Emerging Asian bourses back on the buy-list<\/p>\n
HONG KONG (Agencies): Many, but not all, of Asia's emerging
\nstock markets seem to have been put back on the buy-list by
\nforeign investors.<\/p>\n
But brokers and analysts in the region questioned by Reuters
\nyesterday are not convinced the trend can last throughout the
\nyear.<\/p>\n
\"There's evidently an asset allocation of foreign funds back
\ninto the region...in Hong Kong's case, there's both speculative
\nhot money and more long term institutional investment,\" said
\nFrederick Tsang, head of research at Primeast Securities.<\/p>\n
In Hong Kong the Hang Seng index closed 176.46 points -- or
\n1.70 percent -- higher at 10,573.90 and dealers saw resistance at
\n10,800 on the index. Tsang predicted this level would be the cap
\nfor the market in the first quarter.<\/p>\n
Malaysia's stock market was up 2.21 percent near the close
\nafter surging 2.71 percent on Wednesday.<\/p>\n
Thai stocks surged 2.8 percent in the heaviest trading in more
\nthan a year as foreign institutional money poured into the
\nbourse, brokers said.<\/p>\n
The Stock Exchange of Thailand (SET) index was up 37.14 points
\nto close at 1,360.57 points.<\/p>\n
In Tokyo, the Nikkei stock average of 225 selected issues rose
\n749.85 points to end the half-day session at 20,618.00 points.
\nThe broader Topix index of all issues on the first section of the
\nTokyo Stock Exchange gained 53.36 points to end at 1,631.06.<\/p>\n
Singapore's blue-chip share index closed 2.6 percent higher as
\nforeign funds poured into the market in line with a region-wide
\nsurge, dealers said.<\/p>\n
The Straits Times Industrials index of leading shares on the
\nStock Exchange of Singapore closed 58.93 points higher to
\n2,365.14.<\/p>\n
In Seoul, share prices closed 3.2 percent lower on the Korea
\nStock Exchange , battered by news reports that the country's
\neconomic downturn would be accelerated by rising international
\nraw material prices.<\/p>\n
The composite price index plunged 28.88 points to close at
\n859.97.<\/p>\n
Not all Asian stock markets have fared so well on the opening
\ndays of the year, however.<\/p>\n
The sub-continent was a case in point with stock indices in
\nBombay, Colombo and Bangladesh all falling.<\/p>\n
The only exception was the Karachi bourse -- closed amid a
\nstrike called by the ethnic Mohajir National Movement.<\/p>\n
Australian share prices gained a meager 0.01 percent, as gold
\nstocks held the local bourse up while the rest of the market took
\na breather after a two-day rally.<\/p>\n
The All Ordinaries index, gained 0.3 points to 2,258.4, after
\ngains of 1.6 percent and 1.4 percent Tuesday and Wednesday
\nrespectively.<\/p>\n
In London, shares here rose slightly yesterday morning,
\nfollowing modest gains in gilts, but dealers feared some profit
\ntaking after overnight losses on Wall Street.<\/p>\n
By mid-morning, the FT-SE 100 index of leading shares rose 4.4
\npoints to 3720.<\/p>\n
In Paris, the CAC-40 index opened 8.78 points lower at
\n1,934.18.<\/p>\n
In New York, share prices finished higher Wednesday amid
\nnervous hopes for a federal budget deal with the key Dow Jones
\nindex gaining 16.62 points or 0.32 percent to 5,194.06 at the
\nclose.<\/p>",
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