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.