Asian markets end mixed as Japan readies for reform<\/p>\n
TOKYO (AFP): Asian markets closed mixed yesterday as Japan
\nreadied for its Big Bang financial reforms to kick in with high
\nhopes that they would boost the world's second biggest economy.<\/p>\n
Japanese share prices closed 1.6 percent higher as public
\nfunds were injected to lift the market on the final day of the
\ncurrent fiscal year, Tokyo-based brokers said.<\/p>\n
Markets in Bangkok, Manila and Singapore saw their key indices
\nfall on a lack of interest from overseas buyers and no
\nencouragement from Wall Street, dealers said.<\/p>\n
In Jakarta, the stock trading was closed to mark the closing
\nof the 1997\/98 fiscal year.<\/p>\n
In Tokyo, share prices started to gain further on futures-led
\nbuying after 2:30 p.m. as public funds finally emerged,\" a Chuo
\nSecurities broker said.<\/p>\n
The key Nikkei stock average of 225 selected issues gained
\n264.13 points to end at 16,527.17. The Topix index of all issues
\non the first section of the Tokyo Stock Exchange closed up 10.43
\npoints at 1,2251.70.<\/p>\n
\"There was no clear trend in the market today, as investor
\ninterest was focused on when and how active buying by public
\nfunds would emerge,\" the broker said.<\/p>\n
In Hong Kong, share prices rose 0.1 percent in cautious
\ntrading as traders shored up positions amid a lack of fresh
\nleads, dealers said.<\/p>\n
\"The market is moving up and down in close range as there is
\nnot much good news or bad news,\" said Sean Li, associate director
\nat Amsteel Securities.<\/p>\n
The key Hang Seng index gained 14.92 points to close the
\nsession at 11,518. 68.<\/p>\n
In Australia, shares made marginal gains as offshore investors
\ndeserted the local bourse, brokers said.<\/p>\n
The Australian Stock Exchange's main indicator, the All
\nOrdinaries index, gained 3.2 points to 2,744.2 points.<\/p>\n
The All Industrials index rose 6.2 points to 4,702.0 points
\nwhile the All Resources index was 0.7 points higher at 1,182.9
\npoints.<\/p>\n
In Singapore, share prices closed 1.2 percent lower in thin
\ntrade amid slight profit-taking in the absence of leads to spur
\nthe market.<\/p>\n
The index's fall late in trade came as blue chip Singapore
\nAirlines Ltd. (SIA) denied rumors that it would announce Tuesday
\nplans to merge the foreign and local tranches of its shares,
\ndealers said.<\/p>\n
The benchmark Straits Times Industrials index fell 19.38
\npoints to 1,629. 18, while the All-Singapore index fell 7.79
\npoints to 419.14.<\/p>\n
In Kuala Lumpur, key stock index closed 0.5 percent lower in
\nthin trade on fears of possible interest rate hikes and further
\ntightening of liquidity.<\/p>\n
The Kuala Lumpur Stock Exchange's 100-share weighted composite
\nindex fell 3.44 points to end at 719.52, while the second board
\nindex lost 0.04 points, or 0.02 percent, to 179.81.<\/p>\n
In Bangkok, Thai share prices closed 1.3 percent lower after
\ntumbling sharply on the unveiling of tighter new banking
\nregulations and an unwelcome ratings downgrade for Thai banks,
\ndealers said.<\/p>\n
The Stock Exchange of Thailand composite index ended the day
\n5.98 points down at 459.11, after clawing back some ground after
\nan earlier plunge. The SET 50 index closed down 0.55 points at
\n33.27.<\/p>\n
In Manila, Philippine share prices closed 1.6 percent lower as
\nthe market took its cues from abroad ahead of the Lenten
\nholidays.<\/p>\n
\"It seems that the Dow, which has been leading the market in
\nthe last two weeks, (is) taking a breather,\" Alex Timbol of All
\nAsia Securities Management Corp. said.<\/p>\n
The Philippine Stock Exchange index shed 35.38 points to
\n2,238.42.<\/p>\n
In Seoul, share prices closed 0.3 percent lower on the Korea
\nStock Exchange, giving up early modest gains as foreign interest
\nremained muted, dealers said.<\/p>\n
\"Today's rating change by Moody's does not mean that we have
\nrecovered to investment grade levels. It is just a change within
\nthe level of nought investment grades, from negative to stable,\"
\nsaid Park Suk-han, a dealer with KLB Securities.<\/p>\n
The composite index closed down 1.29 points at 481.04, off a
\nhigh of 490. 31.<\/p>\n
In Shanghai, the B shares, nominally reserved for foreign
\ninvestors, fell one percent in dull trading, dealers said.<\/p>\n
The Shanghai Stock Exchange's B share index lost 0.53 points
\nto close at 53.97 points while the A share index of locally-
\ntraded stocks ended down 6.66 points, or 0.5 percent, to 1,312.05
\npoints.<\/p>\n
In Taipei, the Taiwan stock market inched up slightly as most
\ninvestors stayed on the sidelines amid a consolidation, dealers
\nsaid.<\/p>\n
The Taiwan Stock Exchange weighted price index rose 2.20
\npoints to 9,091. 16.<\/p>\n
In New Zealand, continued worries about rising interest rates
\nsaw the New Zealand Stock Exchange close down 0.7 percent, with
\nthe NZSE-40 index losing 15.15 points to 2,287.97.<\/p>",
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