Asian stocks make gains
Asian stocks make gains
Agence France-Presse, Hong Kong
Most of Asia's major bourses rose moderately on Thursday as
positive sentiment about the U.S. economy flowed into the
region's markets.
The major gainers were Tokyo, Hong Kong, Sydney and Kuala
Lumpur after Wall Street rose fueled by optimism about the
outlook for the world's biggest economy.
In Tokyo, Japanese share prices closed 0.91 percent higher
following comments by U.S. Federal Reserve chairman Alan
Greenspan which strongly suggested there will be no early U.S.
interest rate hike.
In his semi-annual Congressional testimony on Wednesday,
Greenspan repeated his view the central bank can remain "patient"
on a rate hike because of the continuing slack in the U.S.
economy and low inflation, sending U.S. stock prices higher.
"The Nikkei index rose on the back of the U.S. market gains",
said Motoshi Tada, manager for investment information at Yamamaru
Securities.
"However I doubt the market can continue rising, with worries
over oversupply and the yen's appreciation remaining," Tada
added.
The Tokyo Stock Exchange's Nikkei-225 index gained 93.86
points at 10,459.26 while the broader Topix index of all First
Section shares rose 5.66 points or 0.55 percent to 1,030.91.
Market sentiment was also lifted by encouraging data released
on Thursday, showing the Japanese economic recovery remains on
track despite the yen's appreciation against the dollar.
Hong Kong shares also finished the day up, but with gains
trimmed and sentiment somewhat dampened by talk property firm New
World Development could be about to make a rights issue.
The Hang Seng Index closed up 100.37 points or 0.74 percent at
13,625.13 after dipping to a low of 13,585.41 in mid-afternoon as
rumors New World was about to launch a rights issue of new shares
at a price of about HK$6.0 (77 U.S. cents) per share started to
circulate.
In Singapore, the city-state's share prices closed 0.29
percent lower on profit-taking.
The Straits Times Index closed down 5.57 points at 1,862.92,
while the broader All Singapore Equities fell 2.97 points to
close at 504.33.
Dealers said concerns over acquisitions were undermining
sentiment in the broader market.
ST Assembly Test Services (STATS), a unit of government
investment arm Singapore Technologies, remained under selling
pressure after announcing on Tuesday a $1.6 billion deal to
acquire a 54 percent stake in U.S. rival ChipPAC.
In Jakarta, Indonesian share prices closed 0.48 percent lower,
with investors nervous ahead of the Supreme Court ruling on a
graft case appeal by parliament Speaker Akbar Tanjung.
The Jakarta Stock Exchange composite index ended down 3.710
points at 766.083.
"The rise among regional markets did not help much," said
Mandiri Sekuritas technical analyst Arwani Pranajaja.
Instead investors decided to realize their profits on blue
chips that rose in the recent market rebound, he said. Telkom and
Astra International were both down on Thursday on profit-taking.
Meanwhile in Bangkok, Thai share prices closed down 0.67
percent as late profit-taking in blue-chip stocks emerged
following recent gains.
The Stock Exchange of Thailand (SET) composite index dropped
5.08 points to close at 748.16 points and the blue-chip SET 50
index was off 0.45 points at 49.34.