Asian markets seen mixed this week<\/p>\n
Agence France-Presse, Jakarta<\/p>\n
Indonesia's stock market, which fell 1.4 percent in the past
\nweek, is likely to strengthen in this week due to the initial
\npublic offering (IPO) of Bank Rakyat Indonesia, an analyst said
\non Friday.<\/p>\n
"For next week, a rising trend is quite visible because
\ninvestors are gearing up for the BRI's IPO," Megakarya Securities
\nanalyst Hendra Bujang told AFP.<\/p>\n
Bujang said he expected the index to rise after Nov. 5, the
\nfinal day of sales of the BRI shares. State officials say the IPO
\nis expected to raise some US$490 million.<\/p>\n
The Jakarta Stock Exchange composite index ended last week
\ndown 9.021 points at 625.546. Average daily volume was 951.08
\nbillion shares valued at Rp 584.99 billion compared with 1.73
\nbillion shares valued at Rp 897.57 billion the previous week.<\/p>\n
In Singapore, signs that the economy is on the road to
\nrecovery should boost the stock market, analysts said. The
\nStraits Times Index closed at 1,723.71 on Friday, down 9.25
\npoints or 0.53 percent from the previous week.<\/p>\n
Fears a downgrade by U.S. stock broker Morgan Stanley of
\nSingapore stocks would weigh down trading during the week
\nappeared unfounded as the weekly decline was marginal.<\/p>\n
In the past week, average daily volume was 1.36 million shares
\nworth S$993.35 million, down from 1.91 million shares valued at
\nS$1.23 billion the previous week.<\/p>\n
Meanwhile, Japanese stocks are expected to continue to find
\nbuying support in this holiday-shortened week as investors are
\nlikely to chase companies enjoying strong earnings.<\/p>\n
"Foreign investors appear to be receding slightly, but buying
\nsentiment in general has not withered yet in Tokyo," said Kenichi
\nAzuma, a broker at Cosmo Securities.<\/p>\n
The government announced salaried household spending and
\nconsumer prices fell more than expected last month, while the
\njobless rate remained at 5.1 percent.<\/p>\n
Investors were calmly watching campaigning for the Nov. 9
\ngeneral elections, the first chance for voters to pass judgment
\ndirectly on Prime Minister Junichiro Koizumi since he took office
\nin 2001.<\/p>\n
Financial markets in Tokyo will be closed on Monday for a
\nnational holiday.<\/p>\n
In the week just ended, the Tokyo Stock Exchange's Nikkei 225
\nindex gained 223.89 points or 2.17 percent to end at 10,559.59,
\nwhile the Topix index of all first-section shares rose 18.37
\npoints or 1.79 percent to 1,043.36.<\/p>\n
In Hong Kong, the share prices are likely to range trade as
\nthe market consolidates further to build momentum for the next
\nrally.<\/p>\n
The key Hang Seng index rose 453.73 points or 3.87 percent to
\nclose the week at 12,190.10 on Friday.<\/p>\n
Kenny Tang, associate director at Tung Tai Securities, said
\nthe market would trade 11,900-12,400 points next week.<\/p>\n
In Bangkok, the Thai stock market is expected to post strong
\ngains this week, boosted by healthy third-quarter earnings in
\nnon-bank sectors.<\/p>\n
The index would likely test the 650-point mark and see strong
\nsupport at 625, dealers said.<\/p>\n
The Stock Exchange of Thailand (SET) composite index soared
\n30.20 points or 4.96 percent over the past week to close on
\nFriday at 639.45 points.<\/p>\n
More upside is expected on Malaysia's stock market, which rose
\n1.6 percent this week, following a smooth political transition
\nafter Abdullah Ahmad Badawi was installed as premier Friday,
\nanalysts said.<\/p>\n
Abdullah on Friday succeeded Mahathir Mohamad, Asia's longest-
\nserving leader who retired after 22 years in power.<\/p>\n
The Kuala Lumpur Stock Exchange composite index gained 12.69
\npoints during the week to close Friday at a new-year high of
\n817.12. Average daily trading volume surged to one billion shares
\nworth 1.79 billion ringgit, from 726 million units valued at 1.35
\nbillion ringgit the previous week.<\/p>",
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