Poor sentiment hits rally prospects<\/p>\n
TOKYO (AFP): Depressed regional sentiment looked set to
\nnullify the customary rally ahead of the Lunar New Year
\ncelebrations as markets generally lost ground Friday amid a
\nweakening Indonesian rupiah, dealers said.<\/p>\n
The rupiah, which hit a historic low of 16,500 to the U.S.
\ndollar on Thursday before recovering to end the week at around
\n13,000 in Asian trading, has given a sharp blow to overall
\nregional confidence.<\/p>\n
Despite the regional turmoil, Japanese share prices staged a
\nquick 2.3 percent bounce on bargain-hunting and futures-linked
\nbuying by foreign investors, which dispelled the otherwise
\ncautious mood ahead of the weekend amid the sustained slide of
\nthe rupiah, brokers said.<\/p>\n
The key Nikkei stock average of 225 selected issues on the
\nTokyo Stock Exchange ended 383.42 points higher at 16,789.11,
\nafter touching the high of 16,797.10 near the close.<\/p>\n
The Nikkei 225 index rallied more than four percent over the
\npast week.<\/p>\n
In Hong Kong, shares closed 0.4 percent higher on a technical
\nrebound, dealers said.<\/p>\n
Dealers said the region had little comfort to offer with the
\nIndonesian rupiah testing a new low, adding that the local
\nrebound might not be sustained.<\/p>\n
The key Hang Seng index gained 36.47 points to close at
\n8,920.20 points.<\/p>\n
In Singapore, share prices closed 0.8 percent weaker, but off
\ntheir lows, as lingering concerns over the crisis in Indonesia
\nand higher interest rates weighed on investors.<\/p>\n
\"That breath of fresh air from the IMF and the promised
\nreforms have become yesterday's news,\" said Glen Ow, dealer of
\nOng and Co., referring to an agreement Jakarta inked with the
\nInternational Monetary Fund this month promising to implement
\nreforms.<\/p>\n
Sentiment over Indonesia was unlikely to improve until after
\nthe Indonesian presidential election in March, he added.<\/p>\n
The benchmark Straits Times Industrials index fell 9.66 points
\nto 1,259. 83, while the broader All-Singapore index was lower by
\n4.11 points to 371.66.<\/p>\n
In Sydney, Australian share prices rose 0.9 percent as a
\nbuoyant resource sector surged in late trade, outweighing poor
\nperformances by several leading bank issues.<\/p>\n
The Australian Stock Exchange's main indicator, the All
\nOrdinaries index, rose 23.9 points to 2,623.3.<\/p>\n
In Kuala Lumpur, the key stock index closed 2.9 percent lower
\nas investors squared positions ahead of a long break for the
\nChinese Lunar New Year holidays, dealers said.<\/p>\n
The Kuala Lumpur Stock Exchange's 100-share weighted composite
\nindex fell 16.64 points to end at 558.57, off an earlier low of
\n548.61. A senior dealer at a local brokerage said a mild
\ntechnical rebound helped lift the market off earlier lows.<\/p>\n
In Bangkok, Thai shares posted marginal gains, closing 0.5
\npercent higher as investors waited for the outcome of
\nnegotiations between Finance Minister Tarin Nimmanahaeminda and
\nthe IMF, dealers said.<\/p>\n
The Stock Exchange of Thailand (SET) composite index rose 2.07
\npoints to finish at 422.87 points, while the selected SET 50
\nindex added 0.16 points to 31.45.<\/p>\n
In Manila, Philippine share prices slipped 0.2 percent on a
\nfalling peso and the weakness of regional bourses and currency
\nmarkets, analysts said.<\/p>\n
\"The volatility of regional currencies and markets will
\ncontinue to have a major effect on Philippine capital markets,\"
\nsaid Spencer Yap of BPI Securities.<\/p>\n
The Philippine Stock Exchange composite index fell 3.54 points
\nto close at 1,704.07.<\/p>\n
In Seoul, share prices closed 0.6 percent higher on the Korea
\nStock Exchange in volatile trade on foreign buying support for
\nblue chips, dealers said.<\/p>\n
Dealers said the market witnessed a \"dogfight\" between sellers
\nand buyers throughout the day.<\/p>\n
\"Seoul appeared to be afraid of the regional market woes
\nyesterday but today it was not,\" said Yu Ji-Eun, a dealer with
\nSamsung Securities.<\/p>\n
The composite index closed up 2.87 points at 486.86.<\/p>\n
In Shanghai, the B shares, nominally reserved for foreign
\ninvestors, rose 3.1 percent on institutional buying of
\nheavyweight stocks, analysts said.<\/p>\n
The Shanghai Stock Exchange's B share index rose 1.42 points
\nto close at 46.92 points while the A share index of locally-
\ntraded stocks rose 19.21 points, or 1.5 percent, to 1,293.78
\npoints.<\/p>\n
In Taipei, the Taiwan stock market was closed for the Lunar
\nNew Year holiday. Markets will resume trading on Feb. 2.<\/p>\n
In Auckland, New Zealand share prices closed barely higher on
\nthe back of a rebound by Telecom Corp., brokers said.<\/p>\n
The NZSE-40 capital index rose one point to 2,245.92.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/poor-sentiment-hits-rally-prospects-1447893297", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }