Asian marts close sharply higher<\/p>\n
HONG KONG (AP): Most Asian stock markets closed sharply higher
\nMonday following last week's dramatic gains on Wall Street.<\/p>\n
In Jakarta, Indonesian shares closed higher on foreign
\nbargain-hunting after President Abdurahman Wahid said it would be
\nillogical to adopt capital controls to shore up the local
\ncurrency.<\/p>\n
The Composite Index rose 2.1 percent, or 9.497 points, to
\n453.945.<\/p>\n
The Japanese benchmark 225-issue Nikkei Stock Average rose for
\na fourth straight session, climbing 401.73 points, or 2.39
\npercent, to 17,201.79. On Friday, the Nikkei gained 105.76
\npoints, or 0.63 percent.<\/p>\n
Technology stocks led the Nikkei to its first close above
\n17,000 since May 18.<\/p>\n
Asian bourses took their cue from Wall Street, where shares
\nsoared Friday after the U.S. government said that businesses cut
\nmore jobs in May than any month in the last nine years.<\/p>\n
The report eased concerns that the world's largest economy is
\noverheating, raising confidence the Federal Reserve won't be
\nforced to lead up interest rates to control inflation.<\/p>\n
The tech-heavy Nasdaq composite index surged 230.88 points, or
\n6.4 percent, to 3,813.38 on Friday. The Dow Jones industrial
\naverage rose 142.56 points to 10,794.76.<\/p>\n
In currency trading, the U.S. dollar was quoted at 107.84 yen,
\ndown 0.94 yen from Friday in Tokyo and also below its level of
\n108.14 in New York trading later that day.<\/p>\n
South Korean shares posted the sharpest gains, with the key
\nindex rising 4.4 percent on heavy foreign buying. The Korea
\nComposite Stock Price Index rose 33.52 points to 794.21.<\/p>\n
In Hong Kong, the blue-chip Hang Seng Index surged 577.58
\npoints, or 3.8 percent, closing at 15,861.68. On Friday, the
\nindex had gained 342.91 points, or 2.3 percent.<\/p>\n
Hong Kong brokers said fears of escalating U.S. interest rate
\nhikes have subsided.<\/p>\n
\"The urgency for rate hikes isn't as big as before and the
\npace of increases will slow down,\" said Kenny Tang, research
\nmanager at Tung Tai Securities.<\/p>\n
Singapore shares also ended sharply higher on the easing of
\nconcerns about rising interest rates. The Straits Times Index
\ngained 72.03 points, or 3.77 percent, to close at 1982.43.<\/p>\n
Bucking the trend was the Kuala Lumpur Stock Exchange, where
\nthe main Composite Index fell 9.86 points, or 1.1 percent, to
\n881.39.<\/p>\n
The market was closed in New Zealand for a holiday.<\/p>\n
In Bangkok, Thai shares also soared on the back of gains in
\nU.S. markets. The Composite Index rose 13.32 points, or 3.9
\npercent, to 352.60.<\/p>\n
In Manila, Philippine shares surged on bargain-hunting as
\ngains late last week on Wall Street and favorable May inflation
\ndata cheered investors. The 30-company Philippine Stock Exchange
\nIndex rose 39.90 points, or 2.6 percent, to 1552.65.<\/p>\n
In Taipei, the main Weighted Stock Price Index rose 22.57
\npoints, or 0.25 percent, to 8,958.21.<\/p>\n
In Sydney, the Australian share market closed higher, but lost
\nsome of its steam in afternoon trading as investors' minds turned
\nto Wall Street's next move. The All Ordinaries Index rose 8.8
\npoints, or 0.3 percent, to 3,105.1.<\/p>",
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