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.