Falls, comebacks mark trading in Asian markets
Falls, comebacks mark trading in Asian markets
HONG KONG (AP): Asian stock markets ended the week generally
mixed yesterday, with share prices tumbling in South Korea but
rebounding both in Tokyo and Hong Kong.
Prices on the Seoul Stock Exchange fell as foreigners
continued to dump stocks on fears of further problems for the
country's troubled conglomerates.
Traders said some investors were also nervous over the
violence in Indonesia.
The Korea Composite Stock Price Index fell 6.43 points, or 1.6
percent, to 373.04.
Tokyo's benchmark 225-issue Nikkei Stock Average gained 5.97
points, or 0.04 percent, closing the week at 15,149.00. The rise
came after the index had lost a total of 497.68 points over the
previous three trading days, including a drop of 110.8 points, or
0.66 percent, on Thursday.
The index moved into positive territory Friday morning after
having hit its lowest point since Jan. 14 in intraday trading the
previous day.
Masaru Arai, a general manager at Ryoko Securities Co., said
the rise may have signaled buying from public pension funds on
the orders of the Japanese Finance Ministry.
Meanwhile, the dollar was quoted at 132.86 yen, down 0.30 yen
from late Tokyo trading on Thursday and also lower than its late
New York rate of 133.24 yen overnight.
Share prices in Hong Kong closed higher after four straight
days of declines.
The Hang Seng Index, the Hong Kong market's key indicator of
blue chips, rose 88.45 points, or 0.9 percent, closing at
10,060.38. On Thursday, the index had slumped 137.21 points.
Brokers attributed the rise to bargain-hunting following
recent sharp falls because of concerns over the economic and
social turmoil in Indonesia.
They said trading was light as many investors remained wary
about the future prospects of the Hong Kong market.
Elsewhere:
In Manila, stocks prices strengthened as markets shook off
their jitters on the last trading day before general elections,
traders said.
The 30-share Philippine Stock Exchange Index rose 19.99
points, or nearly 1 percent, to 2,209.96, following Thursday's
21.16-point loss.
In Kuala Lumpur, Malaysian share prices closed broadly as
players squared their positions ahead of the extended weekend,
with the market closed on Monday for a Buddhist holiday. The key
Composite Index fell 6.78 points, or 1.1 percent, to 580.05.
In Taipei, share prices closed lower for the fourth
consecutive session. The market's key Weighted Stock Price Index
fell 79.53 points, or 1 percent, to 8,210.84.
In Singapore, share prices closed mostly lower in thin
trading. The Straits Times Industrials Index fell 7.75 points, or
0.5 percent, to 1,420.75.
In New Zealand, share prices closed higher as buying in
forestry shares moved the index out of negative territory,
brokers said. The NZSE-40 Capital Index rose 9.14 points, or 0.4
percent, to 2,229.69.
In Australia, share prices closed lower but off earlier lows,
after finance-related stocks rallied late in the session. The All
Ordinaries Index slipped 0.3 point to 2,780.5.