Asian stock markets close weaker

Asian stock markets close weaker

HONG KONG (Reuter): Most Asian stock markets weakened yesterday although Tokyo shares closed marginally stronger on the back of the dollar breaking through the 98-yen barrier, brokers said.

Markets in Hong Kong, Singapore, Manila, Kuala Lumpur, Manila, Jakarta and Bombay ended lower while Bangkok, Taipei and Seoul joined Tokyo among the gainers. Sydney's All Ordinaries index ended unchanged.

Tokyo's Nikkei-225 share average closed up 45.52 points or 0.26 percent at 17,794.04, after rebounding from the day's low of 17,503.36 on buying of high-technology shares, brokers said.

Many brokers expected selective buying of high-tech shares to continue but they said that, for the time being, the Nikkei average was likely to keep moving in the range between 17,500 and 18,100. `The dollar's recovery to above 98 yen and buying by public funds also helped to limit falls in share prices, they said.

The Kuala Lumpur stock market fell 1.11 percent to 987.34 points on worries of credit tightening by the central bank Negara, brokers said.

In Singapore, shares ended broadly lower as speculators locked in profits accumulated over the past weeks, dealers said.

The 30-share Straits Times Industrials Index ended down 2.80 points at 2,114.98.

Hong Kong Stocks recovered some of their early morning losses but ended lower in very thin trade. The Hang Seng Index finished 30.04 points lower at 9,222.91.

Thai stocks ended with small gains. The SET index closed 1.91 points higher at 1,297.23 on thin 3.33 billion baht (US$133.2 million) turnover. A slow afternoon rally pared earlier losses which pushed the index down 9.76 points just before the midday break.

The Bombay Stock Exchange's 30-share BSE index dropped 22.79 points to a provisional 3,314.28. The 100-stock National index lost 5.30 points to a provisional 1,523.17.

The Jakarta composite index fell 3.94 points to close at 496.60 on modest volume.

Manila shares closed lower on a sell off wave triggered by news of higher August inflation, brokers said.

The index dropped 28.77 points, or 1.04 percent, to 2,730.32 points after Monday's 2.40-point fall. All sectors were down.

In Seoul, stocks closed higher in moderate trading. The composite index closed 6.52 points higher at 929.01, just off a day high of 929.09.

The Australian share market closed flat after a day of directionless. The All Ordinaries index closed unchanged at 2,123.6 points.

Taiwan's weighted index closed 28.25 points or 0.57 percent up to 4,965.27 after hitting an intra-day high of 5,006.04.

In London, the Financial Times-Stock Exchange index of 100 leading British shares had risen 13 points to 3,535.7.

In Paris, the CAC-40 share index dropped 1.60 to 1,898.92.

The 30-share DAX in Frankfurt was up 16.30 at 2,266.53.