Asian markets look to stronger Wall Street

Asian markets look to stronger Wall Street

SINGAPORE (AFP): Asian markets were looking yesterday towards moves by Indonesia to institute a currency board to better regulate trade in the beleaguered rupiah after a stronger Wall Street sparked early rises and profit-taking, dealers said.

Singapore share prices ended 1.1 percent higher on the back of firmer regional currencies, dealers said.

The Straits Times Industrial index of the Stock Exchange of Singapore rose 18.28 points to 1,621.25 while the broader All- Singapore index rose 3.03 points to 420.74.

In Hong Kong, share prices dropped 0.6 percent here as profit- taking pared early gains notched up on the back of a strong Wall Street, dealers said.

The key Hang Seng index shed 66.26 points to close the day's trading at 10, 793.41, after opening 2.8 percent higher and breaching the 11,000-points level for the first time in more than two months.

In Sydney, the Australian Stock Exchange's main indicator, the All Ordinaries index, gained 10.0 points to 2,678.0. The All Industrials index finished the day up 23.3 points to 4,559.2 while the All Resources lost 1.6 points to 1,181.7.

In Kuala Lumpur, Malaysia's key stock index closed 0.4 percent lower in heavy trading as profit-taking gained momentum in the last hour to reverse earlier gains, dealers said.

The Kuala Lumpur Stock Exchange's 100-share weighted composite index dipped 2.70 points to finish at 739.87, off an earlier high of 764.94.

In Tokyo, markets were closed for a holiday.

In Manila, Philippine share prices surged 6.7 percent as foreign funds returned amid an improving outlook for troubled Asia.

The Philippine Stock Exchange composite index gained 139.45 points to 2, 218.32.

In Seoul, share prices closed 4.0 percent lower on the Korea Stock Exchange with sentiment depressed by threats of strikes over a lay-off law by a militant umbrella labor union, dealers said.

The composite index closed down 21.63 points at 520.14.

In Shanghai, the B share index lost 1.42 points to close at 54.19 points, while the A share index of locally-traded stocks rose 15.43 points, or 1.2 percent, to 1,319.76 points.

In Taipei, Taiwan stocks rose 1.7 percent, buoyed by overnight gains on Wall Street and ample liquidity in the market, dealers said.

The Taiwan Stock Exchange weighted price index rose 145.76 points to 8,713. 42.

In Auckland, the New Zealand Stock Exchange closed up 1.4 percent influenced by an overnight rise on Wall Street.