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.