Markets dip before New Year holiday
Markets dip before New Year holiday
HONG KONG (AFP): Asian stock markets ended mixed Monday in
thin trade and on a lack of buying incentives ahead of the New
Year, with most investors on year-end holidays, dealers said.
Hong Kong, Tokyo, Singapore, Jakarta and Taipei were lower,
while Kuala Lumpur, Bangkok and Seoul ended in positive
territory. Sydney was closed for a holiday and Manila barely
budged.
In Hong Kong, share prices fell 1.2 percent in thin trade on a
lack of buying interest at the year-end, dealers said.
"It is so close to the year's end. There is no buying
interest," said Sean Li, associate director at Amsteel
Securities.
The key Hang Seng index lost 122.06 points to close at
10,170.14, with financials and properties drifting lower after
gains last week.
In Tokyo, share prices in Tokyo closed 0.6 percent lower, with
investors locking in profits on earlier gains, brokers said.
The 225-issue Nikkei average of the Tokyo Stock Exchange fell
88.89 points to finish at 13,709.06. The Topix index of all
first-section issues lost 3.07 points to 1,079.89.
Brokers said thin trading conditions left the market
vulnerable to only moderate selling in the afternoon session.
In Jakarta, Indonesian share prices closed 0.4 percent lower
amid a lack of liquidity ahead of the year-end holidays, dealers
said.
"The (value of the) turnover was only Rp 74 billion (US$9.2
million). That means there is no liquidity in this market," he
said.
The Jakarta Stock Exchange composite index was down 1.679
points at 400.176, with diversified Lippo Group stocks falling on
a negative response to Lippo Bank's rights issue.
In Singapore, blue-chip share prices ended 0.8 percent lower
on selling of index-linked stocks amid thin turnover, dealers
said.
The benchmark Straits Times Index of the Stock Exchange of
Singapore fell 11.48 points to 1,381.27 while the broader All-
Singapore index dipped 2.14 points to 379.87.
In Kuala Lumpur, Malaysian share prices ended 0.7 percent
higher in lackluster trade on thin local support, with most
investors away on vacation, dealers said.
The Kuala Lumpur Stock Exchange's composite index finished at
556.14 points, up 3.82 points from Thursday's close. The market
was closed Friday for Christmas.
In Bangkok, Thai shares closed up 1.2 percent in light trade
amid bargain-hunting on hopes foreign investors will return in
January, analysts said.
The SET index closed up 4.13 points at 360.29, while the SET
50 index was up 0.27 points at 26.20.
In Manila, Philippine share prices ended barely higher in
sluggish trading as most investors stayed home for the year-end
holidays, analysts said.
The Philippine Stock Exchange composite index rose 0.79 points
to close at 1,932.94 points.
In Seoul, South Korean share prices closed 1.3 percent higher
on retail buying, the last day of trading for this year, amid a
positive outlook for 1999, dealers said.
The Korea Stock Exchange (KSE) index closed up 7.10 points at
562.46, off a high of 571.02.
In Taipei, Taiwan share prices plunged 3.0 percent on selling
pressure ahead of New Year holidays, analysts said.
The Taiwan Stock Exchange weighted price index fell 201.35
points to 6,481.65 after it dipped 0.1 percent in the previous
trading session. The market was closed Friday for Christmas.
In Shanghai, shares, nominally reserved for foreign investors,
fell 2.8 percent on profit-taking, dealers said.
The Shanghai Stock Exchange's B-share index lost 0.82 points
to close at 28.30 points, while the A-share index of locally
traded stocks ended down 14.67 points, or 1.2 percent, at
1,234.01 points.