Asian stocks close unchanged as investors remain cautious
Asian stocks close unchanged as investors remain cautious
SINGAPORE (AFP): Asian stock markets moved in a narrow range and most ended barely changed in thin trade on Thursday as investors maintained caution, dealers said.
Singapore was the biggest gainer, rising 1.2 percent, and Bangkok posted the largest decline of 1.3 percent.
Tokyo rose 0.1 percent, Hong Kong and Taipei each fell 0.1 percent, Sydney closed down 0.2 percent, and Kuala Lumpur gained 0.7 percent. Jakarta fell 0.4 percent, Manila ended down 0.6 percent and Seoul retreated 0.4 percent.
Economic worries kept most investors on the sidelines, with an overnight dip on Wall Street dampening sentiment further.
In Singapore, share prices firmed on the back of rumors of interest rate cuts which propped up property counters, dealers said.
"There were pretty strong rumors about rate cuts in Singapore, so the market which had been weak in recent days just shot up, with mostly property stocks rising," a dealer with a local stock brokerage said.
The benchmark Straits Times Index rose 17.60 points to close at 1,433.41 while the broader All-Singapore index was up 1.98 points to 386.93.
In Tokyo, share prices firmed 0.1 percent with market players staying cautious despite the weak yen, brokers said.
The day's rise "was dull, considering the yen's drop," said Masaaki Higashida, investment information deputy head at Nomura Securities Co. Ltd.
"Share prices could not escape from falls in New York and selling by institutional investors," he said.
The Nikkei stock average of 225 leading issues ended up 13.09 points at 14,183.45 after holding to within an unusually narrow range from 14,224.73 to 14,121.02.
In Jakarta, Indonesian share prices closed mixed amid profit- taking in select large caps, including cigarette and telecommunications stocks, dealers said.
Vicker Ballas Tamara institutional sales representative Iwan Sanyoto said the index was likely to move in a narrow range in the next few weeks, continuing the trend in the past two weeks.
"It has been the case in previous two weeks that there is no liquidity in the market. In this situation you won't see the index moving up or down significantly," he said.
The Jakarta Stock Exchange composite index closed down 1.653 points at 394.154.
In Hong Kong, stocks closed down 0.1 percent, with the blue chip Hang Seng Index ending the day off 9.64 points at 9,912.76.
In Sydney, share prices closed down only marginally, with the All Industrials index closing down 7.1 points a 5,232.3.
In Kuala Lumpur, Malaysian share prices closed 0.7 percent higher on a mild technical rebound, with the Kuala Lumpur Stock Exchange's composite index rising 3.36 points to finish at 516.59, off an earlier high of 521.53 points.
In Bangkok, Thai share prices fell 1.3 percent in light trade, with the Stock Exchange of Thailand (SET) composite index dropping 4.37 points to close at 337.14 points, off a high of 342.36.
In Manila, Philippines share prices lost 0.6 percent, with the Philippine Stock Exchange composite index closing 11.24 points lower at 1,997.68.
In Seoul, South Korean share prices edged down 0.4 percent in volatile trade, with the composite index closing down 2.20 points at 532.29.
In Taipei, Taiwan stocks fell 0.1 percent, with the benchmark Taiwan Stock Exchange weighted price index slipping 9.40 points to 6,393.74, following a 2.2-percent rise in the previous session.
In Shanghai, B-share index gained 0.21 points to close at 22.94 points, while the A-share index of locally traded stocks edged up 0.14 points, or 0.01 percent,to 1,202.93 points.
In Auckland, New Zealand shares closed 0.3 percent higher. The NZSE-40 index rose 6.01 points to close at 2,163.79.