Asian markets succumb to profit-taking

Asian markets succumb to profit-taking

HONG KONG (Reuter): Those markets around Asia not closed for religious holidays yesterday succumbed to profit-taking as investors, particularly foreigners, took advantage of recent index gains.

Singapore, Kuala Lumpur, Bangkok, Jakarta and Colombo were all closed.

Japan's 225-share Nikkei Average closed up 188.94 points, or 1.15 percent at 16,609.70. June Nikkei 225 futures were up 180 points at 16,650 yesterday, with 22,505 contracts traded.

In Hong Kong, the Hang Seng Index closed down 28.04 points at 9,189.79.

The Philippines' 30-share composite index slid 14.329 points, or 0.52 percent, to close at 2,717.941.

Stocks and Taipei both ended slightly lower on what brokers called consolidation. The composite index in Seoul closed 3.00 points lower at 887.11 after ranging from 887.09 to 893.63. The Taipei weighted index fluctuated within a narrow range all morning before ending 16.08 points, or 0.28 percent, down at 5,828.21.

Bucking the trend was New Zealand, whose top 40 share index closed at its highest level for eight months on lower interest rates and currency rates. The index rose 16.33 to 2,143.5 after a late afternoon buying burst in the leaders.

In London, the Financial Times-Stock Exchange index of 100 leading British shares had risen 5.1 points to 3,315.4.

In Paris, the CAC-40 share index dropped 21.15 to 1,996.12.

The 30-share DAX index in Frankfurt fell 8.11 to 2,088.81.