Window dressing props up Asian stock markets<\/p>\n
HONG KONG (AFP): Most Asia-Pacific stock markets ended higher
\nWednesday as institutional funds dressed up their portfolios in
\nthe climax to a tempestuous 1997.<\/p>\n
The markets in Tokyo, Seoul, Manila and Jakarta were closed.
\nTrading in Hong Kong, Singapore, Sydney and Auckland was
\nrestricted to half-a-day on New Year's eve before the markets
\nclosed for the New Year holiday.<\/p>\n
Hong Kong share prices bucked the general uptrend with a 0.3-
\npercent loss as late profit-taking wiped out early gains posted
\non the back of a stronger Wall Street.<\/p>\n
\"The current profit taking is quite natural as investors do
\nnot expect the market will be strong enough to break resistance
\naround the 11,000-point level,\" said Steven Thompson, analyst
\nwith Nikko Securities.<\/p>\n
The key Hang Seng index lost 32.45 points, or 0.3 percent, to
\nclose the year at 10,722.76, after two consecutive seasons of
\ngains.<\/p>\n
The Hong Kong market ended the year with a loss of 2,480.68
\npoints, or 18. 8 percent, since January 2.<\/p>\n
In Singapore, blue-chip stock prices ended the year 1.0
\npercent higher on largely window-dressing activities, with buying
\ninterest seen in selected blue chips and electronic stocks,
\ndealers said.<\/p>\n
\"Trading was uneventful ... There is no incentive to do much
\nwindow-dressing, given the regional concerns,\" a dealer with a
\nlocal brokerage said. Trading will resume on Friday after the new
\nyear holiday.<\/p>\n
The blue-chip Straits Times Industrials index of the Stock
\nExchange of Singapore rose 15.01 points higher at 1,529.84 in
\nhalf-day new year-eve trading. The broader All-Singapore index
\nrose 2.60 points to 425.94.<\/p>\n
In Sydney, Australian shares closed 0.6 percent up after a
\nhalf day's trading in which brokers said positive leads from
\nTokyo and New York had combined with interest in Telstra to fuel
\na late rally.<\/p>\n
The Australian Stock Exchange's key all ordinaries index rose
\n15.1 points to 2616.5.<\/p>\n
\"It finished on a pretty good note,\" Henderson Charlton Jones
\ndealer Michael Baker said, adding that interest in Telstra ahead
\nof the communication giant's official incorporation into the all
\nordinaries index on Jan. 2 had helped boost the bourse.<\/p>\n
In Kuala Lumpur, Malaysia's key stock index ended the year 0.9
\npercent higher boosted by late window-dressing activities by
\nlocal funds, dealers said.<\/p>\n
\"A burst of late local support eclipsed the profit-taking
\nearlier. Some funds were pushing for a favorable close towards
\nthe year ... it was also largely window dressing,\" said a local
\ninstitutional dealer.<\/p>\n
The Kuala Lumpur Stock Exchange's 100-share weighted composite
\nindex rose 5.05 points to end at 594.44, after hitting an earlier
\nlow of 583.11 points 12 minutes before the closing bell.<\/p>\n
A banking analyst at a local brokerage said news of impending
\nmergers in the finance sector lifted market sentiment, with
\nfinancial stocks dominating trade.<\/p>\n
In Bangkok, Thai share prices closed 1.9 percent higher on
\nspeculative buying in blue chips led by local investors ahead of
\nthe long weekend.<\/p>\n
The Stock Exchange of Thailand (SET) broad based index closed
\nup 6.87 points at 372.69, while the SET 50 closed O.43 points
\nhigher at 25.98.<\/p>\n
In Taipei, Taiwanese stocks rose 0.5 percent, led by
\ntechnology issues, as institutional investors dressed up their
\nportfolios for year-end rankings.<\/p>\n
\"Fund managers increased holdings to raise the net-worth of
\ntheir funds for year-end rankings, while retail investors stepped
\nonto the sidelines ahead of the New Year holiday,\" said Clement
\nLu of Taiwan International Securities Corp.<\/p>\n
The Taiwan Stock Exchange weighted price index rose 41.50
\npoints to 8,187. 27.<\/p>\n
In Shanghai, the B shares, nominally reserved for foreign
\ninvestors, closed 0.9 percent higher, pulled up by a late rally
\nin Hainan Airlines and Eastern Communications.<\/p>\n
\"A late rally in Hainan Airlines and Eastern Communications
\npushed the market back into positive ground,\" a dealer with a
\nU.S. brokerage here said.<\/p>\n
The Shanghai Stock Exchange's B share index rose 0.5 points to
\n55.88 points while the A share index of locally-traded stocks
\nclimbed 13.72 points, or 1.1 percent, to 1,258.49 points.<\/p>\n
In Auckland, New Zealand share prices closed up 1.0 percent
\namid window dressing.<\/p>\n
\"It is a good finish for the year,\" Ord Minnett's Ted
\nSzczepanski said.<\/p>\n
\"There was definitely some window dressing, but having said
\nthat the market has gone up 4 percent in three days, which is a
\ngreat finish to the year - whether that's a mark of confidence of
\nwhat the New Year will bring or not I don't know,\" Szczepanski
\nsaid.<\/p>\n
The NZSE-40 capital index at the close was up 22.61 points at
\n2,314.91 on a turnover of NZ$29.48 million (US$17 million).<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/window-dressing-props-up-asian-stock-markets-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}