Asian stocks close mixed, HK gains on property stocks
Asian stocks close mixed, HK gains on property stocks
Dow Jones, Singapore
Asian stocks closed mixed Friday, with Tokyo shares failing to
hold onto gains after Thursday's rally but Hong Kong shares
climbing further on rising property stocks.
In Hong Kong, shares closed slightly higher, fueled by further
gains in property stocks, which were boosted by the latest round
of U.S.-led interest rate cuts by local banks this week.
The Hang Seng Index gained 70.63 points, or 0.7 percent, to
close at 10609.25. On Thursday, the index surged 268.83 points or
2.6 percent.
Japan's 225-issue Nikkei Stock Average shed 216.08 points, or
2.1 percent, to close at 10215.71. On Thursday, the average had
risen 146.81 points or 1.4 percent.
The Nikkei index fell amid heavy selling of domestic bank
stocks. Traders said the losses were compounded by investors
selling shares to pocket profits from Thursday's rally.
Thai stocks fell marginally as investors cashed in on stocks
that had risen recently. The Stock Exchange of Thailand Index
lost 0.23 points, or 0.1 percent, to 268.11.
Malaysian shares closed mixed, although the Central Bank
governor said Thursday that the country's economy in the fourth
quarter was likely to improve. The weighted Composite Index
closed almost flat at 599.45, up a mere 0.88 point, or 0.2
percent.
Indonesian shares ended lower, dragged down by heavy selling
of Telkom in thin overall trade. The JSX Composite Index slipped
4.497 points, or 1.2 percent, to 377.340.
Philippine shares rose after the central bank announced
Thursday to cut overnight rates by half a point. The Philippine
Stock Exchange Index gained 3.77 points, or 0.4 percent, to
999.79.
South Korean shares closed mixed, but the main stock index was
pushed higher by foreign buying. The Korea Composite Stock Price
Index, or Kospi, rose 3.71 points, or 0.7 percent, to 576.75.
Singapore shares soared on strong buying in blue chips, buoyed
by hopes that companies' cost-saving measures will help them
weather the recession. The Straits Times Index edged up 29.86
points, or 2.2 percent, to 1362.77.
Taiwan shares dipped slightly as investors took profits
following recent heavy gains. The Weighted Price Index slipped
11.25 points, or 0.3 percent, to 4123.78.
New Zealand shares fell for the third consecutive session
after Telecom Corp. gave up recent gains. The NZSE-40 capital
index lost 16.02 points, or 0.8 percent, to 1958.21.