Asian stock markets close firmer

Asian stock markets close firmer

HONG KONG (Reuter): Most major Asian stock markets ended the week with gains yesterday. Futures-led buying propelled the Tokyo Nikkei average to a 45-week high, and Manila and Kuala Lumpur shares closed higher on the back of blue chip buying.

In Tokyo, Nikkei average ended at a 45-week high as strong futures encouraged arbitrage-linked buying in the cash market, although the index failed to rise above the psychologically important level of 19,000.

The Nikkei closed up 88.68 points at 18,833.10, its highest finish since 18,840.22 on January 20 this year. It went as high as 18,985.85 just before the close.

In Hong Kong, the Hang Seng index ended up 49.21 points or 0.5 percent at 9,862.55, off its day's high of 9,920.87.

Dealers attributed the surprisingly strong early gains to large buy orders from a major player. "A big trader was trying to squeeze the market up because it has very long spot and futures positions," an analyst with a Japanese firm said.

In Bangkok, Thai stocks roared to a sharply higher close after a wave of buying late in the session by foreign investors and local mutual funds, brokers said.

The stock index leapt 2.40 percent, ended 28.69 points higher at 1225.31.

In Bombay, the Bombay Stock Exchange 30-share index was up more than 1.5 percent in late trade after rising sharply on Thursday on news that index heavyweight Reliance wants its shares delisted.

In Kuala Lumpur, the composite index was 5.49 points lower at 944.37.

In Manila, the blue-chip buying by foreign players lifted Manila shares higher in a session that was twice suspended and cut short by a computer glitch, brokers said.

The index ended up 24.98 points, or 1.02 percent, at 2,467.14 points.

In Seoul, stocks closed higher in extremely thin trading in what brokers described as a technical rebound following recent steep falls. The composite stock index added 8.08 points to 939.00.

In Singapore, shares ended firm with Malaysian over the counter stocks taking the limelight.

The benchmark Straits Times Industrial Index ended up 2.40 points to 2,130.51.

The Jakarta composite index rose 4.99 points, or 1.04 percent, to close at 486.72 after touching the day's high of 490.44 in late trading.

In Sydney, the All Ordinaries index was 4.5 points higher at 2163.3.

The Financial Times-Stock Exchange index of 100 leading British shares was up 14.2 at a record 3,678.5.

In Paris, the CAC-40 index had slumped 14.81 points to 1,813.88.

The 30-share DAX in Frankfurt was 17.83 up at 2,260.86.