Asian stocks close generally mixed

Asian stocks close generally mixed

HONG KONG (AP): Asian stock markets closed generally mixed Tuesday, with prices falling in Tokyo and Hong Kong but surging in Seoul and Jakarta.

The Japanese benchmark 225-issue Nikkei Stock Average shed 84.33 points, or 0.47 percent, to close the day's trading at 18,050.73. On Monday, the average rose 202.59 points, or 1.13 percent, finishing at 18,135.06 - its highest closing level since September 1997.

Tokyo stocks fell on profit-taking. The Nikkei average had gained 3.5 percent in the three sessions prior to Tuesday.

The Hang Seng Index, the Hong Kong market's key indicator of blue chips, lost 134.13 points, or 0.9 percent, to close at 14,372.61. On Monday, the index had gained 322.16 points, or 2.3 percent.

Brokers said the profit-taking was expected after the index gained 7.2 percent in the past two sessions in reaction to record gains on Wall Street.

South Korea shares closed sharply higher for a second straight day, boosted by the rapid pace of the country's economic recovery, and expectations that local interest rates will remain stable.

The Korea Composite Stock Price Index rose 26.59 points, or 2.8 percent, to 989.43, its highest level since Nov. 6, 1995 when it reached 992.77.

Indonesian stocks also closed sharply higher as foreign and local bargain- hunters bought back shares whose prices were seen as cheap, shrugging off domestic political concerns that recently depressed sentiment.

The Jakarta Stock Exchange's Composite Index rose 2.4 percent, or 16.443 points, to 681.58.

In Singapore, share prices closed mostly lower on profit- taking. The Straits Times Index closed at 2,175.51, down 35.93 points, or 1.6 percent.

In Taipei, share prices closed as investors took profits in technology shares amid concern that the market has been overbought. The market's key Weighted Stock Price Index fell 138.86 points, or 1.61 percent, to 8,454.49.

In Wellington, New Zealand share prices closed higher, boosted by demand for local forestry stocks. The benchmark NZSE-40 Capital Index rose 19.90 points, or 0.9 percent, to 2,160.70.

In Manila, the Philippine stock index finished lower as investors cashed in on gains made in the past five sessions. The 30-company Philippine Stock Exchange Index fell 11.31 points, or 0.4 percent, to 2,10.36.

In Sydney, Australian share prices closed slightly higher, with solid gains in market heavyweight News Corp. and the telecommunications sector offsetting losses in the banks. The All Ordinaries Index closed at 3,081.9, up 3.8 points, or 0.1 percent.

In Kuala Lumpur, Malaysian stocks closed mostly higher, although the main index slipped because of a fall in the share price of Malaysia's largest telecommunications company, Telekom Malaysia Bhd. The Composite Index, which tracks 100 key stocks, closed at 846.28, down 0.78 points.

In Bangkok, Thai share prices closed lower on profit-taking. The Stock Exchange of Thailand index fell 6.33 points, or 1.2 percent, to 526.82.