Most Asian stock markets end higher<\/p>\n
HONG KONG (AP): Most Asian stocks markets ended the week
\nhigher Friday on the back of an overnight rally on Wall Street.<\/p>\n
Singapore shares posted the sharpest gains, with the Straits
\nTimes Index rising 73.14 points, or 4 percent, to 1,910.40.<\/p>\n
In Hong Kong, the blue-chip Hang Seng Index rose 342.91
\npoints, or 2.3 percent, closing at 15,284.10. On Thursday, it
\ngained 227.33 points, or 1.6 percent.<\/p>\n
Brokers said the market's rise was fueled by Wall Street's
\nrally and optimism that U.S. interest rates may have stabilized
\nfor now.<\/p>\n
Bucking the trend was the Jakarta Stock Exchange, where prices
\nfell sharply amid growing fears that the government will explore
\nthe possibility of adopting capital controls to boost the
\nIndonesian currency.<\/p>\n
Dealers said speculation that the International Monetary Fund
\nwill likely delay the disbursement of its US$400 million loan to
\nIndonesia also dampened market sentiment.<\/p>\n
The Jakarta bourse's Composite Index closed at 444.448, down
\n2.2 percent, or 9.879 points.<\/p>\n
In New York, the Nasdaq composite index rose 181.59, or 5.3
\npercent, to close at 3,582.50 on Thursday.<\/p>\n
The Dow Jones industrial average gained 129.87, or 1.2
\npercent, to close at 10,652.20.<\/p>\n
Thai shares also surged, with the key Composite Index closing
\nat 339.28, up 11.68 points, or 3.6 percent.<\/p>\n
The Japanese benchmark 225-issue Nikkei Stock Average gained
\n105.76 points, or 0.63 percent, to close at 1,6800.06. On
\nThursday, the average closed up 361.85 points, or 2.22 percent.<\/p>\n
Tokyo prices also were pushed up Thursday's gains on Wall
\nStreet, but the Nikkei eventually dropped from its daily high as
\nwary investors took profits before the release of U.S. jobs data
\nlater Friday, traders said.<\/p>\n
Buyers were also reluctant to chase prices higher ahead of the
\nJune 9 announcement of Japan's January-March gross domestic
\nproduct data, traders said.<\/p>\n
In currency trading, the U.S. dollar was quoted at 108.78 yen,
\nup 0.06 yen from late Thursday in Tokyo and also below its late
\nNew York level of 108.55 yen overnight.<\/p>\n
In Seoul, South Korean shares closed sharply higher on strong
\nforeign buying. The main Korea Composite Stock Price Index rose
\n22.20 points, or 3 percent, to 760.69.<\/p>\n
In Manila, Philippine stocks closed sharply higher, buoyed by
\nstrong foreign demand as efforts to end fighting in the southern
\nPhilippines appeared to be making progress. The 30-company
\nPhilippine Stock Exchange Index rose 42.22 points, or 2.9
\npercent, to 1,512.75.<\/p>\n
In Taipei, Taiwan shares closed higher following overnight
\ngains in the Nasdaq Composite Index. The Weighted Stock Price
\nIndex rose 40.82 points, or 0.46 percent, to 8,883.45.<\/p>\n
In Wellington, New Zealand share prices closed higher on the
\nback of a strong demand for local blue chips. The benchmark NZSE-
\n40 Capital Index rose 34.22 points, or 1.7 percent, to 2,027.53.<\/p>\n
In Sydney, the Australian share market closed higher in the
\nwake of overnight gains in the United States. The All Ordinaries
\nIndex rose 48.5 points or 1.6 percent, to 3,096.3.<\/p>\n
In Kuala Lumpur, Malaysian share prices closed lower on
\nconcerns about a possible Cabinet reshuffle or resignations. The
\nComposite Index fell 13.28 points, or 1.5 percent, to 891.25.<\/p>",
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