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.