Asian stocks mixed, Bangkok plunges
Asian stocks mixed, Bangkok plunges
HONG KONG (AP): Asian stocks closed mixed Thursday, with Tokyo prices edging slightly higher as Hong Kong shares fell and Thailand's key index plunged 3.8 percent.
In Tokyo, shares rose slightly after the Cabinet approved a supplementary budget worth 520 billion yen (US$4.25 billion) aimed at stimulating the ailing labor market.
The benchmark 225-issue Nikkei Stock Average gained 8.75 points, or 0.05 percent, to 17,967.65. On Wednesday, the Nikkei had lost 91.83 points, or 0.51 percent.
The funds set aside in the latest budget will finance the government's program to create about 720,000 jobs through measures such as subsidies to companies and nonprofit organizations hiring displaced workers, the Finance Ministry said.
Japan's jobless rate recently hit an all-time high of 4.8 percent in March and April before easing to 4.6 percent in May.
In currency dealings, the U.S. dollar rose against the Japanese yen. In late trading, the dollar bought 122.38 yen, up 0.42 yen from late Wednesday in Tokyo and slightly above its late New York level of 122.23 yen overnight.
In Hong Kong, share prices fell slightly, dragged down by heavy selling in the futures market and concerns that more companies might make big stock sales to raise cash amid the recent stock market rally.
The blue-chip Hang Seng Index fell 31.14 points, or 0.2 percent, to 14,226.30. The Hang Seng had fallen 0.8 percent Wednesday.
Shares in two companies, Cable and Wireless HKT and China Resources Enterprises Holding Ltd., which had made big stock sales this week, fell sharply for a second straight session.
In Bangkok, Thailand, shares plunged 3.8 percent after Thai Farmers Bank PCL announced it will raise 24 billion baht through a rights issue, or issuing more shares for sale to existing shareholders.
The Stock Exchange of Thailand index closed down 19.46 points, or 3.8 percent, at 496.65.
Dealers said investors were panicky after Thai Farmers Bank announced its capital increase plan Thursday afternoon. The market expects other banks to follow suit.
"This is a typical reaction as the market is already shaky," said Eric Holman of SG Asia Credit PCL.
In Jakarta, Indonesian shares fell amid growing concern over the unsettled domestic political situation. The JSX Composite Index fell 0.8 percent, or 5.517 points, to 660.254 points.
In Kuala Lumpur, Malaysian shares rose, with some investors jumping back to trading on the main board. The composite index climbed 7.84 points, or 0.9 percent, to 847.36.
In Manila, Philippine shares fell as investors cashed in on recent gains. The PSE index lost 12.04 points, or 0.5 percent, to close at 2,598.32.
In Seoul, South Korean stocks fell as the market took a breather from a recent rally. The Kospi index dropped 6.87 points, or 0.7 percent, to 999.11.
In Singapore, shares rose, recovering from recent falls triggered by fears that the market was overheating. The Straits Times Index closed up 15.33 points, or 0.7 percent, at 2,159.86.
In Sydney, Australian shares rose, led by resources stocks boosted by positive sentiment for copper. The All Ordinaries Index gained 19 points, or 0.6 percent, at 3,086.3.
In Taipei, Taiwan shares rallied, as investors bought back into bellwether technology stocks that had been sold off recently. The Weighted Price Index rose 122.36 points, or 1.44 percent, to 8,592.43.
In Wellington, New Zealand shares rose, lifted by demand for shares in Telecom of New Zealand. The NZSE-40 Capital Index gained 23.18 points, or 1.1 percent, to 2,194.21.