Most Asia-Pacific stock markets rise
Most Asia-Pacific stock markets rise
HONG KONG (AFP): Most Asia-Pacific stock markets rose
yesterday as ailing regional currencies strengthened against the
U.S. dollar, but profit-taking trimmed their gains.
The biggest gainer was Seoul, where foreign buying pushed
stocks 5.3 percent higher.
A notable exception was the Hong Kong bourse, where share
prices dropped 0. 8 percent as profit-taking erased earlier gains
on a government budget offering economic stimulants and tax
reliefs.
"With the market rising sharply, people were tempted to take
profit," said Howard Gorges, vice president at South China
Brokerage, adding that investors were still cautious over
instability in Indonesia.
The key Hang Seng index shed 89.68 points to close at
10,581.27, ending two consecutive sessions of gains, amid renewed
worries over rising inter-bank rates.
In Tokyo, Japanese share prices ended marginally higher as
investors took profits on earlier gains due to slim hopes for
large tax cuts in Friday's economic package, brokers said.
The key Nikkei stock average on the Tokyo Stock Exchange edged
up 2.59 points to end at 16,616.48, with the Topix index of all
first-section issues down 2.61 points at 1,258.33.
In Singapore, share prices ended 0.9 percent higher with
earlier gains diminished by a selloff in banking issues.
The selloff was triggered by Deputy Prime Minister Lee Hsien
Loong's remarks in parliament midday that earnings of Singapore's
six leading banks would decline by 30 percent on average because
of their loan exposure to neighbors affected by the regional
economic crisis.
The benchmark Straits Times Industrials index rose 14.49
points to 1,553. 47, off its high of 1,569.16 (ATTN EDS: CORRECT)
around midday. The All-Singapore index rose 3.5 points to 413.6.
In Australia, share prices slipped 0.1 percent despite Wall
Street's lead, amid growing uncertainty about the economic
outlook in the face of the regional crisis.
The Australian Stock Exchange's main indicator, the All
Ordinaries index, eased 2.4 points to 2,658.8.
In Kuala Lumpur, Malaysian share prices closed 2.6 percent
higher on local support ahead of the divisional elections in the
main party in the ruling coalition at the end of March, dealers
said.
The Kuala Lumpur Stock Exchange composite index closed at
723.50 points, up 18.60 points from Wednesday's finish.
In Bangkok, Thai share prices gave way to profit taking in the
afternoon session to close 0.6 percent weaker despite a stronger
baht and resilience in regional markets, analysts said.
The Stock Exchange of Thailand (SET) composite index fell 2.86
points to finish at 510.41.
In Manila, Philippine share prices closed 1.8 percent higher,
taking their cue from other Asian markets, Wall Street's strength
and a stronger peso, analysts said.
The Philippine Stock Exchange composite index rose 38.70
points to close at 2,136.30 points.
In Seoul, share prices rebounded for a second successive day
to close 5.3 percent up on the Korea Stock Exchange with heavy
foreign buying of core blue chips fueling the recovery, dealers
said.
The composite index closed up 25.72 points at 513.45 off a
high of 516.69.
In Taipei, the Taiwan Stock Exchange weighted price index
surged 141.17 points to 8, 978.51, the highest this year.
In Shanghai, the B share index rose 1.08 point to close at 54.
36 points while the A share index of locally-traded stocks rose
2.46 points, or 0.2 percent, to 1,300.68 points.
In New Zealand, the NZSE-40 was down 13.56 points to 2,293.60
on turnover of NZ$81.7 million (US$48.1 million).