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.