Asian shares moderate but trading in SE Asia weak
Asian shares moderate but trading in SE Asia weak
HONG KONG (AFP): Some Asian stock markets posted moderate
gains yesterday but most southeast Asian economies saw weak
trading as investors were pushed to the sidelines because of the
region's currency crisis.
Singapore's share market fell 1.3 percent on concerns over
ceaseless regional currency turmoil, while share prices at the
Jakarta Stock Exchange closed 4.0 percent lower in panic selling
as the rupiah weakened to all-time lows.
Malaysia, however, posted a modest gain on thin trading
despite concerns about the local currency, the ringgit.
In Tokyo, Japanese share prices closed 1.1 percent higher on
Friday, backed by technically-driven short covering after six
consecutive trading days of declines, brokers said.
The Nikkei stock average of 225 select issues on the Tokyo
Stock Exchange rose 192.41 points to finish at 17,647.45.
In Hong Kong, share prices rose 0.5 percent Friday in quiet
trading on selective buying, mainly of financial shares, dealers
said.
"Trading has been quiet, with no incentives to spur buyings,"
said Ricky Tam, research director at Delta Asia Securities.
The Stock Exchange of Hong Kong's key Hang Seng Index gained
78.72 points to close at 15,128.02.
In Singapore, blue-chip share prices ended 1.3 percent lower
Friday on concerns over ceaseless regional currency turmoil,
dealers said.
The benchmark Straits Times Industrial index of the Stock
Exchange of Singapore fell 25.56 points to end at 1,902.04 while
the broader All-Singapore index was down 6.45 points 463.09.
In Sydney, the Australian Stock Exchange's main indicator, the
all ordinaries index, fell 15.8 points to 2,763.1, after a late
adjustment Thursday.
In Kuala Lumpur, Malaysia's key stock index closed 0.7 percent
higher Friday on local support in thin trade amid prevailing
caution over the direction of the local ringgit, dealers said.
The Kuala Lumpur Stock Exchange's 100-share weighted composite
index rose 5.71 points to 797.29 while the second board index
gained 0.14 of a point, or 0.03 percent, to 401.05.
In Jakarta, share prices at the Jakarta Stock Exchange closed
4.0 percent lower in panic selling Friday as the rupiah weakened
to all-time lows, dealers said.
The composite index closed down 21.447 points at 515.477
points.
In Bangkok, Thai share prices declined 0.5 percent in thin
trading following a downgrade of Thailand's foreign currency
ceiling by Moody's Investor Service the previous day, analysts
said.
The Stock Exchange of Thailand (SET) broad-based index was off
2.49 points at 548.37 points, while the SET-50 selected index
dropped 0.24 points to 41. 56 points.
In Auckland, the New Zealand Stock Exchange 40 index rose
18.32 points, or 0. 7 percent, Friday to 2592.58.
In Taipei, the Taiwan Stock Exchange weighted price index
advanced 32.52 points to 8, 537.18.
In Manila, Philippines share prices were marginally down
Friday on high interest rates and lingering fears more firms
would default on their loans.
The Philippine Stock Exchange composite index fell 1.80 points
to 2,029.67.
In Shanghai and Seoul, stock markets closed due to holidays.
In London, the FT-SE 100 index of leading shares was showing a
gain of 7.9 points at 5,304.
In Paris, the CAC-40 index surged 0.8 percent to 3,076.61
points.
Shares in Barclays, one of the top British commercial banks,
plummeted by 62 pence to 1,685 after it said it had put parts of
its BZW investment banking arm up for sale without a buyer.