dealers said the government detained five leaders of Malaysian Indian rights group Hindraf Thursday under a security law after the group held a mass anti-government protest in Kuala Lumpur last month.

“Going forward, we will just have to wait and see how the banking stocks in the US and Europe are performing,” said Choong Khuat Hock, head of research of Kumpulan Sentiasa Cemerlang, a Kuala Lumpur-based asset management house.

The composite index closed down 7.15 points at 1,403.41. Trading volume was thin at 668.5 million shares worth 1.66 billion ringgit (501 million dollars).

BANGKOK: Thai share prices closed 0.40 percent higher as investors took heart from a court ruling allowing the kingdom’s energy giant PTT to remain listed on the stock exchange.

Dealers said investors chased gains in energy-linked shares, but the stock exchange suspended trading of PTT, the biggest company on the Thai bourse, throughout the day, as requested by the firm.

The composite index rose 3.31 points to 836.40 on turnover of 1.6 billion shares worth 17.0 billion baht (507 million dollars).

“Sentiment was positive as the ruling was widely expected by investors,” said Chai Chirasevenupraphand, a market analyst at Capital Nomura Securities.

JAKARTA: Indonesian share prices closed 0.6 percent lower as investors cashed in ahead of next week’s shortened trading week, with losses in regional markets spurring the sell-off.

The market will be closed on Thursday and Friday next week for an Islamic holiday, and again on Monday and Tuesday the following week for Christmas.

“I think people need cash for the holidays so they have to sell now,” said Ikhsan Binarto, an analyst at Optima Investama.

The composite index closed down 15.67 points at 2,740.06 on volume of 2.50 billion shares worth 3.6 trillion rupiah (389 million dollars).

Key decliners included Bank Danamon, the country’s fifth largest bank, after its controlling owner Temasek Holdings said it wishes to merge the bank with sixth-ranked Bank Internasional Indonesia (BII).

“The news could have triggered the selloffs. Given that Danamon’s financial performance is better than BII, the merger is seen as negative for Danamon,” said Darmawan Halim, an analyst at Amcapital Indonesia.

MANILA: Philippine share prices closed 2.4 percent lower as investors turned cautious in the absence of fresh domestic leads and following another volatile session on Wall Street.

Dealers said the continuing unease on Wall Street despite a number of steps taken by policymakers to soothe investors, including 25 basis point cut in interest rates, is also keeping local players cautious.

The composite index fell 87.52 points to 3,538.69. Volume totalled 1.8 billion shares valued at 4.2 billion pesos (102.4 million dollars).

“After the US Fed meeting, there is no major catalyst to look forward to,” said Jose Vistan of AB Capital Securities.

WELLINGTON: New Zealand share prices closed slightly firmer on a lack of corporate news, despite falls around the region and a volatile session on Wall Street.

The NZX-50 benchmark index, which this week fell below 4,000 for the first time since late August, closed up 7.3 points at 4,008.70, on turnover worth 120.7 million dollars (94.5 million US).

MUMBAI: Indian share prices fell 0.37 percent in choppy and rangebound trade in line with a weakening of Asian markets amid general concern about the outlook for the US economy.

Dealers said index-linked banking, capital goods and telecoms fell, but buying was sustained in mid and small-cap stocks.

The 30-share Sensex fell 73.56 points to 20,030.83.

“The markets slipped on weak regional trends, but saw fresh buying support at just below the 20,000 points levels. We expect some gains to come in next week,” said Manoj Kakaiya, a dealer with brokerage ULJK Securities.

Thailand’s People Power Party (PPP) MP Yongyuth Tiyapairat was elected as the House Speaker at the first parliamentary meeting on Tuesday.

Yongyuth, former deputy leader of PPP, got 307 votes while his only rival — Democrat Party MP Banyat Bantadtan got 167 votes during an hour-long balloting by the newly-elected lawmakers, whose victory in the Dec. 23 general election.

PPP MP Chai Chidchob, who was selected as the acting Speaker as he is most senior member, chaired Tuesday’s meeting for MPs to elect the House Speaker and two deputy Speakers.

PPP party executives and MPs reached an agreement after a meeting Monday to nominate Yongyuth as the party’s only candidate for the House Speaker post. Meanwhile, the PPP’s five coalition partners — Chart Thai, Matchimathipataya, Puea Pandin, Pracharaj and Ruam Jai Thai Chart Pattana parties, had agreed to not contest the House Speaker and two Deputy Speakers positions on Monday, according to PPP spokesman Kudep Saikrachang.

Yongyuth’s victory had been widely anticipated among political observers as the 480-seat House was controlled by PPP and its allies.

The PPP has won 233 seats in the Dec. 23 election and on Saturday announced a coalition government with the other five parties.

The Democrat Party, with 165 seats, sit alone on the opposition bench in the House.

Yongyuth, 47, who had been elected as a MP several times and served as Natural Resources and Environment Minister in the coup-ousted administration of Thaksin Shinawatra, resigned Monday from the job of PPP deputy leader and executive to clear the way for him to become the House Speaker, because the Constitution does not allow the House Speaker to hold an executive position in a political party.

The voting for the first and second Deputy House Speaker is still underway, with PPP MPs Somsak Kiatsuranont and Apiwan Wiriyachai being the leading contenders.

The House is scheduled to elect a new Prime Minister on Friday, with PPP leader Samak Sundaravej strongly tipped as the leading candidate.

BANGKOK, Jan. 22 (Xinhua) — Two Lawmakers from Thailand’s People Power Party (PPP) Somsak Kiartsuranon and Apiwan Wiriyachai, were elected first and second deputy House speakers, respectively on Tuesday.

Somsak got 307 votes while his only rival — Democrat Party MP Kalaya Sophonphanit got 170 votes during the balloting by the newly-elected lawmakers from the Dec. 23 general election.