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.