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.