Asian shares lower despite HK, Tokyo rises

Asian shares lower despite HK, Tokyo rises

TOKYO (AFP): Share prices in Asian markets were mostly lower Wednesday despite modest rises in the key markets of Tokyo and Hong Kong.

In Jakarta, Indonesian share prices closed down 1.3 percent on domestic political concerns after a massive rally by supporters of President Abdurrahman Wahid turned violent in East Java. The Jakarta Stock Exchange composite index was down 5.777 points at 444.333, off a low of 438.673.

Dealers said the reports of the rally in Surabaya only heightened concerns about the overall security situation and the current stand-off between Wahid and the lower house of parliament over allegations of corruption against the president.

However, the market came off its lows on the view that the situation was unlikely to deteriorate further.

Bargain hunting in selected stocks lifted the overall markets in Japan and Hong Kong, although technology shares remained under pressure after profit warnings from key companies in the region and the U.S.

Share prices in Tokyo edged up 0.7 percent as foreign investors led bargain hunting after the key market index fell for four straight trading days.

The Tokyo Stock Exchange's Nikkei-225 average closed up 96.16 points at 13,366.01.

In Hong Kong, share prices closed 0.9 percent higher led by utilities with investors viewing the sector as a safe haven with the outlook for the market remaining uncertain.

The key Hang Seng index gained 136.23 points to close at 16,049.47, on turnover of 7.12 billion Hong Kong dollars (914 million US).

"The market looks quite mixed today, but turnover remained relatively low as investors were tending to wait for further fresh leads in the market, said Howard Gorges, a director of South China Securities.

In Sydney, Australian shares closed 0.4 percent lower in a muted reaction to a widely expected 0.5 percentage point cut in official interest rates.

The All Ordinaries index slipped 13.5 points to 3,262.8, and the SP/ASX200 index shed 13.2 points to 3,312.1.

In Singapore, share prices closed 0.3 percent lower due to a lack of fresh leads in quiet trade.

The Straits Times Index fell 5.12 points to 1,942.65.

There was some consolidation in second-liners after their recent sharp gains, while select technology issues were dragged lower after the second quarter results of Internet networking giant Cisco Systems came in below expectations, dealers said.

In Kuala Lumpur, Malaysian shares closed 0.5 percent lower following extended profit-taking and some forced selling.

The Kuala Lumpur Stock Exchange composite index ended down 3.71 points at 729.10.

An institutional dealer with a local brokerage said technical indicators were turning positive, although the market was still "very overbought" after a recent sustained rally that lasted nine trading days.

In Seoul, South Korean share prices fell 1.7 percent on program and foreign selling of major stocks one day ahead of the expiry of options.

The Korea Stock Exchange composite index closed down 10.39 points at 576.19.

In Manila, Philippine share prices closed 0.3 percent lower due to uncertainty created by the killing of a leftist leader and questions over economic policies of the new government.

The Philippine Stock Exchange composite index fell 4.98 points to 1,659.25.

In Taipei, Taiwan share prices fell 2.7 percent on selling of technology issues after the world's largest semiconductor foundry issued a bearish first quarter outlook.

The Taiwan Stock Exchange weighted price index sank 155.48 points to 5,693.58, on turnover of 93.52 billion Taiwan dollars (2.90 billion US).

In Bangkok, Thai stocks rose 1.3 percent due to interest in banks and financial stocks.

The Stock Exchange of Thailand (SET) composite index rose 4.35 points to 327.51 and the SET 50 was up 0.32 points at 23.45.

Investors were mostly sidelined as they awaited Thailand's parliamentary vote for prime minister Friday and a public holiday Thursday, an analyst said.