Asian shares cautious but generally higher<\/p>\n
TOKYO (AFP): Stocks in Asia took heart Thursday from a strong
\nrise on Wall Street's technology index but remained wary over the
\npossibility of higher U.S. interest rates, dealers said.<\/p>\n
Singapore, Indonesia and Kuala Lumpur all posted strong gains
\non domestic factors but the rest of the region took a more
\ncautious approach.<\/p>\n
Dealers said institutional investors were reluctant to take
\nmajor new positions ahead of a Group of Seven meeting in Japan
\nthis weekend and with the direction of U.S. rates still unclear.<\/p>\n
In Tokyo, shares edged up 0.6 percent as high-tech issues
\nregained favor after a record-breaking rally by the Nasdaq index
\nin the United States.<\/p>\n
The Nikkei average of 225 selected issues rose 110.26 points
\nto end at 19,008.01.<\/p>\n
Bargain-hunting and position-covering in selected blue chips
\nbolstered the market, brokers said, but buying ran out of steam
\nwhen the Nikkei average neared 19,200 points.<\/p>\n
\"Buying petered out in the afternoon session as investors with
\nreal demand stuck to the sidelines,\" Segawa said.<\/p>\n
Investors continued to sell cyclical and low-priced issues
\nwhich have been pressured by banks and companies unwinding their
\ncross shareholdings.<\/p>\n
But there was strong downside support due to expectations of
\ndemand coming from new investment trusts.<\/p>\n
In Hong Kong, share prices dropped 0.4 percent on late
\nselling. The key Hang Seng index lost 60.03 points to close at
\n15,215.31, after gaining 0.2 percent in morning trade on
\nselective bargain hunting.<\/p>\n
In Jakarta, Indonesian share prices closed 2.2 percent higher,
\nboosted by draft budget proposals and the signing of a letter of
\nintent with the International Monetary Fund. The Jakarta Stock
\nExchange composite index closed up 14.158 points at 670.153.<\/p>\n
In Singapore, share prices closed 2.7 percent higher on
\nbargain hunting and better than expected trade figures. The
\nbenchmark Straits Times Index rose 60.66 points to end at
\n2,315.53.<\/p>\n
In Kuala Lumpur, Malaysian shares closed 1.9 percent higher on
\nfresh local and foreign buying. The Kuala Lumpur Stock Exchange
\ncomposite index ended up 17.48 points at 950.86.<\/p>\n
In Seoul, South Korean share prices closed barely higher after
\nrenewed institutional bargain hunting wiped out earlier losses.
\nThe Korea Stock Exchange composite index closed up 7.12 points at
\n945.90, off a low of 906.26.<\/p>\n
In Taipei, the Taiwan stock market fell for the third
\nconsecutive day. The Taiwan Stock Exchange weighted price index
\nmoved down 14.49 points to 9,136.95.<\/p>\n
In Bangkok, Thai stocks closed marginally higher. The Stock
\nExchange of Thailand (SET) main index was up 0.31 points or 0.06
\npercent at 486.64 while the select SET 50 was down 0.11 at 34.99.<\/p>\n
In Manila, Bargain hunters helped push the Philippine stock
\nmarket 0.2 percent higher. The Philippine Stock Exchange
\ncomposite index rose 4.84 points to close at 2,053.37 points.<\/p>\n
In Sydney, Australian shares closed up one percent. The
\nAustralian Stock Exchange's benchmark All Ordinaries index ended
\nup 31.7 points at 3,137.1.<\/p>\n
In Auckland, new Zealand's share market took another beating.
\nThe NZSE-40 index dropped a hefty 1.7 percent, or 37 points, to
\n2,086.8.<\/p>",
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