Asian stock markets post modest gains

Asian stock markets post modest gains

HONG KONG (AFP): Asian stock markets ended with modest gains
Tuesday on buying triggered by hopes of easing interest rates and
positive sentiment fueled by the overnight rise on Wall Street.

The Tokyo Stock Exchange was closed for a holiday, but markets
elsewhere in the region extended recent gains, with Hong Kong
putting on 1.9 percent on an influx of foreign funds.

Late profit-taking however trimmed some of Tuesday's gains off
most regional stock indices.

Singapore and Sydney ended barely higher, Bangkok rose 2.5
percent, Manila advanced 2.7 percent and Jakarta firmed 3.2
percent. Kuala Lumpur rose 0.5 percent.

Hong Kong share prices benefited from buying by foreign funds
following the overnight gain on Wall Street, dealers said.

"The market is up because of new money coming in from US and
European institutions," said Ricky Tam, research head at Delta
Asia Securities, adding the buying was centered on China-linked
stocks.

The key Hang Seng index gained 188.44 points to close at
10,358.52 -- its fifth consecutive gain.

HSBC Securities technical analyst Ted Chen said he believed
momentum in the blue chips had still some way to go, with at
least a further 10-percent gain in the Hang Seng index likely
before a correction takes hold.

In Sydney, the Australian Stock Exchange's benchmark All
Ordinaries index closed 3.1 points higher at 2,675.6.

In Singapore, the Straits Times Index (STI) gained 0.33 points
to 1,263.47. The broader All-Singapore index fell by 2.23 points
to 355.93.

In Kuala Lumpur, the KLSE composite index rose 2.13 points to
end at 421.91, off an earlier high of 431.64 points.

In Bangkok, the Stock Exchange of Thailand (SET) main index
grew 8.23 points to 343.16, while the SET 50 selected index added
0.72 points to 24.85.

In Manila, the Philippine Stock Exchange index gained 46.60
points to 1,801.64.

In Seoul, the Korea Stock Exchange composite index closed up
3.03 points -- or just 0.7 percent -- at 407.64, off a high of
416.10.

In Taipei, the Taiwan Stock Exchange weighted price index fell
146.65 points to 7,071.44, following a 0.7 percent rise in the
previous session.

In Shanghai, the B-share index gained 0.73 points to close at
33.68 points, while the A-share index of locally traded stocks
climbed 14.08 points, or 1.1 percent, to 1,314.40 points.

In Auckland, the NZSE-40 rose 10.24 points to 1959.98.