Asian markets fall as buyers stay out

Asian markets fall as buyers stay out

TOKYO (AFP): Asian stock markets with the exception of
Shanghai tumbled Monday as buyers stayed on the sidelines in the
absence of fresh incentives, dealers said.

Shanghai B shares, technically reserved for foreign investors,
rose 6.4 percent as a profit-sharing plan announced by a toy and
textiles maker sparked buying, dealers there said.

Elsewhere in the region, Tokyo and Jakarta fell slightly, Hong
Kong dipped 1.1 percent and Australian shares closed down 0.8
percent. Bangkok slipped 1.0 percent, Seoul lost 1.4 percent and
Taipei tumbled 1.9 percent.

Singapore, Kuala Lumpur and Bombay were closed Monday for a
Muslim holiday.

Dealers said investors were sidelined by a lack of fresh
leads, and caution prevailed ahead of a meeting later this week
of the US Federal Reserve's policymaking committee.

In Tokyo, share prices gave up early gains in the absence of
fresh trading pegs, brokers said.

The Nikkei 225 index fell 8.15 points to end thin trading at
16,008.84, after gaining nearly 170 points. The Topix of all
issues in the first section on the Tokyo Stock Exchange edged up
0.89 points at 1,268.67.

In Jakarta, Indonesian shares prices closed barely lower with
late buying in select big caps trimming early losses, dealers
said.

An institutional dealer at a Singapore brokerage said the
market was generally quiet due to a lack of developments and
foreign participation.

"In general the market was very quiet but the transaction
value was big enough due to some big crossings," he said.
The Jakarta Stock Exchange composite index closed down 0.086
point at 392.862.

Another dealer at a regional brokerage said the market
recovered early losses on late buying in some big caps including
car manufacturer Astra, cigarette maker Gudang Garam and
satellite operator Indosat.

The dealer said the late recovery did not reflect the
underlying market sentiment on the stocks.

In Hong Kong, share prices fell 1.1 percent on a lack of fresh
incentives ahead of the expiry of the March futures contract,
dealers said.

"There is no buying interest due to futures expiration. It is
quiet with no new incentives," said Sean Li, associate director
at Amsteel Securities.

The key Hang Seng index lost 114.84 points to close at
10,688.47 -- its lowest level in more than a week.

In Sydney, Australian share prices closed down 0.8 percent
with weak resource stocks weighing on the market following strong
gains last week, dealers said.

The Australian Stock Exchange's benchmark All Ordinaries index
sank 22.6 points to 2,974.0.

In Bangkok, the Stock Exchange of Thailand (SET) composite
index fell 3.59 points to 363.32, while the SET 50 selected index
lost 0.27 points to 26.78.

In Manila, the Philippine Stock Exchange composite index
finished 12.81 points lower at 2,009.26.

In Seoul, the composite index closed the day 8.72 points lower
at 601.07, off a low of 596.73.

In Taipei, the benchmark Taiwan Stock Exchange weighted price
index fell 131.57 points to 6,901.68.

In Shanghai, the Shanghai Stock Exchange's B-share index,
which tracks shares reserved for foreigners, gained 1.71 points
to finish at 28.31 points. The A-share index of locally traded
stocks ended up 8.28 points, or 0.7 percent, at 1,244.24 points.

In Auckland, New Zealand's share market fell 0.3 percent with
a number of stocks going ex-dividend.

The NZSE-40 capital index finished down 5.68 points at
2,117.48.