Asian stock markets close mixed as RI shares slump
Asian stock markets close mixed as RI shares slump
HONG KONG (AP): Asian stock markets closed mixed Tuesday, with
the key index in Jakarta slumping 8.9 percent on speculation that
Indonesia plans to implement Malaysian-style currency controls.
The Jakarta Stock Exchange's Composite Index fell 28.442
points, closing at a new five-year low of 292.153.
Central bank Governor Sjahril Sabirin and President B.J.
Habibie both later denied the speculation, saying Indonesia isn't
considering implementing currency controls and would continue to
let the rupiah float.
Meanwhile, the rupiah was trading stronger at 10,850 to the
U.S. dollar in the afternoon.
Japan's financial markets were closed for a national holiday.
Philippine shares closed higher for the second straight
session, buoyed by bargain-hunting following Wall Street's
overnight gains.
The 30-share Philippine Stock Exchange Index rose 39.64
points, or 3.6 percent, to 1,140.40.
Singapore shares also closed sharply higher as the market
focuses on hopes that industrialized countries may be able to
pull Asia out of its doldrums, dealers said. The Straits Times
Index closed 2.8 percent, or 24.45 points, to 902.28.
Dealers said U.S. President Bill Clinton's call for an urgent
meeting of leading industrialized nations to devise a strategy to
encourage global growth has fueled expectations that Asia could
turn around quicker than expected.
Share prices in Hong Kong closed higher for the second
straight session.
The Hang Seng Index, the Hong Kong market's key indicator of
blue chips, rose 71.61 points, or 0.9 percent, to close at
7,733.47. On Monday, the index had gained 83.38 points.
Brokers said shares were boosted by a stronger Hong Kong
dollar and expectations of a possible cut in U.S. interest rates.
The Hong Kong market was also lifted by another rally Monday
on Wall Street, where the Dow Jones industrial average finished
149.85 points - or 1.9 percent - higher at 7,945.35.
Elsewhere:
In Sydney, Australian share prices closed sharply higher, with
a consecutive rise on Wall Street triggering buying across most
sectors. The All Ordinaries Index rose 44.1 points, or 1.8
percent, to 2,554.3.
In Wellington, New Zealand share prices closed sharply higher,
with brokers saying the surge reflected stronger international
financial markets and improved investor confidence. The NZSE-40
Capital Index rose 43.37 points, or 2.5 percent, to 1,762.63.
In Taipei, share prices closed slightly lower. The market's
key Weighted Stock Price Index slipped 2.21 points, or 0.03
percent, to 6,857.96.
In Seoul, share prices lower on continued selling by foreign
investors because of the downgrading of four local banks' ratings
by Standard and Poor's. The Korea Composite stock Price Index
fell 3.95 points, or 1.2 percent, to 310.29.
In Kuala Lumpur, the benchmark Composite Index, which tracks
share prices of 100 key stocks, fell 1.0 percent, or 4.16 points,
to 389.08.
In Bangkok, Thai share prices closed slightly lower. The Stock
Exchange of Thailand index slipped 0.26 points, or 0.1 percent,
to 211.08.