Asian stock markets close generally mixed

Asian stock markets close generally mixed

HONG KONG (AP): Asian stock markets ended generally mixed Friday, with the key index in Jakarta surging more than 4 percent despite the violence in East Timor.

The Jakarta market was hit by bargain-hunting, with the Composite Index surging 24.761 points, or 4.6 percent, to close at 562.776.

However, traders remained skeptical whether share prices can sustain the rally, which began Thursday after investors moved in to snap up bargain stocks.

They warned that the market could come under renewed pressure next week if the political uncertainty over the Indonesian government's handling of the East Timor crisis deepens.

In Tokyo, the benchmark 225-issue Nikkei Stock Average gained 33.46 points, or 0.19 percent, to finish the day at 17,711.02. On Thursday, the average closed up 36.18 points, or 0.21 percent.

Tokyo prices rose after concerns about the strong Japanese yen subsided on the morning jump in the U.S. dollar. But the market relinquished most of its gains after the dollar sank again.

A higher yen makes Japanese exports more expensive abroad and thus less competitive, cutting into earnings of export-oriented Japanese companies.

In currency dealings, the dollar initially sank further against the yen in early Asian trading, extending its three-year low hit in New York on Thursday.

But the Bank of Japan conducted dollar-buying intervention aimed at stopping the yen's rapid rise, lifting the U.S. currency.

In late trading, the dollar was quoted at 108.92 yen, up 0.08 yen from late Thursday in Tokyo and also higher than its late New York level of 107.78 yen overnight.

In Taipei, Taiwan shares closed higher as investors snapped up low-priced stocks. The Taipei market's key Weighted Stock Price Index rose 136.44 points, or 1.70 percent, to 8,161.46.

In Hong Kong, stocks closed mixed in relatively active trading.

The Hang Seng Index, the Hong Kong market's key indicator of blue chips, edged up 1.05 points to close at 13,855.93. On Thursday, the index had surged 498.25 points, or 3.7 percent.

Brokers said the market was hit by selective profit-taking following Thursday's sharp gains in share prices on hopes that China will soon be admitted to the World Trade Organization.

In Wellington, New Zealand share prices closed lower following a late bout of selling in market heavyweight Telecom Corp. of New Zealand. The NZSE-40 Capital Index fell 3.16 points, or 0.1 percent, to 2,124.02.

In Manila, Philippine shares closed lower, with blue chips succumbing to profit-taking. The 30-company Philippine Stock Exchange Index fell 34.26 points, or 1.61 percent, to 2,099.34.

In Sydney, Australian shares closed slightly lower, dragged down by weaker blue-chip industrial stocks, despite share price gains in the resources sector. The All Ordinaries Index fell 5.1 points, or 0.1 percent, to 3,003.0.

In Seoul, share prices closed higher. The Korea Composite Stock Price Index rose 11.45 points, or 1.2 percent, to 961.98.

In Singapore, share prices closed mixed after being up most of the day, as investors took profit late in the session amid concerns over the political situation in Indonesia. The benchmark Straits Times Index rose 5.65 points, or 0.2 percent, to 2,133.07.

In Kuala Lumpur, Malaysian shares closed broadly lower amid expectations of a further delay in general elections in Malaysia following allegations by jailed dissident Anwar Ibrahim that he was poisoned in prison. The Composite Index fell 11.98 points, or 1.5 percent, to 739.17.

In Bangkok, the main Thailand SET Index slipped 0.17 point to 430.91.