Major Asian stock markets close higher<\/p>\n
HONG KONG (AP): Most Asian stock markets closed higher
\nTuesday, with the key index in Jakarta soaring more than 12
\npercent after Indonesia held its freest election in 44 years in
\nremarkable peace.<\/p>\n
The success of the election not only bolstered the troubled
\nfinancial markets of Indonesia and some of its neighbors, it also
\npersuaded the International Monetary Fund to approve US$450
\nmillion loan for Indonesia on Monday.<\/p>\n
It was the fifth installment in a rescue package launched
\nafter Indonesia became the worst victim of the 1997 Asian
\nfinancial crisis.<\/p>\n
The Jakarta Stock Exchange's Composite Index rose 12.2
\npercent, or 74.569 points, to close at 686.94.<\/p>\n
In Tokyo, the benchmark 225-issue Nikkei Stock Average added
\n87.03 points, or 0.53 percent, closing at 16,562.92. On Monday,
\nthe average gained 175.14 points, or 1.07 percent.<\/p>\n
Japanese stocks posted moderate gains on select buying of blue
\nchips following an overnight rise on Wall Street.<\/p>\n
But many investors held back to wait for Thursday's release of
\ngross domestic product figures for the first quarter, traders
\nsaid.<\/p>\n
Investors were also awaiting a meeting of finance ministers
\nand central bankers from the G-7 industrialized nations over the
\nweekend in Cologne, Germany.<\/p>\n
Meanwhile, the U.S. dollar was quoted at 121.32 yen, up 0.48
\nyen from late Monday in Tokyo and also above its late New York
\nlevel of 120.80 yen overnight.<\/p>\n
The dollar rose after an influential Japanese finance ministry
\nofficial warned against a hasty rise in the Japanese currency.<\/p>\n
Malaysian share prices closed sharply higher, with the main
\nindex rising 3.3 percent after the government announced favorable
\nindustrial output data for April.<\/p>\n
Malaysia's industrial production index for April rose 0.8
\npercent compared to March and 2.6 percent from a year earlier.
\nThe Kuala Lumpur Stock Exchange's Composite Index, which tracks
\n100 blue-chip stocks, rose 24.08 points to 755.09.<\/p>\n
Singapore shares also surged as the peaceful Indonesian polls
\npushed the index to a two-year high. The Straits Times Index
\nclosed up 41.03 points, or 2.1 percent, to 1,996.44.
\nElsewhere:<\/p>\n
In Hong Kong, share prices closed higher for a second straight
\nsession. The blue-chip Hang Seng Index rose 27.47 points, or 0.2
\npercent, closing at 12,864.86.<\/p>\n
In Taipei, share prices closed higher as news of an alliance
\nbetween two of the island's leading electronics companies boosted
\nsentiment. The market's key Weighted Stock Price Index rose 89.44
\npoints, or 1.14 percent, to 7,892.13.<\/p>\n
In Wellington, New Zealand share prices closed lower. The
\nbenchmark NZSE-40 Capital Index fell 14.54 points, or 0.6
\npercent, to 2,114.50.<\/p>\n
In Manila, Philippine shares closed higher, buoyed by a steady
\nsoftening of domestic interest rates. The Philippine Stock
\nExchange index of 30 selected companies rose 12.06 points, or 0.5
\npercent, to 2,415.07.<\/p>\n
In Sydney, the Australian stock market closed broadly higher.
\nThe All Ordinaries Index rose 22.7 points, or 0.7 percent, to
\n2,966.8.<\/p>\n
In Seoul, share prices closed higher for the 11th consecutive
\nsession. The Korea Composite Stock Price Index rose 11.28 points,
\nor 1.3 percent, to 853.60, its highest close since July 10, 1996.<\/p>\n
In Bangkok, Thai stock prices closed higher. The SET index
\ngained 10.42 points, or 2.2 percent, to 493.67.<\/p>",
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