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).