Asian stock markets rally in cautious trade
Asian stock markets rally in cautious trade
HONG KONG (AFP): Hong Kong share prices rose 0.2 percent
yesterday to a record high close, in line with most other Asian
bourses which rallied despite caution on the eve of U.S.
elections, brokers said.
"The index is to stick at the current narrow range ahead of
the U.S. election with investors opting to wait for a lead from
Wall Street," said Simon Tam, sales managers of Sassoon
Securities.
The Stock Exchange of Hong Kong's key Hang Seng index rose
30.13 points to a record finish of 12,559.40, breaking the
previous record close of 12,529.27 posted Friday.
Tokyo's market was closed for a holiday:
Singapore blue-chip shares ended 0.4 percent higher on mild
bargain-hunting but institutional investors kept a low profile
ahead of the U.S. presidential election.
The Straits Times Industrials index of leading issues on the
Stock Exchange of Singapore rose 7.61 points to 2,075.78. The
broader All-Singapore index gained 2.23 points to 514.29.
Late buying on expectations that the Reserve Bank of Australia
will decide to cut interest rates spurred Australian share prices
to a 0.8 percent rise.
The Australian Stock Exchange's main indicator, the all
ordinaries index, rose 18.1 points to 2,357.5 points.
Malaysia's key stock index ended 0.4 percent higher, propped
up by gains in heavyweight Tenaga Nasional Bhd, while players
took profits on the lesser second board.
The Kuala Lumpur Stock Exchange's 100-share weighted composite
index rose 4.59 points to 1,177.07. The second board index fell
12.1 points, or 1.9 percent, to 622.41.
Share prices fell 2.4 percent to a three-year low on the Korea
Stock Exchange, dampened by the launching by President Kim Young-
Sam of a sweeping anti-corruption drive, dealers said.
The composite index plunged 18.31 points to 747.42 points, the
lowest since October 29, 1993, when the closing index was logged
at 742.72.
Share prices in Taiwan finished 0.9 percent higher as investor
sentiment was boosted by planned stock investment by the
government-run labor insurance fund.
The Taiwan Stock Exchange weighted price index gained 59.67
points to 6, 622.61.
The broad-based index of the Stock Exchange of Thailand (SET)
rose 0.45 point to finish at 912.97 points, but the SET-50 index
of selected counters eased 0.05 point to close at 68.87 points.
Indonesian share prices closed 1.3 percent higher in thin
buying of selected blue chips with foreigners mostly inactive.
The Jakarta Stock Exchange composite index rose 7.65 points to
578.31.
The Philippine Stock Exchange index gained 12.14 points to
close at 2,976. 14.
The FT-SE 100 index of leading shares in London rose by 0.4
points to 3,948.9 points.
In Paris, the CAC-40 index opened 18.93 points lower at
2,121.58 points.