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.