Modest advance on Tokyo's Nikkei, HK sharply lower

Modest advance on Tokyo's Nikkei, HK sharply lower

HONG KONG (Reuter): Tokyo shares advanced modestly yesterday but Hong Kong's key index was punished by a dive in index futures, brokers said.

Elsewhere in Asia, Seoul's bourse hit a new closing high for the year, adding 1.23 percent, and Jakarta, Kuala Lumpur, Singapore and Sydney all posted gains.

Bangkok's bourse lost almost one percent.

Brokers said Tokyo stocks ended firm on expectations of fresh money from trust and pension funds next week. The 225-share Nikkei rose 71.34 points, or 0.33 percent, to 21,883.84 as it was pushed higher in the last hour of trade, they said.

Hong Kong stocks were sharply lower after index futures took a steep early dive in a thin pre-weekend market, brokers said.

The blue-chip Hang Seng Index ended off 90.80 points, or 0.83 percent, at 10,818.49, against an early low of 10,786.65.

Brokers said a surge in institutional buying late in the session, coupled with active trading by individuals and foreigners, pushed Seoul's stock index to a new closing high for this year.

The composite index provisionally closed 11.48 points higher at 948.37. The previous closing high for this year was 936.89 set on Thursday.

Taiwan share prices ended mixed as the market settled into a consolidation after recent wild sessions, brokers said.

The weighted index, confined to a narrow range all day, ended up 2.87 points or 0.05 percent to 5,945.67.

Thai stocks closed lower for the third consecutive day after investors sold blue-chip bank stocks.

The SET index closed 12.76 points, or 0.96 percent, down at 1,318.38.

The Bombay Stock Exchange was closed for a public holiday.

Jakarta shares ended higher in active trading on the back of improved sentiment over higher GDP growth figures, brokers said.

The Jakarta Stock Exchange composite index rose 3.56 points, or 0.57 percent, to close at 624.53 points. Brokers said sentiment was generally firm following Thursday's announcement of high GDP growth and per capita income.

in Kuala Lumpur, moderate buying interest lifted both blue chips and second liners to a higher finish in a generally subdued session.

The key Kuala Lumpur Stock Exchange Composite Index edged up 4.92 points, or 0.42 percent, to 1,172.20, just under its 1,172.51 high for the day.

The Philippine bourse closed only slightly lower with a rise in selected counters shielding the index from a sharp drop in heavyweight Philippine Long Distance Telephone Co, brokers said.

The 30-stock index slid by 0.82 points, or 0.03 percent, to finish at 2,957.99.

Singapore shares finished higher, thanks to a last-minute buying spree on an otherwise quiet day.

The key Straits Times Industrials (STI) Index ended 11.41 points, or 0.48 percent, higher at 2,399.33, off an intraday low of 2,381.90. It briefly touched 2,402.58, above the psychological resistance level of 2,400.

The Australian share market closed firmer. The All Ordinaries index was 9.2 points, or 0.41 percent, higher at 2,265.8.

The Financial Times-Stock Exchange index of 100 leading British shares was up 27.8 points at 3,848.5.

In Paris, the CAC-40 share index was down 2.48 at 2,083.48.

The 30-share DAX index in Frankfurt was down 5.04 at 2,530.60.