Most Asia-Pacific stock markets rise<\/p>\n
HONG KONG (AFP): Most Asia-Pacific stock markets rose
\nyesterday as ailing regional currencies strengthened against the
\nU.S. dollar, but profit-taking trimmed their gains.<\/p>\n
The biggest gainer was Seoul, where foreign buying pushed
\nstocks 5.3 percent higher.<\/p>\n
A notable exception was the Hong Kong bourse, where share
\nprices dropped 0. 8 percent as profit-taking erased earlier gains
\non a government budget offering economic stimulants and tax
\nreliefs.<\/p>\n
"With the market rising sharply, people were tempted to take
\nprofit," said Howard Gorges, vice president at South China
\nBrokerage, adding that investors were still cautious over
\ninstability in Indonesia.<\/p>\n
The key Hang Seng index shed 89.68 points to close at
\n10,581.27, ending two consecutive sessions of gains, amid renewed
\nworries over rising inter-bank rates.<\/p>\n
In Tokyo, Japanese share prices ended marginally higher as
\ninvestors took profits on earlier gains due to slim hopes for
\nlarge tax cuts in Friday's economic package, brokers said.<\/p>\n
The key Nikkei stock average on the Tokyo Stock Exchange edged
\nup 2.59 points to end at 16,616.48, with the Topix index of all
\nfirst-section issues down 2.61 points at 1,258.33.<\/p>\n
In Singapore, share prices ended 0.9 percent higher with
\nearlier gains diminished by a selloff in banking issues.<\/p>\n
The selloff was triggered by Deputy Prime Minister Lee Hsien
\nLoong's remarks in parliament midday that earnings of Singapore's
\nsix leading banks would decline by 30 percent on average because
\nof their loan exposure to neighbors affected by the regional
\neconomic crisis.<\/p>\n
The benchmark Straits Times Industrials index rose 14.49
\npoints to 1,553. 47, off its high of 1,569.16 (ATTN EDS: CORRECT)
\naround midday. The All-Singapore index rose 3.5 points to 413.6.<\/p>\n
In Australia, share prices slipped 0.1 percent despite Wall
\nStreet's lead, amid growing uncertainty about the economic
\noutlook in the face of the regional crisis.<\/p>\n
The Australian Stock Exchange's main indicator, the All
\nOrdinaries index, eased 2.4 points to 2,658.8.<\/p>\n
In Kuala Lumpur, Malaysian share prices closed 2.6 percent
\nhigher on local support ahead of the divisional elections in the
\nmain party in the ruling coalition at the end of March, dealers
\nsaid.<\/p>\n
The Kuala Lumpur Stock Exchange composite index closed at
\n723.50 points, up 18.60 points from Wednesday's finish.<\/p>\n
In Bangkok, Thai share prices gave way to profit taking in the
\nafternoon session to close 0.6 percent weaker despite a stronger
\nbaht and resilience in regional markets, analysts said.<\/p>\n
The Stock Exchange of Thailand (SET) composite index fell 2.86
\npoints to finish at 510.41.<\/p>\n
In Manila, Philippine share prices closed 1.8 percent higher,
\ntaking their cue from other Asian markets, Wall Street's strength
\nand a stronger peso, analysts said.<\/p>\n
The Philippine Stock Exchange composite index rose 38.70
\npoints to close at 2,136.30 points.<\/p>\n
In Seoul, share prices rebounded for a second successive day
\nto close 5.3 percent up on the Korea Stock Exchange with heavy
\nforeign buying of core blue chips fueling the recovery, dealers
\nsaid.<\/p>\n
The composite index closed up 25.72 points at 513.45 off a
\nhigh of 516.69.<\/p>\n
In Taipei, the Taiwan Stock Exchange weighted price index
\nsurged 141.17 points to 8, 978.51, the highest this year.<\/p>\n
In Shanghai, the B share index rose 1.08 point to close at 54.
\n36 points while the A share index of locally-traded stocks rose
\n2.46 points, or 0.2 percent, to 1,300.68 points.<\/p>\n
In New Zealand, the NZSE-40 was down 13.56 points to 2,293.60
\non turnover of NZ$81.7 million (US$48.1 million).<\/p>",
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