Asian stock markets end week mixed
Asian stock markets end week mixed
HONG KONG (AP): Asian stock markets ended the week generally
mixed Friday, with share prices surging in Bangkok and Singapore
but slumping in Tokyo.
The key index in Bangkok soared 6.2 percent as foreign
investors snapped up banking stocks following a decision by
Moody's Investors Service Inc. to upgrade its ratings outlook for
five Thai banks.
The Stock Exchange of Thailand, or SET, index rose 26.86
points to close at 459.35.
The banking sector index surged after Moody's said it changed
the outlook for the ratings of four major Thai commercial banks -
Bangkok Bank PCL, Krung Thai Bank PCL, Thai Farmers Bank PCL and
Siam Commercial Bank PCL - to stable from negative.
Singapore also surged on bargain-hunting following two
sessions of declines.
Dealer said expectations that Singapore banks will cut their
best lending rates also spurred buying. The Straits Times Index
rose 67.70 points, or 3.7 percent, to 1,886.19.
Share prices in Hong Kong closed higher, boosted by
expectations of a cut in local interest rates.
The Hang Seng Index, the Hong Kong market's key indicator of
blue chips, rose 153.5 points, or 1.2 percent, closing at
13,333.20.
After the market closed, the Hong Kong Association of Banks
announced that it was cutting deposit rates by a quarter point,
to 3.5 percent, in the second such cut this month. Leading banks
also slashed their best lending rates to 8.25 percent from 8.5
percent.
Tokyo's benchmark 225-issue Nikkei Stock Average shed 240.71
points, or 1.42 percent, closing the week at 16,701.53 points.
The Nikkei dropped 15.03 points, or 0.09 percent, Wednesday.
Tokyo financial markets were closed Thursday for a national
holiday.
Japanese technology shares dropped in line with the decline of
similar shares overnight in New York.
Sentiment among investors turned bearish quickly on Friday
following the release of fresh data on the state of Japan's
economy.
The Management and Coordination Agency said Japan's jobless
rate climbed to a record high 4.8 percent in March as corporate
restructuring efforts forced more people out of work. The
previous record was 4.6 percent, registered in February.
Separately, the agency said spending by Japanese wage earners
last month fell 3.6 percent from the year-earlier month in real
terms.
Meanwhile, the U.S. dollar was quoted at 119.58 yen at late
afternoon, up 0.50 yen from its level of 119.08 yen late
Wednesday in Tokyo and also above its overnight New York level of
119.03 yen.
In Jakarta, the Indonesian shares closed higher, with the
Jakarta Stock Exchange Composite Index rising 4.23 points, or 0.9
percent, to close at 495.22.
In Taipei, share prices closed higher in line with
expectations of a rebound after three losing sessions. The
market's key Weighted Stock Price Index of the Taiwan Stock rose
81.55 points, or 1.1 percent, to 7,371.17.
In Wellington, New Zealand share prices closed lower. The
benchmark NZSE-40 Capital Index fell 14.56 points, or 0.6
percent, to 2,278.28.
In Manila, Philippine shares closed slightly higher, buoyed by
bargain-hunting in second-line issues overlooked during recent
rallies, traders said. The 30-company Philippine Stock Exchange
Index edged up 0.21 point to 2,433.70.
In Sydney, the Australian share market closed slightly lower,
weighed down by selling among banking and industrial stocks as
investors took profits. The All Ordinaries Index fell 3.8 points,
or 0.1 percent, to 3,101.1.
In Seoul, share prices closed slightly lower on continued
profit-taking. The Korea Composite Stock Price Index slipped 0.02
point to 752.59.
In Kuala Lumpur, Malaysian shares closed higher. The benchmark
Composite Index rose 0.9 percent, or 6.24 points, to 674.96.