Asian currencies end mostly flat-higher

Asian currencies end mostly flat-higher

HONG KONG (Dow Jones): The majority of Asian currencies ended
local hours Monday flat to a touch higher, as regional markets
stagnated ahead of the end of the year.

The South Korean won, however, lost ground, depressed by
dollar purchases executed by state-run banks in Seoul.

The Thai baht ended slightly stronger in thin trading after
the government of Prime Minister Chuan Leekpai defeated an
opposition censure motion by 229 votes to 125 in parliament.

Generally positive investor sentiment toward the Thai currency
was further reinforced when the state planning agency said gross
domestic product in the third quarter grew by 7.7 percent
compared with the same period the previous year. Industrial
production was up by 17.4 percent.

Officials predicted that Thailand's GDP will grow by 4.1
percent over 1999 as a whole, and forecast 4.4 percent growth for
2000. As import demand picks up next year, the country's current
account balance is expected to shrink, but at 6 percent of GDP
the surplus should continue to support the baht.

Toward the end of Asian trading, the U.S. dollar was quoted
against the baht at 37.9750 baht, down from 38.0025 baht late
Friday.

The Philippine peso also ended a touch stronger on Monday, but
with only around US$93 million traded during the session, far
less than normal market volume at other times of the year,
observers hesitated to read any significance into the currency's
advance.

At the Manila close the dollar was quoted at 40.570 pesos,
down from 40.635 pesos Friday.

The Singapore dollar ended Asian hours barely changed, with
the U.S. currency quoted at S$1.6730, compared with S$1.6725
Friday. Dealing was unaffected by news that Singapore's non-oil
exports were up by an unexpectedly large margin of 24.5 percent
in November compared with the previous year.

The market had expected a rise of around 18 percent, but wary
of official intervention, dealers remained reluctant to bid the
local currency higher.

Against the Indonesian rupiah, the dollar ended steady at Rp
7,092 compared with Rp 7,065 Friday.

The U.S. currency also gained against the won, which closed
down in response to dollar purchases from state-run banks and
domestic corporations.

At the Seoul close, the dollar was at 1,136.00 won up from
1,130.30 won on Friday.

The New Taiwan dollar ended little changed, with the U.S.
dollar finishing at NT$31.661 compared with NT$31.657 at the
previous close. Trading volumes were a slim $149.50 million.