Asian stocks end mixed, HK snaps losing streak
Asian stocks end mixed, HK snaps losing streak
Associated Press, Singapore
Asian stock markets closed mixed Monday, with the key index in
Hong Kong edging higher after four straight sessions of losses.
Japanese financial markets were closed for a national holiday.
They will reopen Tuesday.
In Hong Kong, the blue-chip Hang Seng Index gained 42.97
points, or 0.4 percent, finishing at 11209.43. On Friday, the
index had lost 89.61 points, or 0.8 percent.
On Friday, the Dow Jones Industrial Average closed down 80.33
points, or 0.8 percent, at 9987.53, losing 272.21 points for the
week. The Nasdaq composite index fell 24.78 points, or 1.2
percent, to 2022.46.
Wall Street's slump followed a warning by Federal Reserve
Chairman Alan Greenspan, who said the U.S. economy still faces
significant risks.
South Korean shares surged as chip stocks rose on continued
hopes that the worst is over for the semiconductor industry. The
Korea Composite Stock Price Index, or Kospi, rose 2.3 percent, or
16.67 points, to 744.03.
Singapore shares also closed higher as investors snapped up
banking and property stocks on hopes of a fast-approaching market
recovery.
Traders said buyers shrugged off Greenspan's comments, sending
the Straits Times Index up 27.45 points, or 1.6 percent, to an 8-
month high of 1731.52.
Taiwan shares closed lower on renewed caution about the U.S.
economic recovery. The Weighted Price Index fell 75.73 points, or
1.3 percent, to 5611.86.
Philippine shares closed mixed, with the main index edging
higher on steady demand for property stocks due to brighter
prospects for the sector.
The 30-company Philippine Stock Exchange Index ended 1.13
points, or 0.1 percent, higher at 1192.73.
Malaysian shares closed lower with investors largely sidelined
on lingering concerns that the local currency could be repegged
if the Japanese yen and regional currencies weaken further. The
Composite Index of 100 blue chips fell 0.7 percent, or 4.59
points, to 698.45.
Indonesian shares closed higher on further foreign buying in
select blue chips. The JSX Composite Index rose 1 percent, or
4.062 points, to 415.837.
Thai stocks closed higher, buoyed by steep gains in finance
and banking shares. The Stock Exchange of Thailand Index rose
3.11 points, or 1%, to 325.66.