Calm returns to Asian stock markets<\/p>\n
HONG KONG (AFP): Calm returned to jittery Asian stock markets
\nTuesday after China delivered soothing assurances it was
\ncommitted to upholding the value of its yuan currency.<\/p>\n
Hong Kong and Kuala Lumpur indices ended barely higher, but
\nTokyo gained 1.2 percent, Singapore put on 1.4 percent, Bangkok
\nclimbed 0.9 percent and Jakarta surged 4.0 percent in the day's
\nbest performance by a regional bourse.<\/p>\n
Manila closed up 1.6 percent and Taipei added 1.4 percent, but
\nSeoul fell back in late trading to end 1.6 percent lower despite
\na ratings upgrade announced by Standard and Poor's. Sydney was
\nclosed for a holiday.<\/p>\n
Shanghai, however, hit its third record-low close in seven
\nsessions.<\/p>\n
Dealers said regional fears of a Chinese devaluation had eased
\nafter Prime Minister Zhu Rongji delivered a rare personal
\nassurance that Beijing was steadfast in its resolve to maintain
\nthe currency's value.<\/p>\n
China's foreign ministry reaffirmed Beijing's no-devaluation
\nstance Tuesday.<\/p>\n
\"We have already stressed the Chinese government's policy of
\nnot devaluing the yuan,\" foreign ministry spokeswoman Zhang Qiyue
\ntold a news briefing.<\/p>\n
\"Over the past year we have been through great difficulties
\nbut will still follow this policy,\" she said.<\/p>\n
In Hong Kong, stocks ended a volatile day's trading a fraction
\nhigher, reassured by comments China will not devalue the yuan.<\/p>\n
The blue chip Hang Seng Index closed up 10.33 points at
\n9,509.83.<\/p>\n
In Tokyo, share prices closed 1.2 percent higher, with
\ninvestors encouraged by China's assurance its yuan would not be
\ndevalued, brokers said.<\/p>\n
The key Nikkei 225 index rose 173.20 points to 14,382.01,
\nfinishing off the high of 14,501.44 on profit-taking.<\/p>\n
In Singapore, benchmark stock index closed 1.4 percent higher
\nafter recovering from a sharp fall resulting from fears of a
\nChinese currency devaluation, which Beijing has dismissed.<\/p>\n
The Straits Times Index closed 19.12 points higher at
\n1,417.14. The broader All-Singapore index rose 3.70 points to
\n383.15.<\/p>\n
In Kuala Lumpur, the composite index finished at 610.88
\npoints, up 0.69 points from the previous day's close.<\/p>\n
In Bangkok, the Stock Exchange of Thailand (SET) main index
\nfirmed 3.41 points to 366.77.<\/p>\n
In Manila, the Philippine Stock Exchange index gained 30.82
\npoints to 1,982.26.<\/p>\n
In Seoul, the Korea Stock Exchange main index fell 8.53 points
\nto close at 531.23, off a low of 531.20 and high of 562.46.<\/p>\n
In Taipei, the benchmark Taiwan Stock Exchange weighted price
\nindex rose 82.34 points to 6,115.64, following a 3.1-percent
\nplunge in the previous session.<\/p>\n
In Shanghai, B-share index lost 0.16 points to finish at 25.01
\npoints, while the A-share index of locally traded stocks fell
\n10.58 points, or 0.9 percent, to 1,212.02 points.<\/p>\n
In Auckland, the NZSE-40 capital index ended up 10.51 points
\nat 2,179.30.<\/p>",
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