Asia-Pacific markets look to holiday respite
Asia-Pacific markets look to holiday respite
HONG KONG (AFP): Most Asia-Pacific stock markets prepared for
a Chinese New Year respite yesterday, as Indonesia unveiled
crucial banking reforms and sought to save its debt-ridden
corporate sector from disaster.
The stock markets in Kuala Lumpur, Seoul, Shanghai and Taipei
were closed early for the Chinese calendar's Year of the Tiger
which begins Wednesday, followed by the Moslem Eid holidays.
The Hong Kong and Singapore bourses traded only for half-a-
day.
In Hong Kong, shares surged 3.1 percent on strong buying of
blue chips in the half day of trade.
The key Hang Seng index jumped 278.50 points to close at
9,252.36 on a turnover of HK$4.00 billion (US$530 million).
Buying focused on financials and property stocks, brokers
said, despite expectations that trade would be slow ahead of the
holiday.
In Tokyo, Japanese share prices closed moderately lower,
pressured by profit taking following recent sustained gains,
brokers said.
"As share prices rose more than 2,000 points (on the Nikkei
225 index) in a straight line in recent trading, investors of
course turned cautious over chasing higher levels," a Kaisei
Securities broker said.
The key Nikkei stock average on the Tokyo Stock Exchange fell
91.71 points to end the session at 16,981.62. But the broader
Topix index of all first section issues edged up 3.55 points to
1,293.62.
In Singapore, the benchmark stock index closed marginally
higher in half-day trade with investors unwilling to take fresh
positions ahead of the Lunar New Year and Moslem holidays,
dealers said.
With the regional focus fixed on Indonesia, the Straits Times
Industrials index closed 3.62 points or 0.3 percent higher at
1,259.92. The more broadly-based All-Singapore index ended 2.41
points higher at 375.75.
In Sydney, uncertainty in overseas markets and investors
deserting the banking sector forced Australian share prices 0.7
percent lower, brokers said.
The Australian Stock Exchange's main indicator, the All
Ordinaries index, fell 19.4 points to 2,603.9.
In Bangkok, the Thai share market shrugged off early nerves
over Indonesia's "voluntary" debt moratorium but still closed 0.3
percent weaker in light trade, analysts said.
"When the Indonesian announcement came out this morning the
market immediately took a 2 percent fall but it picked up again
this afternoon," said Seamico Securities senior analyst Bill
Anderson.
The Stock Exchange of Thailand (SET) composite index finished
1.41 points down at 432.10, while the SET 50 selected index
slipped 0.01 points to 31.66.
Analysts said Jakarta's move to arrange negotiations between
its corporate sector and international lenders to stall debt
repayments may eventually be a positive for the Thai market.
In Manila, Philippine share prices rose 0.1 percent amid thin
trade ahead of the Chinese New Year, analysts said.
"The market is moving sideways on thin volume ahead of the
Lunar New Year, " said Oliver Plana of Asiasec Equities, Inc.
The Philippine Stock Exchange composite index gained 2.33
points to close at 1,733.15
In Auckland, New Zealand stocks tumbled 1.5 percent on a hefty
fall in the Telecom share price.
The NZSE-40 capital index fell 34.14 points to 2,209.32 on a
total turnover of NZ$39.11 million (US$22.6 million).
In London, European shares rose slightly early on Tuesday, in
the light of modest gains on Wall Street and in Hong Kong,
dealers said.
The FT-SE 100 index of leading shares rose by 55 points to
5,292 points in early trade.
In Paris, the CAC 40 index opened 3.47 points higher at
3,003.94 points and in Frankfurt, the DAX 30 index opened 33.53
points higher at 4,258.31 points.