Asian markets end mostly steady

Asian markets end mostly steady

HONG KONG (Reuter): A strong gain in Japanese share prices and
a plunge in Taipei brought to life an otherwise lackluster Easter
Monday for Asia's share markets.

Japanese stocks ended the day 1.6 percent up on the back of
arbitrage-linked buying after briefly falling below the 16,000
level in morning trade.

In Tokyo, brokers said stocks ended higher on purely technical
trading.

Share indices eked out gains on arbitrage-linked buying amid a
lack of other trading incentives with many foreign investors away
on Easter holidays.

The Nikkei share average added 256.26 points, or 1.6 percent,
to end at 16,304.15 after hitting a day low of 15,892.91.

In Taiwan, shares ended the day 2.17 percent down on bearish
sentiment in the financial sector, brokers said. Reluctant
investors also helped Shanghai's hard-currency B share to close
lower on the year's lowest volume.

Brokers in Taiwan said the weighted index opened low and
continued to plunge, ending 135.68 points, or 2.17 percent down,
at 6,112.07.

Financials fell 5.01 percent on heavy losses by the big three
banks -- Hua Nan, Chang Hwa and First banks. Hua Nan led the
loss, falling 6.54 percent.

Shanghai's hard-currency B shares also closed down with most
investors sidelined because of the holiday.

The B share index dropped 0.356 points, or 0.65 percent, to
54.46 points on volume of 1.164 million shares. Only 16 out of a
total of 34 B shares in Shanghai traded.

Markets in Australia, Hong Kong and New Zealand were closed
yesterday for holidays.

The dollar was sharply down in late Tokyo trade at 82.13 yen
after New York's previous close of 83.25 yen. Short-covering and
buying by the Bank of Japan rescued the U.S. unit from the day's
low of 81.60 yen.

In Bangkok, Thai stocks closed slightly higher on the Bank of
Japan's 0.75 percentage point cut in its discount rate last week
but trade remained thin on continued dollar worries, brokers
said.

The SET index closed 1.24 points higher at 1,194.13.

In Kuala Lumpur, Malaysian share prices closed broadly lower
on forced selling by clients unable to pay for their scrips,
brokers said.

The key Kuala Lumpur Stock Exchange's Composite Index ended
down 3.34 points at 962.63.

In Singapore, shares were weaker as fund managers were mostly
sidelined on lack of fresh corporate developments, brokers said.

The 30-share Straits Times Industrials index closed down 17.69
points at 2,053.73.

In Bombay, Indian share prices closed almost unchanged at the
end of a dull day's trade with most mutual funds staying away
from the market, brokers said.

The 30-share Bombay Stock Exchange index closed 1.87 points
lower at a provisional 3,462.89 while the composite 100-share
national index slipped slightly -- by 3.18 points -- to a
provisional 1,682.78.