Asian markets mostly lower, Tokyo rises

Asian markets mostly lower, Tokyo rises

HONG KONG (AP): Asian stock markets closed mostly lower Wednesday, but Tokyo's key stock index surged to a three-year high on better-than-expected economic data.

Tokyo's 225-issue Nikkei Stock Average gained 332.31 points, or 1.6 percent, to close at 20,706.65 points.

The Nikkei has jumped 5.1 percent in the last four sessions, closing Wednesday at its highest since Dec. 10, 1996, when it finished at 20,822.12.

On Tuesday, the Nikkei had risen 0.5 percent.

Large pension funds and other institutional investors snapped up technology stocks and other blue-chip shares, traders said.

Buyers were encouraged by better-than-expected industrial output data, which suggested parts of Japan's ailing economy may be moving toward recovery.

The government reported that adjusted February industrial output rose 3.0 percent from January, slightly faster than the 2.8 percent predicted by private economists.

In Hong Kong, share prices fell back, snapping a five-day winning streak that pushed blue chips to two consecutive record finishes.

The Hang Seng Index fell 1.1 percent, or 205.32 points, to 18,096.37.

The Hang Seng had soared 6.4 percent in the previous five sessions, including a tiny 0.04 percent gain Tuesday that lifted the index to a record close of 18,301.69.

Investors found little incentive to buy.

"In Hong Kong, telecoms stocks look a bit tired after recent rallies, while banking and property stocks continue to underperform - there isn't much attraction from either," said William Li, research analyst with Celestial Asia Securities Ltd.

In currency dealings, the U.S. dollar fell against the Japanese yen. It bought 106.02 yen late Wednesday in Tokyo, down 0.42 yen from Tuesday but above its late New York level of 105.88 yen late Tuesday.

In Jakarta, Indonesian shares rose as late buying in banking and cigarette blue chips offset earlier losses. The JSX Composite Index rose 2.947 points, or 0.5 percent, to 591.679.

In Bangkok, Thai shares fell slightly, giving up early gains amid political uncertainty after Interior Minister Sanan Kachornprasart resigned in the afternoon. The Stock Exchange of Thailand composite index lost 1.75 points, or 0.4 percent, to 410.69.

In Kuala Lumpur, Malaysian shares edged higher as investors expected no surprise from the central bank's annual report, released after the market close. The Composite Index closed at 985.13 points, up 3.56 points, or 0.4 percent.

In Manila, Philippine shares fell on concerns over the country's growing law and order problem. The Philippine Stock Exchange Index fell 9.94 points, or 0.6 percent, to 1,691.14.

In Taipei, Taiwanese shares fell on overnight Wall Street losses and concerns that the local market might have risen too much, too quickly. The Weighted Price Index fell 50.91 points, or 0.51 percent, to 9,805.69.

In Seoul, South Korean shares rallied, led by gains in shares of computer chip firms and other blue chips. The Korea Composite Stock Price Index rose 17.22 points, or 1.9 percent, to 908.51.

In Singapore, share prices fell as investors started selling after a big rally on Tuesday. The Straits Times Index fell 26.17 points, or 1.2 percent, to 2,181.46.

In Sydney, Australian shares finished lower, with losses seen across most sectors. The All Ordinaries Index fell 8.2 points, or 0.3 percent, to 3,228.5.

In Wellington, New Zealand shares rose for the first time in three sessions, led by media and telecommunications stocks. The NZSE-40 Capital Index rose 12.50 points, or 0.6 percent, to 2,042.60.