Asia-Pacific share prices flounder on RI uncertainty
Asia-Pacific share prices flounder on RI uncertainty
HONG KONG (AFP): Most Asian share prices floundered yesterday on a lack of incentives and persistent uncertainty over Indonesia's economic policy following the election of President Soeharto to a seventh five-year term, analysts said.
Most regional markets waivered between slight gains and less than 1 percent daily losses with the exception of Hong Kong, which lost nearly 2 percent, and Kuala Lumpur, down 1.6 percent.
Hong Kong's key Hang Seng index closed down 216.38 points at 10,902.47, off a high of 11,229.84 and a low of 10,827.31, on turnover of HK$5.81 billion (US$750 million).
In Tokyo, Japanese share prices tumbled 1.1 percent for the second straight day, amid concerns about corporate earnings and a bribery scandal at the central bank, brokers said.
Futures-led selling depressed the market while most investors were sidelined ahead of Friday's special quotation to settle March options and futures contracts, brokers said.
The Nikkei Stock Average of 225 leading issues on the Tokyo Stock Exchange fell 180.92 points to end at 16,575.22, following a 1.4 percent decline the previous day. The Topix index of all issues on the first section was down 11. 40 points at 1,249.71.
In Australia, share prices edged 0.2 percent higher in quiet futures-led trading, brokers said.
The Australian Stock Exchange's main indicator, the All Ordinaries index, gained 4.7 points to close at 2,719.5. The All Industrials index rose 17.5 points to 4,675.2, while the All Resources index closed 6.8 points down at 1, 157.6.
In Singapore, Singapore share prices ended marginally higher as investors remained sidelined pending further developments in Indonesia and the local corporate scene.
"There hasn't really been any news, it has been very, very quiet," said a dealer with a Japanese brokerage who noted that a broad-based buy program by Merrill Lynch helped blue chips higher, especially bank and property stocks.
The Straits Times Industrials index rose 3.00 points to close at 1,580.84. The broader All-Singapore index ended 6.72 points higher at 421.25.
In Kuala Lumpur, Malaysia's key stock index closed 1.6 percent lower in thin trade amid lack of fresh leads and in tandem with other major regional bourses.
The Kuala Lumpur Stock Exchange's 100-share weighted composite index ended at 698.23, down 11.68 points from Wednesday's close but the lesser second board index closed at 179.11, up 0.65 points, or 0.36 percent.
In Bangkok, Thai shares closed 0.8 percent weaker despite the stronger baht and early speculative buying in the finance sector, analysts said.
The Stock Exchange of Thailand (SET) composite index shed 4.12 points to finish at 498.67, while the SET 50 index fell 0.4 points to 36.97.
In Manila, Philippine share prices closed 0.5 percent lower in sideways trade as investors took to the sidelines amid the impasse between Indonesia and the IMF, brokers said.
The Philippine Stock Exchange index shed 11.92 points to 2,176.50.
In Seoul, share prices closed 0.9 percent higher on the Korea Stock Exchange, with local investors heartened by President Kim Dae-jung's reconfirmation that hostile foreign takeovers would be allowed, dealers said.
The composite index closed up 4.79 points at 535.84.
In Shanghai, the B share index lost 0.48 points to close at 55.08 points, while the A share index of locally-traded stocks ended down 11. 68 points, or 0.9 percent, at 1,242.67 points.
In Taipei, Taiwan stocks rose 0.3 percent as investors switched their sights from the high-technology sector to construction and non-technology issues, brokers said.
The Taiwan Stock Exchange weighted price index rose 25.82 points to 9,096. 37.
In New Zealand, stocks rose 0.9 percent led by Telecom Corp. amid strong demand internationally for phone shares.
The NZSE-40 was up 19.73 to 2,268.75 points.