Asia-Pacific stock markets end mixed

Asia-Pacific stock markets end mixed

SINGAPORE (AFP): Asia-Pacific stock markets ended mixed yesterday as wary investors treaded with caution over Indonesia's standoff with the IMF amid the reappointment of President Soeharto to a seventh term.

Singapore, Tokyo, Kuala Lumpur, Sydney and Seoul were among the gainers. Hong Kong, Bangkok and Manila ended in negative territory.

The standoff caused by the International Monetary Fund's announcement Friday that it would withhold crucial bailout funds for Indonesia deepened, with the World Bank and the Asian Development Bank following suit Monday.

The Bank and the ADB said they would not disburse rescue funds until Indonesia adopted reforms spelled out by the IMF-led bailout package worth some US$40 billion including dismantling of monopolies and restructuring of the banking sector.

Some investors were still optimistic that a solution could be found and that the newly reelected Indonesian president would compromise.

In Singapore, shares rose 0.5 percent amid such optimism. "Sentiment was more positive today. There is increasing optimism Indonesia will pursue reform to get IMF aid," a dealer with a local brokerage said.

The Straits Times Industrials index rose 7.39 points to 1,546.05, off a high of 1,561.20. The broadly based All-Singapore index rose 3.58 points to 408.76.

In Tokyo, Japanese share prices closed slightly higher in range-bound trading on bargain-hunting in selected electricals and steels, brokers said.

The key Nikkei stock average of 225 select issues rose 10.29 points to end at 16,982.82 on the Tokyo Stock Exchange, but the broader Topix index of all first-section issues edged down 1.71 points at 1,275.10.

In Hong Kong, share prices ended down 0.9 percent in thin trade on regional concerns and a lack of fresh leads, with the Indonesian economic and political situation staying in focus, dealers said.

The key Hang Seng index closed down 95.92 points at 10,898.57, off an early high of 11,093.61, on turnover of 4.95 billion Hong Kong dollars (640 million US).

In Kuala Lumpur, Malaysia's key stock index closed 3.6 percent higher in moderate trade due to a firmer ringgit.

The Kuala Lumpur Stock Exchange's 100-share weighted composite index ended at 710.47 points, up 24.59 points from Monday's close while the lesser second board rose 10.6 points, or 6.1 percent, to 184.19.

In Australia, the Australian Stock Exchange's key barometer, the All Ordinaries index, rose 12.2 points to 2,692.9, after having moved above 2,700 points during the day.

In Bangkok, Thai share prices slipped 0.3 percent as investors were sidelined amid doubts about the direction of regional currencies, analysts said.

The Stock Exchange of Thailand (SET) composite index dropped 1.43 points to finish at 508.55, while the SET 50 selected index drifted 0.04 points lower to 37.94.

In Manila, Philippine share prices closed 1.9 percent lower due to concerns over possible instability in the region's currencies.

The Philippine Stock Exchange composite index fell 40.5 points to 2,134.91 points.

In Seoul, share prices closed 3.5 percent higher on the Korea Stock Exchange as investors intensified bargain-hunting in late trade and selling pressure in the futures market eased, dealers said.

The composite index closed up 17.85 points at 525.56.

In Taipei, Taiwan stocks edged up 0.1 percent with most buyers sidelined amid market consolidation, brokers said.

The Taiwan Stock Exchange weighted price index rose 9.91 points to 8,897. 27.

In Shanghai, the B shares, nominally reserved for foreign investors, rose 2.1 percent as retail investors turned optimistic of the stocks' upside potential, analysts said.

The Shanghai Stock Exchange's B share index rose 1.13 points to close at 55.92 points while the A share index of locally- traded stocks ended down 1.6 points, or 0.1 percent, at 1,264.72 points.

In New Zealand, stocks fell 0.7 percent but volumes in some market leaders were boosted in late trade. T he NZSE-40 index was down 15.25 to 2,230.93 points on turnover of NZ$78.5 million (US$45.2 million).