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.