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.