Hong Kong, Jakarta lead markets

Hong Kong, Jakarta lead markets

HONG KONG (Reuter): Hong Kong, Jakarta and Kuala Lumpur stocks surged yesterday while other Asian bourses were largely steady as Tokyo was closed for a national holiday.

In Hong Kong, the blue-chip Hang Seng Index climbed 94.49 points or 0.90 percent to 10,634.50 after touching a year high of 10,657.31.

"The market's starting to look at laggards at these higher levels and China-related issues in particular were back in favor today, with talk that China could relax its belt-tightening measures providing the necessary excuse," said Priscilla Ng of OCBC Securities.

Jakarta shares continued last week's bullishness and the composite index closed at a 23-month high on heavy buying in big capitalized stocks. The index rose 12.91 points or 2.34 percent to 563.90.

The Kuala Lumpur Stock Exchange's key index broke a six-month high in afternoon trading but then shied away as profit-taking set in, dealers said. The index rose 10.78 points or 1.02 percent to 1,072.55, off the intraday high of 1,075.58 and the previous high of 1,074.17 on July 14, 1995.

Philippine shares, helped by strong foreign fund buying, jumped 1.15 percent. The composite index rose 31.60 points to 2,778.86.

The Singapore and Bombay bourses also gained.

Singapore shares ended higher on Monday, led by buying in bank stocks and speculatives.

The 30-share Straits Times Industrials Index (STII) closed 11.57 points, or 0.48 percent, higher at 2,413.59, off its day's high of 2,421.82.

The Bombay Stock Exchange's 30-share index closed 8.56 points higher at a provisional 3,018.77 after trading between 3,029.96 points and 3,010.21. The broader National index ended 1.26 points lower at a provisional 1,386.98.

Thailand's SET index ended 0.89 points, or 0.06 percent, higher at 1,376.80.

Strong buying by foreign fund managers helped push Philippine share prices 1.15 percent up at close, brokers said.

The composite index surged 31.60 points, or 1.15 percent, to end at 2,778.86.

In Seoul, the composite stock price index lost 9.00 points, or 1.03 percent, at 865.46 after reaching a high of 878.59.

The Australian All Ordinaries index was 6.4 points lower at 2233.0.

Taiwan's weighted index ended up 1.71 points or 0.03 percent at 5,027.01, off an intra-day high of 5,064.91.

In London, the Financial Times-Stock Exchange index of 100 leading British shares was up 11.0 points at 3,668.3.

The CAC-40 share index in Paris was up 17.79 points at 1,925.38.

In Frankfurt, the 30-share DAX index was up 6.04 points at 2,362.49.