Asian stocks mixed as investors take profit

Asian stocks mixed as investors take profit

HONG KONG (AP): Asian stocks were mixed Wednesday, as investors sold off shares following recent rallies in some markets and looked for bargains in others.

The region's biggest market, Tokyo, was closed for a holiday. Hong Kong prices finished lower, giving up early gains as investors decided a recent rally had run its course and started selling.

The Hang Seng Index ended at 13,257.33, down 78.51 points, or 0.6 percent, erasing an earlier rise of about 1 percent that followed four straight days of higher prices. On Tuesday, the Hang Seng had gained 13.73 points.

In Singapore, the Straits Times Index rose on a rally by electronic stocks and shares set to benefit from a resumption of International Monetary Fund loans to neighboring Indonesia. Technology stocks got a lift from the overnight rise on the U.S. Nasdaq Stock Market, where the composite index gained 0.5 percent.

The Singapore index closed up 30.77 points, or 1.5 percent, at 2,087.99.

In Jakarta, Indonesian prices ended higher as investors looked for bargains after recent losses. Better-than-expected earnings of international call operator Indosat helped push the Composite index up by 1.5 percent, or 9.182 points, to 603.587.

In Bangkok, Thai shares closed marginally higher on speculative buying by small local investors. The Stock Exchange of Thailand (SET) index gained 0.90 point, or 0.22 percent, at 403.31.

In Kuala Lumpur, Malaysian shares ended higher. The benchmark Kuala Lumpur Stock Exchange Composite Index rose 3.59 points, or 0.5 percent, to end at 730.62.

In Manila, Philippine stocks rose on buying in select blue- chips. The Philippine Stock Exchange Index of 30 selected companies closed up 7.84 points, or 0.4 percent, at 2,043.89.

In Seoul, South Korean shares closed slightly lower as investors sold off stocks after four days of gains. The Korea Composite Stock Price Index fell 3.03 points, or 0.3 percent, to 887.15.

In Sydney, Australian prices closed higher, as bank and resource stocks rallied on the central bank's interest rate hike. The All Ordinaries Index closed at 2926.2, up 19.3 points, or 0.7 percent.

In Taipei, Taiwan shares closed sharply lower for the third straight session. Selling in chipmakers helped pull the market down. The market's key Weighted Stock Price Index fell 141.50 points, or 1.8 percent, to 7,580.09.

In Wellington, New Zealand share prices closed lower, dragged down by weakness in the Fletcher Challenge Ltd. group of shares. The benchmark NZSE-40 Capital Index fell 13.18 points lower, or 0.6 percent, to 2086.74.