Asia-Pacific stock marts close mixed

Asia-Pacific stock marts close mixed

HONG KONG (AFP): Stock markets across the Asia-Pacific region closed mixed yesterday, with Kuala Lumpur seeing a technical rebound following instability in the wake of Prime Minister Mahathir Mohamad's harsh words over currency trading.

The impact of Mahathir's declaration that forex trading was "immoral" and should be outlawed lessened although one dealer in Kuala Lumpur suggested the government's investment arm may have stepped in to support the market.

In Singapore, the blue-chip stock index rose marginally, buoyed by the rebound in neighboring Malaysia, dealers said.

The Straits Times Industrials index of leading shares on the Stock Exchange of Singapore closed 7.87 points or 0.4 percent higher at 1,916.10 while All-Singapore index rose 5.29 points to 462.69.

In Sydney, the key all ordinaries index rose 12 points to 2,776.9, eclipsing Monday's record closing high, with brokers noting resources remained unpopular as buyers continued to opt for industrial stocks.

In Kuala Lumpur, Malaysia's key stock index closed 2.7 percent higher on a technical rebound, with strong local buying support after recent sharp falls.

"The absence of sellers in the market, coupled with buying from local institutional funds reversed earlier falls and kept the index in positive territory," said a senior institutional dealer at a bank-linked brokerage.

The Kuala Lumpur Stock Exchange's 100 share-weighted composite index rose 20.70 points to 781.20, after hitting an intra-day low of 750.74. The lesser second board index added 8.75 points, or 2.2 percent, to 410.70.

In Bangkok, Thai share prices closed 2.3 percent firmer, with speculative buying of banking and finance shares as the baht strengthened, analysts said.

The Stock Exchange of Thailand (SET) broad-based index was up 12.23 points at 536.03 points, while the SET-50 index of selected counters gained 1.24 points to 40.19 points.

In Manila, Philippine share prices fell 2.2 percent dragged down by banking issues on fears of more firms defaulting on bank loans.

The Philippine Stock Exchange index lost 46.56 points to close at 2,049.67.

In Seoul, share prices on the Korea Stock Exchange fell 2.1 percent with sentiment depressed by rising interest rates, the falling won and problems over the Kia Group, dealers said.

The Composite Stock Price Index closed down 14.08 points to close at 654. 37. Volume was 26.4 million shares worth 397.8 billion won (US$437 million).

In Shanghai, the B shares, nominally reserved for foreign investors, plunged 2.9 percent on the back of weakness in domestically traded A shares, analysts said.

The Shanghai Stock Exchange's B share index dropped 2.24 points to close at 74.76 points.

In Taipei, share prices closed 1.6 percent lower as investors Cioqe to be on the sidelines, brokers said.

The Taiwan Stock Exchange weighted price index dropped 147.22 points to 9, 073.77.

In Wellington, share prices on the New Zealand stock exchange closed down 0.3 percent.

The NZSE-40 capital index closed down 7.16 points at 2,566.45 on a turnover of NZ$63.90 million (US$40 million).

In London, the FT-SE 100 index of leading shares was showing a loss of 7.7 points at 5,068. Earlier, the Footsie had come within a whisker of breaking a new all-time high as it reached 5,095.1 points.

In Paris, the CAC-40 index opened 20.29 points lower at 2,997.16.