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.