Little movement as Asian stock markets stay firm

Little movement as Asian stock markets stay firm

HONG KONG (AFP): Asian-Pacific markets posted little movement yesterday keeping an anxious eye on events in Indonesia and the Gulf as well as the region's economic crisis.

There was mixed trading, with Thailand posting the biggest gains where the market ended 2.2 percent up, but analysts said sentiment was cautious due to regional and domestic concerns.

Hong Kong share prices gained 0.2 percent here despite an announcement by Moody's Investors Service that it was downgrading the territory's credit rating, dealers said.

The key Hang Seng index gained 18.52 points to close at 10,599.79.

In Tokyo, the key Nikkei stock average on the Tokyo Stock Exchange rose 139. 76 points, or 0.8 percent, to end the session at 16,756.24.

The broader Topix index of all first section issues edged up 2.36 points to 1,260.69.

Share prices held to negative territory for most of the day due largely to dealer-led selling, with investors awaiting for the release of the stimulus package by the Liberal Democratic Party (LDP) which came near the close of trade. .

In Singapore, stock prices ended 0.5 percent lower but dealers said the general market undertone was firm despite a drop in exports and warnings that earnings of local banks will fall by 30 percent.

The benchmark Straits Times Industrials index of the Stock Exchange of Singapore fell 7.68 points to end at 1,545.79 while the broader All-Singapore index was down 3.08 points to 410.52.

In Australia, the Australian Stock Exchange's main indicator, the All Ordinaries Index, fell 13.7 points to 2,645.1.

In Bangkok, Thai stocks ended 2.2 percent firmer as foreign players moved back into the market despite regional financial turmoil and fears of a Gulf conflict, dealers said.

The Stock Exchange of Thailand closed Friday 11.42 points up 521.83 in moderate trading with selective buying in blue chips which was buoyed by a stable Thai baht. The SET 50 select index ended up 0.92 points at 39.37.

In Kuala Lumpur, Malaysian share prices closed 0.6 percent higher after a day of volatile trading with the broader market taking a breather from the recent rally ahead of the weekend, dealers said.

The Kuala Lumpur Stock Exchange composite index ended at 728.06 points, up 4.56 points from Thursday's finish.

In Manila, Philippine share prices closed fractionally lower as investors remained cautious, expecting a major correction will be coming.

The Philippine Stock Exchange composite index fell 0.39 points to 2,135.91.

In Seoul, share prices closed 1.7 percent up on the Korea Stock Exchange as late profit taking ate into early gains made on the back of significant foreign interest in select blue chips, dealers said.

They said the market saw resistance at the 530-point level and came under selling pressure by institutions.

In Shanghai, the B share index rose 0.61 points to close at 54.97 points while the A share index of locally-traded stocks fell 7.35 points, or 0.6 percent, to 1,293.33 points.

In Taipei, the weighted price index rose 58.97 points to 9,037. 48, the highest level this year.

In New Zealand, the NZSE-40 index was down 10.97 points to 2,282.63 on turnover of NZ$65.8 million (US$38.7 million).