Most Asia-Pacific stock markets rally

Most Asia-Pacific stock markets rally

BANGKOK (AFP): Most Asia-Pacific markets rallied yesterday with Thailand leading the pack on news that it would seek international help for its economy .

Thai share prices soared 5.3 percent as economic ministers agreed to approach the International Monetary Fund (IMF) for a credit line to shore up confidence and liquidity, analysts said.

News of the IMF package, which would include technical assistance and be conditional on acceptance of a package of tight fiscal and monetary policies, dramatically boosted market sentiment, they said.

In Tokyo, Japanese share prices closed 0.9 percent higher as the yen's drop against the dollar unleashed buying of blue-chip exporters, brokers said.

"Foreign securities houses were the most prominent buyers of blue-chip exporters such as Sony and Canon throughout the day, largely on behalf of overseas funds," said a broker at a "Big Four" securities house.

The key Nikkei stock average of 225 select issues the Tokyo Stock Exchange rose 185.72 points to close at 20,575.26. The Topix index of all first-section issues closed up 10.87 points at 1,555.16.

In Hong Kong, share prices rose slightly in directionless trading, dealers said.

"There is an overall lack of direction, with investors taking a wait-and-see stance," awaiting interim results of leading banks, said Howard Gorges, dealing director at the South China Brokerage said.

The Stock Exchange of Hong Kong's key Hang Seng Index gained 8.47 points to finish at 15,666.59.

In Sydney, the Australian Stock Exchange's main indicator, the all ordinaries index, rose 32.6 points to 2,723.8.

In Singapore, blue-chip share prices closed 0.3 percent lower as investors locked in profits on last week's sharp gains and buying interest was focused on low-liners.

"There was some profit-taking in the blue-chips. Even electronics, which was leading the charge, came off a bit from the highs," a dealer with a foreign brokerage said.

The Straits Times Industrials index of leading shares on the Stock Exchange of Singapore fell 5.95 points to 1,975.01. The broader All-Singapore index fell 2.79 points to 502.39.

In Kuala Lumpur, Malaysia's key stock index ended 1.1 percent lower on profit-taking amid lingering concerns over the ringgit. "Investors were sidelined on news that the government may implement rules to curb speculation against the ringgit," said an analyst with a local brokerage.

The Kuala Lumpur Stock Exchange 100-share weighted composite index fell 11. 85 points to 1,029.41. The lesser second board index shed 2.41 points, or 0.4 percent, to 547.88.

In Taipei, the Taiwan Stock Exchange weighted price index rose 53.80 points to 9,923. 05.

In Seoul, share prices closed 0.2 percent higher on the Korea Stock Exchange but off their highs due to uncertainty about the market outlook, dealers said.

The composite index closed up 1.60 points at 733.92.

In Manila, Philippine share prices closed 0.8 percent higher as the Central Bank of the Philippines cut a key interest rate to allow more money into the banking system.

The central bank announced it was cutting its one-day reverse repurchase agreement rate by three percentage points to 22 percent.

The Philippine Stock Exchange index rose 19.52 points to 2,592.21.

In Shanghai, the B share index dropped 1.35 points to close at 74.28 points while the A share index of domestically traded shares sank 30. 65 points, or 2.5 percent, to close at 1,193.39 points.

In Wellington, the benchmark NZSE-40 capital index closed 31.50 points firmer at 2,542.11.