Asian stock markets recover some losses
Asian stock markets recover some losses
SINGAPORE (AFP): Asian stocks closed generally higher
yesterday, reversing the previous day's losses and surprising
some brokers due to continued uncertainty about Indonesia.
Singapore's benchmark stock index ended 1.0 percent firmer but
off its highs on bargain hunting and stable regional currencies.
The key Straits Times Industrials index of the Stock Exchange
of Singapore climbed 15.35 points to end at 1,496.90 while the
broader All-Singapore index rose 10.16 points to 401.52.
"The blue chips staged a bit of a rebound today. I was
surprised given the situation especially in Indonesia," a dealer
with a local stock brokerage said, referring to market jitters
over Jakarta's plan to adopt a currency board system to manage
the rupiah.
In Tokyo, Japanese share prices ended barely higher, as market
participants were hesitant to take large positions ahead of the
weekend Group of Seven (G-7) financial meeting.
The Nikkei stock average on the Tokyo Stock Exchange rose
15.19 points to end at 16,790.71, as a late rally in futures
pushed the key index into a positive territory near the close.
In Hong Kong, share prices rose 1.1 percent to end five
consecutive sessions of loss amid selective bargain hunting.
The key Hang Seng index gained 108.00 points to close at
10,232.03, after losing 150.57 points previous day.
In Kuala Lumpur, Malaysia's key stock index closed 3.4 percent
higher, led by financial counters after the central bank
reiterated the banking system remained solid.
The Kuala Lumpur Stock Exchange's 100-share weighted composite
index rose 28.89 points to finish at 690.83.
In Australia the stock exchange's main indicator, the All
Ordinaries index, rose 35.8 points to 2,657.0.
In Bangkok, the Stock Exchange of Thailand closed 3.8 percent
higher, analysts saying the market was boosted by retail trade
from local investors encouraged by the stronger baht, but they
warned of more volatility ahead.
The Stock Exchange of Thailand (SET) composite index rose
18.47 points to close at 502.53, while the SET 50 selected index
added 1.59 points to end at 38.10.
In Taipei, Taiwan share prices closed 0.8 percent higher on
strong buying of technology issues, dealers said, despite the
crash of a China Airlines jet which killed 203 people including
Taiwan central bank governor Sheu Yuan-dong.
The Taiwan Stock Exchange weighted price index rose 73.80
points to 8,782. 09.
In Seoul, share prices closed 1.1 percent down but off their
lows on the Korea Stock Exchange, extending a seven-day losing
streak on liquidity worries and the plunge of the won.
The composite index closed down 5.25 points at 471.73, off a
morning low of 462.26.
In Manila, Philippine share prices closed 1.6 percent higher.
The Philippine Stock Exchange composite index rose 32.8 points
to close at 2,055.53 points.
In Shanghai, the B share index rose 0.97 points to 53.57
points while the A share index of locally-traded stocks rose 1.99
points, or 0.15 percent, to 1,307.42 points.
In New Zealand, the stock exchange closed down 0.1 percent
with the NZSE-40 index losing 3.4 points to 2286.99 on turnover
of NZ$64.6 million.