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.