Asian markets soar on revived confidence<\/p>\n
SINGAPORE (AFP): Asia-Pacific bourses surged yesterday as
\nregional currencies stabilized and IMF and US officials voiced
\nconfidence the region's tattered economies would mend.<\/p>\n
Singapore stocks rose 7.5 percent, Kuala Lumpur 6.5 percent,
\nHong Kong 5.8 percent, Manila 6.0 percent, Shanghai 5.7 percent,
\nBangkok 5.4 percent, Jakarta 4.9 percent and Taipei 3.8 percent.
\nTokyo shares put on 2.5 percent and Sydney 1.5 percent.<\/p>\n
The second consecutive gain on Wall Street overnight and the
\npresence in the region of International Monetary Fund chief
\nMichel Camdessus and U.S. Deputy Treasury Secretary Lawrence
\nSummers buoyed investors.<\/p>\n
Both Camdessus, speaking in Singapore, and Summers in Bangkok
\nvoiced their faith in Asian economies and held out hopes of a
\nrecovery from the region's crippling financial crisis if
\nstructural economic reforms are implemented.<\/p>\n
In Singapore, positive news over the Indonesian economy and
\nthe relative stability of Asian currencies lifted the Straits
\nTimes Industrials 86.75 points to 1,243.27.<\/p>\n
In Tokyo, Japanese share prices rose 2.5 percent on short-
\ncovering among bank shares, with the market sentiment buoyed by
\nthe extended rebound on Asian markets, brokers said.<\/p>\n
\"Asia's sharemarkets appear to have pulled out of their
\nbottomless slide, and excessive pessimism has receded slightly,\"
\none broker said, \"although we cannot be too optimistic about mid-
\nto long-term prospects.\"<\/p>\n
The Nikkei Stock Average of 225 leading issues rose 366.04
\npoints to finish at 15,121.98 while the Topix index of all issues
\non the first section of the Tokyo Stock Exchange was up 27.49
\npoints at 1,149.11.<\/p>\n
In Hong Kong, share prices surged 5.8 percent in the second
\nday of strong gains, as interbank rates eased with the
\nstabilization of regional currencies, dealers said.<\/p>\n
The key Hang Seng index gained 506.55 points to close at
\n9,226.55 after having added 598.94 points in the previous day's
\ntrading for the year's first gain.<\/p>\n
In Kuala Lumpur, Malaysia's key stock index surged 6.5 percent
\non follow-through buying activities as the local currency firmed
\nand regional bourses strengthened.<\/p>\n
\"Undoubtedly there is some positive sentiment as a result of
\nthe improved currency situation. This has created an environment
\nwhere investors are starting to re-look at local shares,\" said a
\nbrokerage research head.<\/p>\n
The Kuala Lumpur Stock Exchange composite index soared 32.79
\npoints to end at 536.68, off an earlier high of 545.53.<\/p>\n
In Sydney, Australian shares rose 1.5 percent after strong
\ngains on Wall Street and in Asia combined with improved gold
\nprices to boost confidence, brokers said.<\/p>\n
The Australian Stock Exchange's key barometer, the All
\nOrdinaries index, rose 40 points to close at 2,605.3.<\/p>\n
In Bangkok, Thailand's share market soared 5.4 percent as the
\ncountry's currency enjoyed a rare respite and as a top US
\nofficial gave Bangkok's economic reform efforts the thumbs up,
\ndealers said.<\/p>\n
Investors were buoyed by when visiting US Deputy Treasury
\nSecretary Lawrence Summers gave the Thai government attempts to
\nrestructure the economy a crucial vote of confidence.<\/p>\n
The Stock Exchange of Thailand (SET) composite index rose
\n18.73 points to close at 367.69 points amid foreign-led buying in
\nthe blue chip issues. The selected SET 50 index rose 1.7 points
\nto close at 26.56.<\/p>\n
In Manila, Philippine share prices led by San Miguel Corp.
\nclosed 6.0 percent higher amid a strengthening of the local
\ncurrency and continued bargain-hunting, analysts said.<\/p>\n
The Philippine Stock Exchange composite index rose 95.23
\npoints to close at 1,686.22 points.<\/p>\n
In Seoul, share prices closed 2.5 percent up but off their
\nhighs on the Korea Stock Exchange, with persistent foreign buying
\ndiscouraging local investors' attempts at profit-taking, dealers
\nsaid.<\/p>\n
\"Even if the inflows of more influential foreign funds are not
\nsignificantly high, their cautious return to the local market
\nbodes well for (the entry of) more overseas funds,\" a Samsung
\ndealer said.<\/p>\n
The composite index closed up 11.39 points at 475.13, off a
\nhigh of 482.84.<\/p>\n
In Taipei, Taiwanese stocks soared 3.8 percent, led by strong
\nbuying of technology issues, on the back of an overnight rise on
\nWall Street and Hong Kong's continued rally.<\/p>\n
The Taiwan Stock Exchange weighted price index rallied 285.01
\npoints to 7, 798.25.<\/p>\n
In Shanghai, the B shares, nominally reserved for foreign
\ninvestors, surged 5.7 percent, boosted by two consecutive days of
\ngains in Hong Kong's Hang Seng index, analysts said.<\/p>\n
The Shanghai Stock Exchange's B share index rose 2.46 points
\nto close at 45.47 points.<\/p>\n
In Auckland, New Zealand shares staged a healthy advance,
\nclosing up 1.0 percent against the backdrop of favorable local
\nand international markets.<\/p>\n
The NZSE-40 index jumped 21.88 points to close at 2,236.40 in
\nmoderate trade of NZ$52.76 million (US$30 million).<\/p>",
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