Energy stocks also rose as crude oil futures remained above $96 per barrel. China''s top offshore oil and gas producer Cnooc Limited rose 3% and PetroChina jumped 2%.

Oil refiner Sinopec Corp rose 0.68% to HK$11.78 after it unveiled plans to buy interests in three oil refineries and 63 petrol stations from its parent for 3.66 billion yuan.

Airliners AirChina climbed 7% and China Eastern gained 6% after Reuters reported Friday that Air China’s chairman Li Jiaxiang had been appointed chief of China’s civil aviation regulator as part of a government plan to boost the nation’s airline industry.

China Power International Development Limited announced to the Hong Kong Stock Exchange yesterday that it has agreed to buy a 25% stake of Guangzhou Power Enterprise Group Limited for 749.5 million yuan inorder to capitalize on growth in industrial production in Southern China. The agreement is subject to approval by the state controlled Assets Supervision and Administration Commission.

Bloomberg news reported today Intime Department Store, partly owned by U.S. private equity investor Warburg Pincus LLC, bought stakes in two property companies in Hangzhou, China for 1.05 billion yuan.


5:00AM New York, 9:00PM Sydney- ASX 200 index rose 12% in local dollar and 25% in the U.S. dollar in 2007.

ASX 200 index lost 0.1 to close at 6,339.80.

The Preliminary market turnover was 700.152 million shares worth $1.848 billion with 617 stocks higher, 425 lower and 377 unchanged. The top traded stock was Flinders Diamonds with 138.469 million shares changing hands worth $17.386 million.

Newcrest mining was up 2.8% and Lihir added 2.3%.

Allco Finance Group today announced the launch of the first globally diversified transport and infrastructure fund ahead of schedule after receiving a commitment from a large Australian institutional investor to invest A$200 million into the fund to be known as Allco Global Transport and Infrastructure Fund.

Allco GTI will operate as an unlisted, wholesale fund that will invest in aviation, shipping, rail and targeted infrastructure assets that will seek to provide predictable absolute returns. Allco is targeting total capital commitments between $350 and $450 million from few investors.

The company said the Allco GTI team will be led by Tze Masters, as Chief Investment Officer. The Fund''s seed assets include a share of five European wind farms, direct investments in three aircraft, and a share in a portfolio of 27 ships. These assets were originally on Allco''s balance sheet.

Allco''s experience in transportation origination, financing and asset management has been built over almost 30 years. In transportation financing, Allco has financed over $60 billion of deals in transport and infrastructure assets since the company was founded in 1979.

Fortescue Metals Group Ltd''s stock lost 11% today following remarks that recent gain in the stock appear to be speculative.

Fortescue stock gained more than fivefold this year leading all stocks in the ASX 200 Index after shareholders approved a 10-for-one share split this month, which was aimed at improving liquidity and affordability.

The company is building a $2.7 billion port, iron ore mine, and rail project in Western Australia with the first shipment in May 2008.

BHP Billiton Ltd., Woodside Petroleum Ltd., and Santos Ltd scaled down oil production by half after the first tropical cyclone of the season hit the northwest coast.

BHP''s spokeswoman, Emma Meade told reporters by phone today that the mining giant had stopped oil and natural gas output at its Stybarrow and Griffin fields yesterday and was reported by Bloomberg.

Woodside''s spokeswoman Kirsten Stoney said they had stopped production at Enfield and Cossack-Pioneer and Santos''s spokesman Matthew Doman said they had shut down Mutineer Exeter field on December 29.