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.