Major Asian stock markets close higher
Major Asian stock markets close higher
HONG KONG (AP): Most Asian stock markets closed higher
Tuesday, with the key index in Jakarta soaring more than 12
percent after Indonesia held its freest election in 44 years in
remarkable peace.
The success of the election not only bolstered the troubled
financial markets of Indonesia and some of its neighbors, it also
persuaded the International Monetary Fund to approve US$450
million loan for Indonesia on Monday.
It was the fifth installment in a rescue package launched
after Indonesia became the worst victim of the 1997 Asian
financial crisis.
The Jakarta Stock Exchange's Composite Index rose 12.2
percent, or 74.569 points, to close at 686.94.
In Tokyo, the benchmark 225-issue Nikkei Stock Average added
87.03 points, or 0.53 percent, closing at 16,562.92. On Monday,
the average gained 175.14 points, or 1.07 percent.
Japanese stocks posted moderate gains on select buying of blue
chips following an overnight rise on Wall Street.
But many investors held back to wait for Thursday's release of
gross domestic product figures for the first quarter, traders
said.
Investors were also awaiting a meeting of finance ministers
and central bankers from the G-7 industrialized nations over the
weekend in Cologne, Germany.
Meanwhile, the U.S. dollar was quoted at 121.32 yen, up 0.48
yen from late Monday in Tokyo and also above its late New York
level of 120.80 yen overnight.
The dollar rose after an influential Japanese finance ministry
official warned against a hasty rise in the Japanese currency.
Malaysian share prices closed sharply higher, with the main
index rising 3.3 percent after the government announced favorable
industrial output data for April.
Malaysia's industrial production index for April rose 0.8
percent compared to March and 2.6 percent from a year earlier.
The Kuala Lumpur Stock Exchange's Composite Index, which tracks
100 blue-chip stocks, rose 24.08 points to 755.09.
Singapore shares also surged as the peaceful Indonesian polls
pushed the index to a two-year high. The Straits Times Index
closed up 41.03 points, or 2.1 percent, to 1,996.44.
Elsewhere:
In Hong Kong, share prices closed higher for a second straight
session. The blue-chip Hang Seng Index rose 27.47 points, or 0.2
percent, closing at 12,864.86.
In Taipei, share prices closed higher as news of an alliance
between two of the island's leading electronics companies boosted
sentiment. The market's key Weighted Stock Price Index rose 89.44
points, or 1.14 percent, to 7,892.13.
In Wellington, New Zealand share prices closed lower. The
benchmark NZSE-40 Capital Index fell 14.54 points, or 0.6
percent, to 2,114.50.
In Manila, Philippine shares closed higher, buoyed by a steady
softening of domestic interest rates. The Philippine Stock
Exchange index of 30 selected companies rose 12.06 points, or 0.5
percent, to 2,415.07.
In Sydney, the Australian stock market closed broadly higher.
The All Ordinaries Index rose 22.7 points, or 0.7 percent, to
2,966.8.
In Seoul, share prices closed higher for the 11th consecutive
session. The Korea Composite Stock Price Index rose 11.28 points,
or 1.3 percent, to 853.60, its highest close since July 10, 1996.
In Bangkok, Thai stock prices closed higher. The SET index
gained 10.42 points, or 2.2 percent, to 493.67.