Shares In Asian Markets End Higher

July 11, 2008 8:51 a.m. EST

Tokyo, Japan (AHN) - Asian markets ended higher, after falling for 12 consecutive trading sessions, led by resources producers, energy stocks and other oil-sensitive companies amid surging crude prices in New York.

Crude oil reached $142.65 a barrel in Singapore's electronic trading on Friday.

The contract surged by $5.60 to $141.65 a barrel on the New York Mercantile Exchange Thursday.

In currency trading, the yen changed hands at 106.98 yen per U.S. dollar in Asia. In New York late Thursday, the Japanese currency was at 107.08 yen against the dollar.

In Japan, the Nikkei 225 average closed lower by 27 points or 0.21 percent at 13,039, and the broader Topix index closed 0.4 percent lower at 1,285.

The Nikkei had lost nearly 8.5 percent over the past four weeks of trading session till July 4.

The downward trend in shares was led by automakers and some financial firms as reports indicated that the firms' earnings outlook may weaken.

Toyota Motor, the world's No.2 car maker after GM, declined by as much as 2.2 percent before it closed at 1.8 percent lower in Tokyo as fuel prices surged.

Nissan Motor declined by 2.9 percent, followed by Honda Motor decreasing by 1.1 percent.

The financial sector was mixed as shares of Mitsui increased by 1.7 percent and Mitsubishi added 1.3 percent. Meanwhile shares of Sumitomo Trust & Banking declined by 3.5 percent and Chuo Mitsui Trust dropped by 2.5 percent.

In Hong Kong, the Hang Seng closed higher by 362 points or 1.66 percent at 22,184 and the Hang Seng China Enterprises Index closed 2.1 percent higher at 12,306.

In Australia, the S&P/ASX 200 index finished 0.9 percent higher at 4,979 in Sydney led by mining companies.

In the mining sector, shares of BHP Billiton, the world's biggest miner, jumped by 4 percent and Rio Tinto added 3.6 percent.

Woodside Petroleum Ltd., Australia's second-biggest oil and gas producer, advanced by as much as 4.7 percent in Sydney on Friday.

In China, the Shanghai composite index closed 0.7 percent lower at 2,856 led by financial industry shares.

Industrial & Commercial Bank of China, the world's biggest bank by market capitalization, moved down by 1.2 percent, followed by China Life insurance shedding 0.7 percent.

Elsewhere, Singapore's Straits Times Index gained 0.9 percent to 2,926 and Taiwan's Weighted index closed higher by 2.4 percent to 7,244.