Asian marts close sharply higher

Asian marts close sharply higher

HONG KONG (AP): Most Asian stock markets closed sharply higher
Monday following last week's dramatic gains on Wall Street.

In Jakarta, Indonesian shares closed higher on foreign
bargain-hunting after President Abdurahman Wahid said it would be
illogical to adopt capital controls to shore up the local
currency.

The Composite Index rose 2.1 percent, or 9.497 points, to
453.945.

The Japanese benchmark 225-issue Nikkei Stock Average rose for
a fourth straight session, climbing 401.73 points, or 2.39
percent, to 17,201.79. On Friday, the Nikkei gained 105.76
points, or 0.63 percent.

Technology stocks led the Nikkei to its first close above
17,000 since May 18.

Asian bourses took their cue from Wall Street, where shares
soared Friday after the U.S. government said that businesses cut
more jobs in May than any month in the last nine years.

The report eased concerns that the world's largest economy is
overheating, raising confidence the Federal Reserve won't be
forced to lead up interest rates to control inflation.

The tech-heavy Nasdaq composite index surged 230.88 points, or
6.4 percent, to 3,813.38 on Friday. The Dow Jones industrial
average rose 142.56 points to 10,794.76.

In currency trading, the U.S. dollar was quoted at 107.84 yen,
down 0.94 yen from Friday in Tokyo and also below its level of
108.14 in New York trading later that day.

South Korean shares posted the sharpest gains, with the key
index rising 4.4 percent on heavy foreign buying. The Korea
Composite Stock Price Index rose 33.52 points to 794.21.

In Hong Kong, the blue-chip Hang Seng Index surged 577.58
points, or 3.8 percent, closing at 15,861.68. On Friday, the
index had gained 342.91 points, or 2.3 percent.

Hong Kong brokers said fears of escalating U.S. interest rate
hikes have subsided.

"The urgency for rate hikes isn't as big as before and the
pace of increases will slow down," said Kenny Tang, research
manager at Tung Tai Securities.

Singapore shares also ended sharply higher on the easing of
concerns about rising interest rates. The Straits Times Index
gained 72.03 points, or 3.77 percent, to close at 1982.43.

Bucking the trend was the Kuala Lumpur Stock Exchange, where
the main Composite Index fell 9.86 points, or 1.1 percent, to
881.39.

The market was closed in New Zealand for a holiday.

In Bangkok, Thai shares also soared on the back of gains in
U.S. markets. The Composite Index rose 13.32 points, or 3.9
percent, to 352.60.

In Manila, Philippine shares surged on bargain-hunting as
gains late last week on Wall Street and favorable May inflation
data cheered investors. The 30-company Philippine Stock Exchange
Index rose 39.90 points, or 2.6 percent, to 1552.65.

In Taipei, the main Weighted Stock Price Index rose 22.57
points, or 0.25 percent, to 8,958.21.

In Sydney, the Australian share market closed higher, but lost
some of its steam in afternoon trading as investors' minds turned
to Wall Street's next move. The All Ordinaries Index rose 8.8
points, or 0.3 percent, to 3,105.1.