Most Asian stock exchanges trading higher<\/p>\n
HONG KONG (Reuter): Tokyo stocks benefited yesterday from an
\neconomic report that eased fears of an imminent interest rate
\nrise and most other Asian bourses also ended higher.<\/p>\n
Only Singapore was down while Bangkok and Seoul were closed
\nfor holidays.<\/p>\n
Manila stocks were the star performers, the key index adding
\n2.27 percent, and Taiwan's market was up 1.66 percent on bargain-
\nhunting.<\/p>\n
Tokyo stocks ended modestly higher after the Bank of Japan's
\nquarterly \"Tankan\" survey of corporate sentiment, which showed a
\nweaker economy than many investors had expected, eased worries
\nabout a rise in market interest rates.<\/p>\n
\"Although uncertainties remain -- the yen and Japan's scheme
\nto wind up the mortgage firms -- interest rate worries were
\ncertainly lifted,\" said Shunji Suesada, general manager at
\nYamaichi Securities. He said the market was now likely to return
\nto a steady rising trend.<\/p>\n
The Nikkei average ended up 43.26 points, or 0.21 percent, at
\n20,168.63. On Wednesday it closed at 19,919.97, below 20,000 for
\nthe first time this year.<\/p>\n
Manila shares soared on the back of telecommunications giant
\nPLDT's overnight rise on Wall Street and posted the second
\nbiggest gain since the start of the year, brokers said.
\nThe index rose 65.58 points, or 2.27 percent, to settle at 2,948.18.<\/p>\n
\"PLDT's rise triggered a rebound in blue chips. The index will
\nnext test 2,950 and hopefully this time, we'll break it,\"
\nJennifer Pe at Kerry Securities said.<\/p>\n
Hong Kong stocks ended moderately higher in thin trade,
\nclosely tracking index futures moves. The blue-chip Hang Seng
\nIndex jumped 69.26 points, or 0.62 percent, to 11,194.94.<\/p>\n
\"Trade is actually quite mixed and buying is highly selective,
\nwith banks leading the gainers. All eyes are on unusually firm
\nfutures, which is mainly why the market's up,\" said Samuel Ho of
\nSeapower Securities.<\/p>\n
Taiwan stocks finished higher across the board on bargain
\nbuying after the market's previous losses and in the absence of
\nfresh developments on an expected Chinese military exercise.<\/p>\n
The cabinet's approval for lifting of the ceiling on foreign
\ninvestment to 20 percent of stock market capitalization from 15
\npercent and the entry of a government-promoted fund also boosted
\noverall sentiment.<\/p>\n
The weighted index soared 79.71 points, or 1.66 percent, to
\nend at 4,877.38.<\/p>\n
The Australian share market ended higher in active trade as
\ninvestors backed an opposition coalition win in Saturday's
\nelection. At the close, the All Ordinaries index was 23.0 points
\nhigher, up 1 percent at 2,313.0.<\/p>\n
Singapore shares were weaker with investors switching their
\nfocus to Malaysian second-liners traded over the counter. The
\nStraits Times Industrial index ended down 17.08 points, or 0.70
\npercent, to 2,421.43.<\/p>\n
In London share prices here rose early yesterday, driven by
\nhealthy bonds and German bunds and rumours of future cuts in
\nBritish interest rates, dealers said.<\/p>\n
The FT-SE 100 index of leading shares rose by 19.5 points to
\n3747.1.<\/p>\n
London dealers said that a rally in the bond market was strong
\nenough to counter sharp overnight falls on Wall Street, adding
\nthat weak economic activity was revealed by a purchasing managers
\nsurvey on Friday had sparked rumours of fresh cuts in British
\ninterest rates.<\/p>\n
In Paris, the CAC-40 index opened 13.71 points higher at
\n2,004.48.<\/p>",
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