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.