Millennium openers on a roll in Asia

Millennium openers on a roll in Asia

TOKYO (AFP): Asia-Pacific markets were mixed Tuesday as traders discarded any lingering Y2K bug fears to leap on fresh New Year openings but took profits from surges seen elsewhere the previous day.

Japan, South Korea, Taiwan, Thailand and Indonesia all posted rises, with Tokyo at its highest level for more than two years, and Seoul, Taipei, Bangkok and Jakarta all soaring more than three percent.

The Tokyo Stock Exchange's Nikkei average of 225 selected issues gained 68.52 points to end the holiday-shortened half-day session at 19,002.86. It was its first close above 19,000 since August 21, 1997.

In Jakarta, shares rose 3.4 percent on easing concerns over Y2K problems on Indonesia's first trading day of the new century.

A Trimegah Securindo sales representative said trade was robust amid relief that fears of millennium computer glitches had not materialized.

"Because we have had no problem with Y2K compliance, that's why investors are confident to buy stocks," the sales representative said.

But she said investors were awaiting more details of an audit of Bank Indonesia, which revealed that the central bank was in the red.

The Jakarta Stock Exchange composite index closed up 23.299 points at 700.218.

In Hong Kong, the key Hang Seng Index closed 1.7 percent lower on profit-taking on technology stocks following recent record highs.

The Hang Seng dropped 296.81 points to close at 17,072.82 from Monday's record high of 17,369.63.

In Singapore, shares closed 2.04 percent lower on profit- taking following recent rises.

The benchmark Straits Times Index of the Singapore Exchange fell 52.79 points to 2,530.15.

In Bangkok, Thai share prices surged 3.4 percent as the market shrugged off Y2K concerns after little or no disruption was witnessed here or elsewhere.

The benchmark Stock Exchange of Thailand (SET) index rose 16.54 points to 498.46.

In Kuala Lumpur, share prices closed mixed in heavy trade as follow-through buying and profit-taking were very closely matched.

The Kuala Lumpur Stock Exchange composite index fell 0.1 percent, or 1.09 points, to finish at 832.80.

In Seoul, South Korean shares surged 3.01 percent on foreign buying in the first trading of the new millennium.

In a half-day session, the composite index closed up 30.97 points at 1,059.04.

In Manila, the Philippine stock market closed 0.5 percent higher due to a rise in shares of dual-listed telecommunications giant Philippine Long Distance Telephone Co. (PLDT), which had earlier surged in New York.

The Philippine Stock Exchange composite index rose 11.41 points to close at 2,153.18.

In Bombay, share prices on the Bombay Stock Exchange (BSE) surged 2.1 percent to close at a new record high.

The benchmark 30-share BSE sensitive index closed up 115.90 points at 5,491.01 points.

In Taipei, the Taiwanese bourse surged 3.6 percent in the first trading session of the new millennium with gains across the board spurred by rallies in neighboring markets the previous day, dealers said.

The Taiwan Stock Exchange weighted price index soared 307.71 points to 8,756.55, the highest level since April 16, 1998.