Asian stocks end mixed as Tokyo shares rise 1.9%

Asian stocks end mixed as Tokyo shares rise 1.9%

TOKYO (AFP): Tokyo shares rose 1.9 percent Wednesday on
expectations of massive government spending to lift the real-
estate sector as Asian stock markets ended mixed.

After a modest rise overnight on Wall Street, Hong Kong gained
0.2 percent, Singapore ended barely higher, Sydney rose 0.6
percent and Auckland was up 1.1 percent.

Bangkok advanced 2.2 percent and Manila ended 2.0 percent
higher but Taipei slipped 0.5 percent, Shanghai tumbled 3.5
percent to a historic low and Seoul inched down. Jakarta and
Kuala Lumpur were closed for Moslem holidays.

In Tokyo, brokers attributed strong buying to a British
newspaper report the ruling Liberal Democratic Party was
considering spending 20 trillion yen (US$175 billion) to
stimulate the property market.

"Real estate and bank issues attracted buying," said Mayumi
Araki, equity department manager at Daiwa Securities Co. Ltd.

The key Nikkei 225 index gained 257.61 points to finish at
14,028.05 points while the broader Topix index of all first-
section issues went up 15.27 points to 1,090.07.

In Hong Kong, stocks ended 0.2 percent higher in listless
trading as investors adopted a cautious stance, dealers said.

The blue-chip Hang Seng Index closed up 24.8 points at
10,314.91.

In Singapore, share prices closed barely higher after the
release of trade data revealing a worse-than-expected fall in
vital non-oil domestic exports.

The Stock Exchange of Singapore's benchmark Straits Times
Index rose 1.17 points to 1,548.27, off a high of 1,565.47. The
broader All-Singapore index fell by 0.44 of a point to 412.38.

In Sydney, Australian share prices closed up 0.6 percent,
rebounding from initial losses as the market tracked Wall
Street's performance, brokers said.

The Australian Stock Exchange's main indicator, the All
Ordinaries index, closed up 16.9 points at 2,872.7.

In Bangkok, Thai stocks climbed 2.2 percent on improved
sentiment overseas and speculative buying in bank stocks,
analysts said.

The Stock Exchange of Thailand (SET) composite index rose 8.4
points to close at 394.85 points, and the SET 50 index added 0.60
point to 29.18.

In Manila, Philippine share prices closed two percent higher
as investors cheered the central bank's decision to lower key
interest rates.

The Philippine Stock Exchange composite index rose 42.55
points to close at 2,146.39.

In Seoul, South Korean shares inched down with early gains
offset by profit-taking, dealers said.

The Korea Stock Exchange index closed down 4.69 points at
613.43, off a low of 611.74.

In Taipei, Taiwan share prices fell for a third straight day,
slipping 0.5 percent as investors took to the sidelines amid
uncertainties over the market's outlook, analysts said.

The Taiwan Stock Exchange weighted price index fell 32.65
points 6,310.71, following a 0.5-percent decline in the previous
session.

In Shanghai, B shares, nominally reserved for foreign
investors, plummeted 3.5 percent to hit record lows on strong
foreign and domestic selling, dealers said.

The Shanghai Stock Exchange's B-share index fell 0.94 points
to close at 25.85 points -- below the previous historic low close
of 26.24 points set on August 12 last year.

The A-share index of locally traded stocks declined 7.32
points, or 0.6 percent, to settle at 1,225.81 points.

In Auckland, New Zealand share prices rose 1.1-percent on
heavy volume, continuing a rally that saw the market barometer
hit an eight-month high the previous day.

The NZSE-40 capital index closed up 24.92 points at 2,219.62
on strong turnover worth 159.8 million NZ dollars (US$84.3
million). Rises outnumbered falls 59 to 31 among the 144 traded.