Asian stocks volatile on HK tycoon's move<\/p>\n
SINGAPORE (AFP): Singapore stocks fell, but two of the
\nexchange's biggest stocks roared ahead on news that Hong Kong
\ntycoon Li Ka-shing was taking stakes in Hong Kong trading firm
\nJardine Matheson Holdings Ltd. and its property subsidiary,
\nHongKong Land Holdings Ltd.<\/p>\n
Both are listed in Singapore, and rose by 15.6 percent and
\n26.3 percent respectively on the news.<\/p>\n
Analysts said that the Hong Kong businessman's move could be
\npart of a plan to increase his market exposure in Singapore and
\ngive the much-needed local touch to British-linked Jardine.<\/p>\n
The Jardine group said yesterday that Li had taken a 370
\nmillion U.S. dollar stake in Jardine Matheson, Hong Kong's oldest
\ntrading firm, as well as HongKong Land amid speculations he was
\nplanning to take control of the property arm.<\/p>\n
Li made the purchase in Jardine Matheson and Hongkong Land
\nthrough his flagship Cheung Kong (Holdings) Ltd. and Hutchison
\nWhampoa.<\/p>\n
The Straits Times Industrials index, fell 11.89 points to end
\nat 1951.71.<\/p>\n
In Jakarta, share prices closed 0.7 percent lower yesterday as
\ncement and cigarette share prices continued to decline on concern
\nover Thailand's problems and first half results, dealers said.<\/p>\n
"It (the index) is going to go weaker, maybe to below 700,"
\nSchroders Indonesia institutional sales manager Kian Guntur said.<\/p>\n
The Jakarta Stock Exchange composite index closed down 4.829
\npoints at 713. 880.<\/p>\n
Dealers said that Thailand's economic problems also dampened
\nsentiment, adding that the only bright spots were Indonesia's
\nstrong May trade figures and the firmer rupiah.<\/p>\n
In Tokyo, Japanese share prices lost ground for the third
\nstraight session yesterday under continued selling of blue chips
\namid uncertainties over Japan's economic recovery.<\/p>\n
The Nikkei Stock Average of 225 leading issues fell 153.62
\npoints to finish at 19,514.45 while the Topix index of all issues
\non the first section of the Tokyo Stock Exchange was down 10.13
\npoints at 1,487.13.<\/p>\n
In Bangkok, Thai shares dropped 2.3 percent in volatile
\ntrading after the government unveiled a tough economic rescue
\nplan to be supported by the International Monetary Fund (IMF).<\/p>\n
The Stock Exchange of Thailand (SET) broad-based index shed
\n15.35 points to 648.47 points, off a low of 634.58 points, while
\nthe SET-50 select dropped 1.29 points to 49.14 points.<\/p>\n
In Kuala Lumpur, Malaysian stocks plummeted 3.4 percent
\nyesterday on a selldown led by foreign funds reacting to June's
\ntrade deficit and harboring lingering concerns over the health of
\nthe ringgit.<\/p>\n
The Kuala Lumpur Stock Exchange 100-share weighted composite
\nindex tumbled 33.48 points to 945.08 points. The lesser second
\nboard index fell 7.87 points, or 1.5 percent, to 524.30.<\/p>\n
In Hong Kong, share prices rebounded 0.7 percent following
\nstronger-than-expected interim earnings by the largest stock on
\nthe market, banking group HSBC Holdings Ltd., dealers said.<\/p>\n
The key Hang Seng Index gained 111.93 points to finish at
\n16,371.52, failing to breach past the previous record closing
\nhigh of 16,379.22 set on Friday.<\/p>\n
In Sydney, the industrials index improved 1.9 points to
\n4,351.4.<\/p>\n
In Seoul, the composite index closed up 6.67 points at 740.86
\non volume of 33.6 million shares worth 484.9 billion won ($541
\nmillion).<\/p>",
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"sponsor": "Okusi Associates",
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