HK-related stocks fall on weak Asia-Pacific bourses

HK-related stocks fall on weak Asia-Pacific bourses

SINGAPORE (AFP): Hong Kong-related shares eased in Singapore and Tokyo yesterday as major Asia--Pacific bourses fell with investors locking away profits in lackluster trade, brokers said.

Dealers said trading eased considerably as a "red chip fever" on mainland controlled stocks died out with the resumption of Chinese sovereignty over the territory at midnight (1600 GMT) Monday.

"The handover is over, so is the "red-chip fever" for now," a dealer with a foreign brokerage in Singapore said as the Hong Kong market was closed for a holiday with trade due to resume Thursday.

Tianjin Zhong Xin Pharmaceuticals Group, the first Chinese firm to seek a primary listing in Singapore, topped the turnover in Singapore with 13.34 million shares changing hands.

In Tokyo, shares in Henderson Land Development Co. Ltd., the only Hong Kong company listed on the Tokyo Stock Exchange, declined nine yen to 991 yen.

Singapore blue-chip share prices eased 0.3 percent in thin trade on a lack of institutional funds.

The Straits Times Industrials index of leading shares on the Stock Exchange of Singapore (SES) lost 6.67 points to 1,981.28.

The broader All-Singapore index gained 2.69 points to 494.00.

Elsewhere in the Asia-Pacific region, where markets in Hong Kong, Shanghai, Taipei and Bangkok were closed for holidays:

In Jakarta, share prices rose 1.0 percent to their second consecutive record close amid confidence in the country's economy, dealers said.

The Jakarta Stock Exchange composite index closed up 7.063 points at 731. 619.

In Tokyo, share prices closed 2.1 percent lower, with the Nikkei stock average depressed by profit-taking and futures-led declines, brokers said.

The leading barometer of the Tokyo Stock Exchange fell 429.44 points to finish the session at 20,175.52 while the broader Topix index of all shares on the first section closed 24.43 points lower at 1,529.38.

In Sydney, shares eased 0.2 percent as negative waves from Wall Street combined with a measure of profit-taking to give the market a sedate start to the new financial year, brokers said.

The Australian Stock Exchange's key all ordinaries index ended 4.7 points lower at 2,721.2.

In Kuala Lumpur, key stock index ended 0.1 percent higher as late buying of selected blue chips reversed earlier falls.

The Kuala Lumpur Stock Exchange 100-share weighted composite index rose 1. 60 points to 1,078.90. The lesser second board index gained 0.18 point to 562.84.

In Seoul, share prices closed 1.7 percent higher on the Korea Stock Exchange as investors bought actively after the country posted the first trade surplus in 30 months, dealers said.

The composite index closed 12.63 points higher at 758.03.

In Manila, share prices rose 0.2 percent on late buying by investors.

The Philippine Stock Exchange index closed 6.33 points firmer at 2,815.54.

In Wellington, stocks eased 0.5 percent in a consolidation of the previous day's strong gains, brokers said.

The benchmark New Zealand Stock Exchange-40 capital index closed down 11. 10 points at 2,490.86.