Asian markets gain as Tokyo succumbs<\/p>\n
HONG KONG (AFP): Most Asia-Pacific stock markets posted
\nmoderate gains yesterday on the back of steadier regional
\ncurrencies, but Tokyo shares succumbed to profit-taking.<\/p>\n
A massive 16-billion-dollar tax cut announced by Japan to
\nkickstart its stagnant economy had buoyed regional markets the
\nprevious day, and yesterday saw follow-through buying fueled by
\npositive domestic developments.<\/p>\n
Currencies including the Philippine peso, the Indonesian
\nrupiah and the Thai baht came off their lows against the U.S.
\ndollar, cheering up stock investors.<\/p>\n
In Hong Kong, share prices recouped early losses and rose 0.6
\npercent in cautious trading to a seven-day high despite investors
\nbeing wary about the direction of regional currencies.<\/p>\n
\"There is not much happening. Trading is boring,\" said Eugene
\nLaw, research director at Lippo Securities, adding \"the market is
\nreaching a resistance level, and there will be some profit-
\ntaking.\"<\/p>\n
The key Hang Seng Index gained 61.41 points to close at a
\nseven-day high of 10,754.11 -- each second consecutive gains.<\/p>\n
In Tokyo, Japanese share prices closed 2.3 percent lower,
\ndepressed by profit taking following sharp gains posted the
\nprevious day on the announcement of a massive income tax cut,
\nbrokers said.<\/p>\n
The key Nikkei stock average of 225 selected issues on the
\nTokyo Stock Exchange dropped 379.42 points to end the session at
\n16,161.64 while the Topix index of all issues on the first
\nsection was down 15.02 points at 1,212.93.<\/p>\n
In Singapore, stock prices ended 1.4 percent higher on buying
\nof banking and property counters amid a recovery by Asian
\ncurrencies, including the local dollar.<\/p>\n
The blue-chip Straits Times Industrials index of the Stock
\nExchange of Singapore rose 21.90 points to end at 1,591.41 while
\nthe broader All-Singapore index rose 6.44 points to 425.12.<\/p>\n
In Kuala Lumpur, Malaysia's key stock index closed 3.7 percent
\nhigher on a technical rebound with follow-through buying by local
\ninstitutions.<\/p>\n
The Kuala Lumpur Stock Exchange's 100-share weighted composite
\nindex rose 20.79 points to 577.58. But the second board index
\ndipped 2.36 points, or 1.2 percent to 188.89.<\/p>\n
In Manila, Philippine share prices rose 2.7 percent due to the
\nrecovery of regional currencies and local bank moves to stabilize
\nthe Philippine peso, analysts said.<\/p>\n
The Philippine Stock Exchange rose 49.19 points to close at
\n1,846.09 points.<\/p>\n
In Taipei, Taiwanese stock prices ended 1.1 percent lower,
\npulled down by selling of technology shares, dealers said.<\/p>\n
The Taiwan Stock Exchange weighted price index was down 92.15
\npoints to 8, 255.05.<\/p>\n
In Sydney, Australian share prices made marginal gains as a
\nstronger resource sector offset falls among major industrials
\namid strong turnover with the early expiry of December options.<\/p>\n
The Australian Stock Exchange's main indicator, the All
\nOrdinaries index, gained one point to 2,563.1.<\/p>\n
In Shanghai, the B shares, nominally reserved for foreign
\ninvestors, closed barely lower in lack-luster trading amid the
\nabsence of fresh incentives, analysts said.<\/p>\n
\"Trading was quiet due to a lack of fresh leads,\" a dealer
\nwith a foreign brokerage said.<\/p>\n
The Shanghai Stock Exchange's B shares index fell 0.03 points
\nto 54.97 points while the A share index of locally-traded stocks
\nclosed 8.24 points, or 0.7 percent, lower at 1,215.91 points.<\/p>\n
In Auckland, the NZSE-40 index was up 20.74 to 2318.51 on
\nmoderate turnover of NZ$64 million (US$38 million).<\/p>\n
In London, the FT-SE 100 index of leading shares fell by 5.3
\npoints to 5,185.5 in early trading.<\/p>\n
In Paris, the Paris Bourse posted a satisfying gain in the
\nfirst part of the yesterday session in active trading, supported
\nby the dollar's firmness, traders said in early afternoon.<\/p>\n
The CAC 40 index was up by 0.27 percent at the opening, and by
\n0.61 percent in the afternoon to stand at 2,910.89 points as
\ntrading continued. Volume stood at 6 billion francs on the
\nmonthly settlement market.<\/p>",
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