Asian stock markets rise, but Seoul key index dives
Asian stock markets rise, but Seoul key index dives
HONG KONG (AP): Most Asian stock markets rose yesterday, but
Seoul's key index slumped 3.5 percent because investors were
disappointed that President Kim Dae-jung did not announce any
measures against rising unemployment.
In Sunday's televised "conversation with the people," Kim
appealed to South Koreans to endure "the pain of reforms" to
overcome the country's deepening economic crisis.
Kim predicted that South Korea's economy would begin to
recover in the latter part of 1999 if reforms are carried through
smoothly.
The South Korean market was also pushed down following an
announcement by Moody's Investors Service that it has lowered the
long-term debt ratings of South Korean banks.
The Seoul Stock Exchange's Korea Composite Stock Price Index
fell 13.18 points, or 3.5 percent, to 361.58.
Japanese stocks rose sharply following reports that Daimler-
Benz is in talks to acquire an affiliate of Nissan Motor Co.
Tokyo's benchmark 225-issue Nikkei Stock Average rose 232.90
points, or 1.54 percent, to finish the day at 15,381.90 points.
On Friday, the average gained 5.97 points, or 0.04 percent.
Meanwhile, the U.S. dollar was quoted at 132.54 yen, down 0.32
yen from late in Tokyo on Friday and also below its late New York
level of 132.83 yen Friday.
Share prices also closed sharply higher in Taiwan, with
brokers saying that bargain-hunters stepped into the market in
the belief that stock prices had bottomed out following recent
sharp falls.
The Taipei market's key Weighted Stock Price Index rose 168.04
points, or 2 percent, to 8,378.88.
The market was closed in the Philippines for national
elections. Markets were also closed in Singapore, Malaysia,
Thailand, and Indonesia for religious holidays.
In Hong Kong, share prices closed generally lower for the
second straight session in thin trading. The Hang Seng Index rose
35.99 points, or 0.3 percent, closing at 10,096.37.
In New Zealand, share prices closed higher, with the market
boosted by gains in forestry and telecommunication stocks. The
NZSE-40 Capital Index rose 16.05 points, or 0.7 percent, to
2,245.74.
In Australia, share prices closed broadly higher on the eve of
the announcement of the federal budget. The All Ordinaries Index
rose 17.1 points, or 0.6 percent, to 2,797.6.