Asian stocks rally after U.S. elections

Asian stocks rally after U.S. elections

HONG KONG (AFP): Asian stocks rallied yesterday after U.S. elections, with Hong Kong share prices soaring 2.2 percent to set their second record close in three sessions.

The Stock Exchange of Hong Kong's key Hang Seng index closed 272.77 points up at a record 12,775.47. The previous record close was set on Monday at 12, 559.40 points.

In Tokyo, Japanese share prices rallied with the key market barometer closing 1.9 percent higher on prospects of a firm U.S. market following presidential and congressional elections.

The Nikkei Stock Average of 225 leading issues rose 399.19 points to finish at 20,991.52 while the Topix index of all issues on the first section of the Tokyo Stock Exchange was up 19.37 points at 1,573.17.

In Kuala Lumpur, the Kuala Lumpur Stock Exchange's 100-share weighted composite index rose 2.28 points to 1,179.09, aided by interest in national power giant Tenaga Nasional Bhd.

In Singapore, blue-chip share prices ended 0.5 percent higher on selective buying as the market digested a sharp downward revision of the government's economic growth forecast for 1996.

The Straits Times Industrials index of leading shares on the Stock Exchange of Singapore rose 10.22 points to 2,080.45. The broader All-Singapore index was up 0.20 point to 513.39.

In Sydney, share prices closed marginally lower as investors brushed off a cut in official interest rates, brokers said.

The Australian Stock Exchange's main indicator, the all ordinaries index, eased 1.0 point to 2,360.6.

In Jakarta, share prices closed 0.6 percent higher on modest buying in selected blue chips after a strong performance by Wall Street, dealers said.

"The market was pretty strong. The index was boosted because of Telkom, which followed cues from New York. Last night the Dow was strong, which boosted Hong Kong and here eventually," said a dealer with a Hong Kong brokerage.

The Jakarta Stock Exchange composite index rose 3.47 points to 587.34.

In Seoul, the composite index surged 13.64 points to finish at 747.29.

In Manila, the Philippines Stock Exchange index gained 11.25 points to end at 2,998. 43.

In Bangkok, the broad-based index of the Stock Exchange of Thailand (SET) rose 23.94 points to finish at 942.95 points, while the SET-50 index of selected counters gained 2.04 points to close at 71.55 points.

In Taipei, the Taiwan Stock Exchange weighted price index regained 49.51 points to end at 6,653.65, reacting calmly to news of U.S. President Bill Clinton's election victory.

European bourses climbed sharply yesterday as investors welcomed President Clinton's re-election and the Republicans retaining their grip on Congress as good news for business.

The Financial Times-Stock Exchange index of 100 leading British shares was up 4.3 points at 3,925.4.

In Paris, the CAC-40 share index was up 18.82 at 2,206.14

The 30-share DAX index in Frankfurt was up 36.28 at 2,727.57.