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).