Asian markets wary of RI-IMF standoff
Asian markets wary of RI-IMF standoff
HONG KONG (AFP): Asian share prices closed mixed yesterday
amid lingering concern over Indonesia's intent to carry out
economic reforms called for by the International Monetary Fund
(IMF) in return for a bailout package.
Fragile sentiment over the apparent standoff between Jakarta
and the IMF remained as President Soeharto was sworn in for a
seventh consecutive five-year term.
Indonesian officials are to travel to Washington to meet IMF
officials later this week.
Markets in Sydney and Taipei were slightly up on a stronger
Wall Street.
Hong Kong share prices closed 2 percent higher amid lower
interbank rates and an easing of concerns about regional
currencies, dealers said.
Dealers said financials and property stocks benefited most
from the lower interbank rates, but added the moderate turnover
pointed to underlying caution.
The Hang Seng Index closed up 220.28 points at 11,118.85 after
a low of 10, 984.43 and a high of 11,166.08. on turnover of
HK$5.60 billion (US$724.45 million).
In Tokyo, Japanese share prices closed 1.4 percent lower due
to strong selling pressure from corporate investors ahead of the
March 31 financial year end, brokers said.
Share prices came under pressure due to profit-taking which
was centered on international blue chip leaders, along with
selling of selected high technology and construction leaders,
they said.
The Tokyo Stock Exchange's key Nikkei stock average fell
226.68 points to end at 16,756.14, while the broader Topix index
of all first-section issues dropped 13.99 points to 1,261.11.
In Australia, shares rose 0.8 percent following a record-
breaking day on Wall Street and stronger markets in Hong Kong,
brokers said here.
The Australian Stock Exchange's key All Ordinaries index rose
21.9 points to 2,714.8 points, off its early high of 2,724.2
points.
In Singapore, benchmark stock index closed 2.1 percent higher
amid regional currency stability and optimism of a compromise
between Indonesia and the IMF.
The Straits Times Industrials index ended 31.79 points higher
at 1,577. 84. The broader All-Singapore index ended 5.77 points
higher at 414.53.
In Kuala Lumpur, Malaysia's key stock index closed 0.1 percent
lower in thin trade amid mild profit-taking.
"There was some profit-taking coupled with investors'
sentiment being cautious," an institutional dealer with a local
brokerage said.
The Kuala Lumpur Stock Exchange's 100-share weighted composite
index ended at 709.91 points, down 0.56 points from Tuesday's
close, while the lesser second board index closed at 178.46, down
5.73 points, or 3.1 percent.
In Bangkok, the Thai share market slipped 1.1 percent as
investors took profits amid concerns about local banks and the
direction of Indonesia's economic policy, analysts said.
The Stock Exchange of Thailand (SET) composite index dropped
5.76 points to end the day at 502.79, while the SET 50 selected
index fell 0.57 points to 37.37 points.
In Manila, Philippine share prices closed 2.5 percent higher
as investors snapped up bargains after a six-day slide.
"It's just a technical rally after six days of losing more
than 150 points, " James Ortiz-Luis of R. Coyiuto Securities Inc.
said.
The Philippine Stock Exchange index gained 53.51 points to
2,188.42.
In Seoul, share prices closed 1.0 percent higher on the Korea
Stock Exchange amid foreign bargain-hunting for large-cap shares,
dealers said.
The composite index closed up 5.49 points at 531.05, off a
high of 540.94.
In Shanghai, the B share index lost 0.36 point to close at 55.
56 points while the A share index of locally-traded stocks ended
down 10.37 points, or 0.8 percent, to 1,254.35 points.
In Taipei, Taiwan stocks rose 1.5 percent, buoyed by overnight
gains on Wall Street, dealers said.
The Taiwan Stock Exchange weighted price index gained 133.28
points to 9, 030.55.
In New Zealand, share market closed up 0.8 percent on a rally
in forestry shares.
The NZSE-40 index was up 18.09 points to 2,249.02.