Japan shares lead regional gains
Japan shares lead regional gains
TOKYO (AFP): Japanese share prices led regional gains
yesterday with a rally balancing losses earlier in the week, amid
reports that the government would continue efforts to prop up the
economy, dealers said.
Hong Kong shares were 1.4 percent higher after a bumpy ride
throughout the week, influenced by regional concern over
Indonesia's standoff with the International Monetary Fund (IMF)
on economic reforms.
Eugene Law, an analyst with Lippo Securities, said continuing
anxiety over Indonesia was preying on traders' minds.
"The reality is that there is a time bomb there and people
just cannot be too optimistic," he said.
Southeast Asian markets were mostly higher with Bangkok
gaining more than three percent on a strengthening baht and
Jakarta, Kuala Lumpur and Singapore up more than 1.0 percent each
on local support and domestic news.
Japanese share prices jumped 2.9 percent on a report that the
government will use huge postal savings funds to bolster the
stock market, brokers said.
The Asahi newspaper report prompted brokerage house dealers
and individual investors to focus their buying on large-capital
issues for quick profit-taking but it had limited impact on the
market, brokers said.
The Nikkei Stock Average of 225 leading issues rose 484.92
points to end at 17,060.14, while the Topix index of all issues
on the first section of the Tokyo Stock Exchange was up 26.49
points at 1,276.20.
In Hong Kong, share prices rose 1.4 percent to breach the
11,000 points barrier but traders lacked an incentive to
reinvigorate a subdued market, dealers said.
The key Hang Seng index closed up 154.56 points, at 11,057.03
after starting the week at 10,919.53.
In Australia, the All Ordinaries index, gained 12.1 points, or
0.4 percent, to close at 2,731.6. The All Resources index was up
6.5 points, or 0.6 percent, to 1,164.1, while the All Industrials
finished the day at 4,694.5, up 19.3 points, or 0.4 percent.
In Singapore, benchmark stock index closed 1.1 percent higher,
with media group Singapore Press Holdings Ltd. (SPH) leading blue
chips and oversold property stocks rebounding.
With regional currencies remaining stable, the Straits Times
Industrials index closed 17.79 points higher at 1,598.63. The
broader All-Singapore Index ended 1.94 points higher at 423.19.
In Kuala Lumpur, Malaysia's key stock index closed 1.4 percent
higher in thin trade on local buying support despite lingering
negative market sentiment, dealers said.
The Kuala Lumpur Stock Exchange's 100-share weighted composite
index rose 9.93 points breaching the 700-points psychological
barrier to end at 708.16.
In Bangkok, Thai stocks surged 3.1 percent ending three days
of declines amid sharp currency appreciation and signs of a warm
reception for Premier Chuan Leekpai in the United States, dealers
said.
The Stock Exchange of Thailand (SET) composite index surged
15.57 points to close Friday at 514.24 points, while the selected
SET 50 index was also up 1.38 points to 38.35 points.
In Manila, Philippine share prices closed 0.2 percent lower in
continued sideways trade, brokers said.
The Philippine Stock Exchange index shed 3.21 points to
2,173.29.
In Seoul, share prices closed slightly higher after a volatile
session punctuated by a security scare, with medium- and small-
cap stocks at the center of local buying, dealers said.
The composite index closed up 0.32 points, or 0.06 percent, at
536.16, off a high of 540.09 and a low of 521.80.
In Shanghai, the Shanghai Stock Exchange's B share index rose
1.26 points to close at 56.34 points, while the A share index of
locally-traded stocks ended up 5.87 points, or 0.5 percent, at
1,248.54 points.
In Taipei, Taiwan share prices closed hardly changed as late
selling wiped out early gains amid consolidation, dealers said.
"Lots of free stocks flowing amount retail investors made trading
more volatile," said Eric Lo of Dresdner Bank.
The Taiwan Stock Exchange weighted price index slid 0.86 point
to 9,055.51.
In New Zealand, stocks rose 1.3 percent on the back of a big
gain by Telecom Corp.
The New Zealand stock exchange NZSE-40 index gained 30.42
points, to 2,299. 17.