Asian currencies end mostly flat-higher<\/p>\n
HONG KONG (Dow Jones): The majority of Asian currencies ended
\nlocal hours Monday flat to a touch higher, as regional markets
\nstagnated ahead of the end of the year.<\/p>\n
The South Korean won, however, lost ground, depressed by
\ndollar purchases executed by state-run banks in Seoul.<\/p>\n
The Thai baht ended slightly stronger in thin trading after
\nthe government of Prime Minister Chuan Leekpai defeated an
\nopposition censure motion by 229 votes to 125 in parliament.<\/p>\n
Generally positive investor sentiment toward the Thai currency
\nwas further reinforced when the state planning agency said gross
\ndomestic product in the third quarter grew by 7.7 percent
\ncompared with the same period the previous year. Industrial
\nproduction was up by 17.4 percent.<\/p>\n
Officials predicted that Thailand's GDP will grow by 4.1
\npercent over 1999 as a whole, and forecast 4.4 percent growth for
\n2000. As import demand picks up next year, the country's current
\naccount balance is expected to shrink, but at 6 percent of GDP
\nthe surplus should continue to support the baht.<\/p>\n
Toward the end of Asian trading, the U.S. dollar was quoted
\nagainst the baht at 37.9750 baht, down from 38.0025 baht late
\nFriday.<\/p>\n
The Philippine peso also ended a touch stronger on Monday, but
\nwith only around US$93 million traded during the session, far
\nless than normal market volume at other times of the year,
\nobservers hesitated to read any significance into the currency's
\nadvance.<\/p>\n
At the Manila close the dollar was quoted at 40.570 pesos,
\ndown from 40.635 pesos Friday.<\/p>\n
The Singapore dollar ended Asian hours barely changed, with
\nthe U.S. currency quoted at S$1.6730, compared with S$1.6725
\nFriday. Dealing was unaffected by news that Singapore's non-oil
\nexports were up by an unexpectedly large margin of 24.5 percent
\nin November compared with the previous year.<\/p>\n
The market had expected a rise of around 18 percent, but wary
\nof official intervention, dealers remained reluctant to bid the
\nlocal currency higher.<\/p>\n
Against the Indonesian rupiah, the dollar ended steady at Rp
\n7,092 compared with Rp 7,065 Friday.<\/p>\n
The U.S. currency also gained against the won, which closed
\ndown in response to dollar purchases from state-run banks and
\ndomestic corporations.<\/p>\n
At the Seoul close, the dollar was at 1,136.00 won up from
\n1,130.30 won on Friday.<\/p>\n
The New Taiwan dollar ended little changed, with the U.S.
\ndollar finishing at NT$31.661 compared with NT$31.657 at the
\nprevious close. Trading volumes were a slim $149.50 million.<\/p>",
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