adminpoints to close at 22 541,18 on turnover of US$2,87 billion.
Despite the gains Alvin Cheung, associate director at Prudential Brokerage, said the gridlock in the United States on averting the “fiscal cliff” continues to weigh on sentiment.
The term refers to tax hikes and spending cuts which will come into effect next week unless the two parties can reach a deal, possibly tipping the US economy into recession.
However, Cheung said “window-dressing may push the market a little bit higher . . . before the year ends”.
Window-dressing refers to dealers selling shares with large losses and buying well-performing ones to make their books look better.
Clothing retailer Esprit bounced back by 1,5 percent after losing 13,0 percent in the previous seven trading days on the back of a profit warning. China’s second-largest insurer Ping An closed down 0,2 percent.
Chinese shares ended up 0,27 percent. The benchmark Shanghai Composite Index added 5,74 points to 2 159,05 on turnover of US$10,9 billion. “The market has already formed an upward pattern and even though there is little new news from policymakers, stocks will likely keep moving higher,” Zheshang Securities analyst Zhang Yanbing said. — AFP.
Online Reporter