Mixed day for Asian markets amid lingering investor concerns<\/p>\n
HONG KONG (AFP): Asian stock markets turned in a mixed
\nperformance Wednesday amid lingering investor concerns over the
\ndirection of U.S. interest rates, dealers said.<\/p>\n
Stock markets in Hong Kong, Japan, Singapore, South Korea,
\nTaiwan and New Zealand rose, partly helped by a gain on Wall
\nStreet overnight. But their counterparts in Australia, Malaysia,
\nIndonesia, the Philippines and China fell.<\/p>\n
Dealers said caution prevailed amid concerns over the
\ndirection of U.S. interest rates, which some U.S. analysts
\nbelieve could be raised at the next meeting of the U.S. Federal
\nReserve later this month.<\/p>\n
Figures on U.S. unemployment due out next Friday are expected
\nto indicate whether the Fed will tighten its policy.<\/p>\n
Markets in Asia have been jittery over the prospect of higher
\nU.S. interest rates after the Fed warned recently that it was
\nshifting its monetary policy bias to one of tightening.<\/p>\n
Investors fear that higher U.S. rates cold cause an increase
\nin rates in the region. When U.S. rates rise, capital is usually
\nsucked out of riskier emerging markets and re-deployed back to
\nU.S. bond markets.<\/p>\n
Hong Kong share prices rose 0.8 percent on selective bargain
\nhunting spurred by overnight gains on Wall Street, dealers said.
\nThe key Hang Seng index rose 95.08 points to close at 12,458.64
\n-- its third consecutive gain.<\/p>\n
Dealers said concerns surrounding U.S. interest rates remained
\nat the forefront of investors' minds, however, and there was
\nunlikely to be much upside from current levels in the near-term.<\/p>\n
\"We have a bit of turnover today, but it is largely
\ntechnically driven,\" Celestial Asia sales director Eugene Law
\nsaid.<\/p>\n
\"We are probably close to the top of the short-term trading
\nrange,\" Law said.<\/p>\n
In Tokyo, share prices edged up 0.1 percent as investors
\nbought bank stocks in quiet trading. The key Nikkei average of
\n225 leading issues on the Tokyo Stock Exchange gained 9.49 points
\nto end at 16,417.99.<\/p>\n
In Singapore, share prices closed 1.0 percent higher in a
\ngenerally lackluster session. The Straits Times Index rose 18.48
\npoints to 1,927.36, while the broader All-Singapore index rose
\n5.70 points to 543.30.<\/p>\n
In Kuala Lumpur, Malaysian share prices closed 1.3 percent
\nlower due to profit-taking and mild foreign selling. The Kuala
\nLumpur Stock Exchange composite index lost 9.91 points to finish
\nat 749.46.<\/p>\n
In Bangkok, Thai shares climbed 2.8 percent led by heavy trade
\nin financial and communications issues. The benchmark Stock
\nExchange of Thailand (SET) index rose 13.07 points to finish at
\n474.86.<\/p>\n
In Jakarta, shares fell 1.5 percent led by banking stocks on
\nconcerns over additional rights issues by banks. The Jakarta
\nStock Exchange composite index closed down 8.942 points or 1.53
\npercent at 574.315.<\/p>\n
In Manila, Philippine share prices closed one percent lower as
\nprofit-taking hit the market. The Philippine Stock Exchange
\ncomposite index fell 24.55 points to close at 2,415.77 points.<\/p>\n
In Seoul, South Korean share prices closed 2.8 percent higher,
\nrising for the seventh consecutive day. The Korea Stock Exchange
\nmain index rose 21.28 points to close at 775.00, off a high of
\n784.73.<\/p>\n
In Taipei, Taiwan share prices closed 1.2 percent higher on
\nstrong buying of technology shares. The Taiwan Stock Exchange
\nweighted price index rose 90.41 points to 7,488.03.<\/p>\n
In Shanghai, B shares dropped 8.0 percent on profit-taking. B-
\nshare index, which tracks shares nominally reserved for
\nforeigners, lost 3.34 points to 38.67.<\/p>\n
In Sydney, Australian shares closed barely lower. The
\nbenchamark All Ordinaries index was virtually untouched, a mere
\n0.9 points, or 0.03 percent, down at 2,914.7 points.<\/p>\n
In Auckland, New Zealand share prices closed up 1.4 percent.
\nThe NZSE-40 capital index climbed 29.74 points at 2,127.96.<\/p>",
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