Asian stock markets end mixed at end of a rollercoaster week

Asian stock markets end mixed at end of a rollercoaster week

SINGAPORE (AFP): Asian stock markets ended mixed Friday at the end of a rollercoaster week, with improved sentiment due to an overnight rise on Wall Street offset by lingering domestic worries, dealers said.

Hong Kong closed up 1.6 percent, Tokyo and Jakarta rose 1.1 percent each, Sydney advanced 0.6 percent after hitting an all- time high en route and Singapore inched up 0.1 percent.

But Manila plunged 2.2 percent after the release of data showing its recession deepened at the end of 1998, and Bangkok slipped 0.9 percent on disappointing economic numbers. Kuala Lumpur ended 0.7 percent lower in dull trade.

It capped a volatile run for regional markets which started the week on a jittery note amid concerns over a possible devaluation of the Chinese yuan. The concerns were put to rest by central bank denials.

On Thursday, the U.S. market had gained 0.9 percent, with the Dow Jones Industrial Average gaining 81.10 points to close at 9,281.33 after a positive appraisal of the U.S. economy by Federal Reserve Chairman Alan Greenspan.

In Singapore, share prices closed a 0.1 percent higher Friday on a technical rebound following Wall Street's gains, but a dealer with a European brokerage said trading was listless in the absence of fresh leads.

The Straits Times Index rose 2.12 points to 1,428.14, while the broader All-Singapore index rose by 1.64 points to 383.53.

In Tokyo, Japanese share prices closed 1.1 percent higher, but with late selling eroding early gains based on the dollar's strength against the yen, brokers said.

The key 225-issue Nikkei stock average rose 156.93 points to end at 14,499.25.

The Nikkei index rose to 14,628.88 points briefly with a gain of more than 280 points.

The Topix index of all issues on the first section of the Tokyo Stock Exchange was up 15.04 points at 1,125.26.

In Hong Kong, stocks closed 1.6 percent higher, boosted by Wall Street's gains overnight and in a technical rebound from sharp losses in the previous session.

The blue chip Hang Seng Index ended up 145.94 points at 9,506.9.

In Sydney, share prices closed up 0.6 percent after setting a new record high in intra-day trade thanks to continuing investor interest in blue chips and gains on Wall Street, brokers said.

The Australian Stock Exchange's main indicator, the All Ordinaries index, closed up 16.6 points at 2,893.8. It set a record intra-day high of 2,911.5 earlier in the day.

In Kuala Lumpur, Malaysian share prices ended 0.7 percent lower in dull trade ahead of a long weekend and amid a lack of fresh leads, dealers said.

The Kuala Lumpur Stock Exchange's composite index fell 4.02 points to finish at 591.43. The market is closed Monday to mark the Kuala Lumpur city day.

In Bangkok, Thai shares slipped 0.9 percent at the close of trade as investors took profits after the release of monthly economic figures, dealers said.

The Stock Exchange of Thailand (SET) main index fell 3.16 points to 363.00, while the SET 50 selected index finished 0.33 points smaller at 26.30.

In Manila, Philippine share prices plunged 2.2 percent, pulled down by the release of disappointing growth figures for last year, analysts said.

The Philippine Stock Exchange composite index fell 44.66 points to close at 1,954.15.

In Seoul, South Korean share prices closed mixed in volatile trade as positive influence from easier money market rates offset subsiding foreign interest.

The main price index closed down 0.04 points, or 0.01 percent, at 571.43, off a low of 563.73 and a high of 576.14.

In Taipei, Taiwan share prices fell 1.3 percent, pushing the market barometer below the key 6,000-point level, as investors fretted about the market's outlook, analysts said.

The Taiwan Stock Exchange weighted price index fell 79.41 points to 5,984.00, the lowest level so far this year.

In Shanghai, B shares, nominally reserved for foreign investors, rose 0.4 percent on a small volume of bargain-hunting, dealers said.

The Shanghai Stock Exchange's B-share index gained 0.09 points to settle at 25.24 points, while the A-share index of locally traded stocks ended down 6.80 points, or 0.6 percent, at 1,208.13 points.

In Auckland, New Zealand shares closed up 0.8 percent on the heels of Wall Street, with telecommunications and media shares leading the charge.

The NZSE-40 capital index closed up 17.41 points at 2,179.53.