Stocks broadly higher in Asia and Europe<\/p>\n
HONG KONG (Reuter): Southeast Asian stock markets closed
\nbroadly higher yesterday, including a strong surge on the Kuala
\nLumpur market, despite late selling due to disappointment over
\nMalaysia's 1995 budget.<\/p>\n
The Hong Kong market also firmed, thanks to a 27-point rise on
\nWall Street overnight and optimism over the local property market
\nand prospects for a Sino-British financing agreement for the
\ncolony's new airport.<\/p>\n
The Hang Seng index ended 74.89 points, or 0.8 percent,
\nhigher, to end at 9,379.47 -- up 41 points over the week.<\/p>\n
The U.S. dollar ended a little firmer against the yen in Asian
\ncurrency trading, but investors in Japanese stocks were cautious,
\nawaiting the impact on the exchange rate of U.S. economic growth
\nfigures due to be released later yesterday.<\/p>\n
Tokyo's 225-share Nikkei average ended 8.80 points higher at
\n19,805.16.<\/p>\n
The day, though, belonged to Kuala Lumper, where the benchmark
\ncomposite index ended 11.30 points, or one percent, higher at
\n1,113.04, off the day's high of 1,119.14.<\/p>\n
Brokers attributed selling in the final half hour to
\ndisappointment that Malaysian Finance Minister Anwar Ibrahim did
\nnot announce fresh cuts in the corporate tax rate in the budget.<\/p>\n
The budget also prompted some late selling in Malaysian stocks
\ntraded over the counter in neighboring Singapore, where the 30-
\nshare Straits Times Industrial index ended up 5.77 points at
\n2,362.46, but off the day's high of 2,370.33.<\/p>\n
Thai and Philippines stocks also closed higher.<\/p>\n
Bangkok's SET index closed 4.39 points up at 1,506.12, on
\nbuying of building-material and energy stocks, but investors were
\nstill cautious, awaiting a clearer picture of local and U.S.
\ninflation, brokers said.<\/p>\n
Manila's composite index ended 8.27 points up at 3,068.52.
\nElsewhere in Asia, the Taipei bourse broke a four-day losing
\nstreak and the key index ended up 10.01 points at 6,604.98
\npoints. Share prices also rose in Wellington, but fell in Sydney,
\nSeoul and Bombay.<\/p>\n
The Australian market's All Ordinaries Index closed 11 points,
\nor 0.54 percent, lower at 2021.2.<\/p>\n
In London, share prices lifted slightly yesterday morning in
\ncautious early trading ahead of the release of U.S. third quarter
\nGDP figures.<\/p>\n
At 10:00 GMT, the FT-SE 100 index of leading shares was up 4.7
\npoints at 3,034.3 -- a rise of 0.15 percent -- while gilts were
\nup 3\/32 of a point.<\/p>\n
In Paris, the CAC-40 index opened 7.01 points higher at
\n1,865.16.<\/p>\n
London dealers said the market was encouraged by comments by
\nChancellor of the Exchequer Kenneth Clarke that it was
\noverreacting to inflationary pressures, although he did not rule
\nout a further hike in interest rates.<\/p>",
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