Asian stock markets close varied

Asian stock markets close varied

HONG KONG (AP): Asian stock markets ended the week mixed Friday, with the key index slipping in Tokyo but surging in Jakarta.

The Japanese benchmark 225-issue Nikkei Stock Average edged down 39.19 points, or 0.22 percent, to close at 17,431.26. On Thursday, the index gained 260.27, or 1.51 percent.

Tokyo stocks rose in early trading in reaction to overnight gains on Wall Street, where the Dow Jones industrial average rose 56.68 points on Thursday to close at 10,841.63.

Stocks there were boosted by remarks by U.S. Federal Reserve Chairman Alan Greenspan, who indicated to Congress that only a modest interest rate rise may be in order to keep inflation tamed.

The Nikkei fell in the afternoon on profit-taking.

Traders said participants were cautious before the summit of leaders from the Group of Eight nations in Germany this weekend, though traders expect no major surprises.

Meanwhile, the U.S. dollar was quoted at 119.32 yen, down 0.72 yen from late Thursday in Tokyo but above its late New York level of 119.25 yen overnight.

In Singapore, shares also closed higher, buoyed by indications that any U.S. rate hike is likely to be small, dealers said. The benchmark Straits Times Index rose 13.29 points, or 0.6 percent, to 2,070.63.

The markets were closed in Hong Kong and Taiwan for public holidays.

In Wellington, New Zealand share prices closed sharply lower after a late round of overseas selling sent the local market reeling into negative territory. The benchmark NZSE-40 Capital Index fell 37.40 points, or 1.8 percent, to 2,091.81.

In Manila, Philippine shares closed higher. The 30-company Philippine Stock Exchange Index rose 11.56 points, or 0.5 percent, to 2,429.64.

In Sydney, the Australian share market closed only moderately higher as a weak resources sector tarnished gains by industrial stocks and banks. The All Ordinaries Index closed at 2,985.0, up 4.7 points, or 0.15 percent.

In Seoul, share prices closed generally mixed. The Korea Composite Stock Price Index rose 5.47 points, or 0.6 percent, to 837.73.

In Kuala Lumpur, Malaysian share prices closed lower on profit-taking. The Composite Index, which tracks 100 blue-chip stocks, slipped 1.16 points, or 0.1 percent, to 786.63.

In Bangkok, Thai share prices closed slightly lower. The Stock Exchange of Thailand Index slipped 1.74 points, or 0.3 percent, to 518.81.