Asian markets end mixed amid rupiah uncertainty

Asian markets end mixed amid rupiah uncertainty

HONG KONG (AFP): Asian markets ended trading yesterday with
mixed results on a general lack of leads and continued confusion
over Jakarta's plans to adopt a currency board system for its
beleaguered currency, analysts said.

While most markets made slight gains, Kuala Lumpur share
prices were down amid ringgit worries linked to uncertainty over
the rupiah and the currency board system.

Hong Kong share prices rose 0.8 percent despite profit-taking
after the market breached the 10,800-points level on expectations
of good annual results from HSBC Holdings plc, dealers said.

The key Hang Seng index gained 85.42 points to close at
10,685.21.

In Tokyo, Japanese share prices ended 0.9 percent lower in
lackluster trading, pressured by profit-taking following the
weekend Group of Seven (G-7) meeting, brokers said.

Foreign investors were the main profit-takers as the yen was
sold in the foreign exchange market on the lack of Japan's pledge
at the London G7 meeting to put together new economic measures to
boost domestic demand, brokers said.

The key Nikkei stock average on the Tokyo Stock Exchange fell
146.75 points to 16,609.49. The Topix index of all first-section
issues declined 6. 11 points to 1,254.58.

In Australia, the main indicator, the All Ordinaries index,
rose 10.0 points to 2,655.1. The All Industrials index gained
19.5 points to 4,556.1 and the All Resources index rose 2.2
points to 1,138.1.

In Singapore, share prices closed 0.4 percent higher in
aimless trade, in the absence of fresh developments to spur the
market.

"People are just sitting on their hands at the moment," a
dealer with a European-based investment bank said.

The Straits Times Industrials index rose 6.12 points to
1,551.91. The broader All-Singapore index rose 2.63 points to
413.15.

In Kuala Lumpur, Malaysian share prices closed 1.0 percent
lower on light profit-taking amid a lack of fresh local leads and
continued uncertainties in Indonesia, dealers said.

"Selling is slightly stronger than buying, and they are
waiting for developments in Indonesia which will affect the
ringgit either way," she said.

The Kuala Lumpur Stock Exchange composite index ended at
720.46 points. down 7.60 points from Friday's close.

In Bangkok, the Thai share market closed marginally lower on
profit-taking in leading blue chips and ahead of an announcement
on possible tax rises, analysts said.

Analysts said investors also were waiting to see if official
meetings in Iraq would lead to a resolution of the crisis or a
U.S.- led attack on Iraq over weapons inspections.

The Stock Exchange of Thailand (SET) slipped 0.01 points to
close at 521. 82 points while the SET 50 index fell 0.25 points
to 39.12.

In Manila, Philippine share prices closed one percent lower as
foreigners shunned the market, analysts said.

"There just isn't any buying enthusiasm. I don't see any
foreign buying," said Irving Ackerman, president of I. Ackerman
and Co. Inc.

The Philippine Stock Exchange composite index fell 19.91
points to close at 2,116 points.

In Seoul, share prices closed 2.7 percent higher on the Korea
Stock Exchange, with investors buoyed by an apparent resolution
of the Gulf crisis and hopeful of market boosting measures by the
new government of president-elect Kim Dae-Jung, dealers said.

The composite index closed up 14.11 points at 543.06.

In Shanghai, the share index rose 0.11 points to close at
55.08 points, while the A share index of locally-traded shares
fell 18.78 points, or 1.45 percent, to 1,274.55 points.

In Taipei, the Taiwan stock market rose 0.6 percent to the
highest level this year on upbeat sentiment, dealers said.

The Taiwan Stock Exchange weighted prices index rose 58.19
points to 9,147. 00.

In New Zealand, the NZSE-40 index lost 23.92 points to close
at 2,258.71.