JSX's key index climbs, Asian markets end mixed

JSX's key index climbs, Asian markets end mixed

HONG KONG (AP): Asian markets closed mixed yesterday, with Jakarta's key index climbing above the psychological barrier of 500 points.

Jakarta's benchmark JSX composite index closed 2.93 points higher at 500.64.

Dealers said it was driven up by a sharp rebound in telecommunications shares amid a lukewarm welcome to the government's claim that it had met the International Monetary Fund's deadline for implementing a range of economic reforms.

Among the measures was a lifting of the government's ban on palm oil exports, a step the market regarded as a yardstick on progress toward structural reform.

"The Indonesian government is making all the right moves toward implementing the IMF program, and the market is giving it due credit for that," said Andrew Fung, treasury economist at Standard Chartered in Singapore.

Tokyo share prices ended slightly lower amid uncertainty about the impact of an upcoming economic stimulus package and worry over corporate earnings.

The benchmark Nikkei Stock Average of 225 selected issues closed 0.40 percent lower at 15,761.54, after gaining 0.82 percent Tuesday.

On Friday, Japan will announce details of the latest in a series of plans designed to revive its sluggish economy. The package was expected to include 16 trillion yen (US$122 billion) in tax cuts, public works spending and other measures.

"The government is saying that it will announce its biggest economic stimulus package ever, but the stock market is still falling," said Kenji Karikomi, general manager of the equity department at Daiwa Securities Co.

Concern that the weakness of Japan's economy will hurt corporate earnings also weighed on the market, traders said. Meanwhile, the dollar fell against the yen in Tokyo.

The dollar bought 130.72 yen in late trading, down 0.82 yen from late Tuesday in Tokyo and also below its late New York rate of 131.35 yen overnight.

In Malaysia, share prices finished lower on continuing concerns over the local economy and fears of more local corporate failures.

In the past few weeks, three companies listed on the local stock market were threatened with liquidation. A subsidiary each of another two listed companies were in the same predicament.

The benchmark Composite Index closed down 4.31 points at 619.67.

Share prices in Hong Kong ended mixed after a government land auction fetched prices right in line with market expectations, traders said.

The blue-chip Hang Seng Index edged up 0.08 percent, closing at 10,977.47, after shedding 1.6 percent Tuesday.

Taiwan stocks soared as investors were cheered by surging U.S. technology stocks overnight and Taiwan's jump to 16th place in an international competitiveness report, analysts said. Taipei's main index rose 2.3 percent to 8,636.51.

The gains follow a loss of more than 9 percent in the main index over the past two weeks.

In Bangkok, Thai share prices ended higher in thin trading, helped by a rise in shares of Bangkok Bank PCL. The key index gained 1.50 points to 436.73.

In Manila, Philippine shares finished slightly higher, buoyed by last-minute bargain hunting, traders said. The key index closed 0.1 percent higher at 2,154.28 points.

In Singapore, share prices closed sharply lower on an across- the-board selloff, dealers said. The benchmark index finished 1.1 percent lower at 1,475.52.

In Seoul, share prices in South Korea closed lower, with investors abstaining from buying, analysts said. The key index closed down 7.40 points at 431.81.

In Australia, share prices closed slightly lower as improved sentiment fueled by higher metals prices failed to outweigh profit-taking in the industrial sector. The key index shed 9.60 points to 2,856.8.

In New Zealand, share prices finished higher thanks to a fall in short-term interest rates and gains in some leading stocks.

The key index rose 9.50 points to 2,319.96.