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).