Asian markets await Greenspan's testimony<\/p>\n
SINGAPORE (Agencies): Asian assets lacked direction on Monday
\nas investors were fretting over a prognosis of the U.S. economy
\nby Federal Reserve Chairman Alan Greenspan in testimony scheduled
\non Tuesday.<\/p>\n
Analysts and fund managers said the market was focusing on the
\nextent of the slowdown in the U.S and how far it would go.<\/p>\n
Japan's financial markets were closed on Monday, but other
\nmarkets in Asia drew little support from a cut in its discount
\nrate -- its first in six years -- and other measures to improve
\nliquidity on Friday.<\/p>\n
The regional markets seemed to ignore the move and I don't
\nthink Japanese stocks will open with a bang on Tuesday.<\/p>\n
"Regarding non-Japan Asia, our equity strategists are positive
\non the region on the 12-month basis, because they believe that
\nmarkets are significantly undervalued," said Goldman Sachs in its
\nlatest quarterly report.<\/p>\n
Goldman said its strategists were more bullish about emerging
\nmarkets now than they were in November 2000. And within emerging
\nmarket, they recommended an overweight in non-Japan Asia and
\nunderweight in Latin America.<\/p>\n
Australian shares closed 0.5 percent higher on investor
\ninterest in News Corp and select blue chips.<\/p>\n
The All Ordinaries index closed 15.8 points higher at 3,277.1
\nwhile the SP\/ASX 200 index added 17.9 points to 3,330.3.<\/p>\n
Share prices in Singapore closed 0.9 percent higher in
\ngenerally lackluster trading after gains in key banking stocks on
\nmerger and acquisition rehammers.<\/p>\n
The Straits Times Index rose 16.81 points to 1,990.18.<\/p>\n
Malaysian shares closed barely higher in dull trade with an
\nabsence of fresh leads.<\/p>\n
The Kuala Lumpur Stock Exchange composite index rose 0.77
\npoints to finish at 725.58.<\/p>\n
Philippine share prices closed 0.9 percent higher with
\nsentiment lifted by the central bank's latest interest rate cuts.<\/p>\n
The Philippine Stock Exchange composite index added 16.47
\npoints to close at 1,712.06.<\/p>\n
Indonesian share prices closed down 0.8 percent amid ongoing
\nconcerns over political developments but a late rebound limited
\nlosses.<\/p>\n
The Jakarta Stock Exchange composite index closed down 3.449
\npoints at 424.465.<\/p>\n
They said investors remained concerned over the political
\nstandoff between President Abdurrahman Wahid and a majority of
\nlegislators from the lower house of the parliament.<\/p>\n
A dealer with Vickers Balas Tamara said ongoing uncertainty
\nover the political situation "continued to put pressure on stock
\nprices."<\/p>\n
The Shanghai Stock Exchange's B-share index, which tracks
\nshares nominally reserved for foreigners, inched down 0.64 points
\nto 78.59 on a thin turnover of 119.2 million yuan ($14.4
\nmillion).<\/p>\n
The A-share index edged up 4.74 points or 0.2 percent to
\n2,075.56 on turnover of 6.68 billion yuan.<\/p>\n
South Korea's stocks eked out gains as foreign and retail
\ninvestors selectively bought financial stocks on expectations
\nthey would benefit from fresh liquidity following Bank of Korea's
\n25-basis point interest rate cut last week.<\/p>\n
Taiwan's stocks also made marginal gains on foreign funds
\nbuying and hopes local computer motherboard makers may win big
\nforeign orders.<\/p>\n
Hong Kong's Hang Seng Index closed down 180.17 points or 1.14
\npercent at 15,693.11, dragged lower by telecom heavyweights China
\nMobile and Hutchison Whampoa.<\/p>\n
Thai stocks consolidated as investors cashed in on recent
\ngains ahead of a new cabinet and its policy statement.<\/p>\n
The Composite SET index lost 5.86 points or 1.8 percent at
\n318.86 due to profit taking in banks, finance and electronics
\nshares.<\/p>",
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