Most Asian stock markets end higher

Most Asian stock markets end higher

HONG KONG (AP): Most Asian stocks markets ended the week higher Friday on the back of an overnight rally on Wall Street.

Singapore shares posted the sharpest gains, with the Straits Times Index rising 73.14 points, or 4 percent, to 1,910.40.

In Hong Kong, the blue-chip Hang Seng Index rose 342.91 points, or 2.3 percent, closing at 15,284.10. On Thursday, it gained 227.33 points, or 1.6 percent.

Brokers said the market's rise was fueled by Wall Street's rally and optimism that U.S. interest rates may have stabilized for now.

Bucking the trend was the Jakarta Stock Exchange, where prices fell sharply amid growing fears that the government will explore the possibility of adopting capital controls to boost the Indonesian currency.

Dealers said speculation that the International Monetary Fund will likely delay the disbursement of its US$400 million loan to Indonesia also dampened market sentiment.

The Jakarta bourse's Composite Index closed at 444.448, down 2.2 percent, or 9.879 points.

In New York, the Nasdaq composite index rose 181.59, or 5.3 percent, to close at 3,582.50 on Thursday.

The Dow Jones industrial average gained 129.87, or 1.2 percent, to close at 10,652.20.

Thai shares also surged, with the key Composite Index closing at 339.28, up 11.68 points, or 3.6 percent.

The Japanese benchmark 225-issue Nikkei Stock Average gained 105.76 points, or 0.63 percent, to close at 1,6800.06. On Thursday, the average closed up 361.85 points, or 2.22 percent.

Tokyo prices also were pushed up Thursday's gains on Wall Street, but the Nikkei eventually dropped from its daily high as wary investors took profits before the release of U.S. jobs data later Friday, traders said.

Buyers were also reluctant to chase prices higher ahead of the June 9 announcement of Japan's January-March gross domestic product data, traders said.

In currency trading, the U.S. dollar was quoted at 108.78 yen, up 0.06 yen from late Thursday in Tokyo and also below its late New York level of 108.55 yen overnight.

In Seoul, South Korean shares closed sharply higher on strong foreign buying. The main Korea Composite Stock Price Index rose 22.20 points, or 3 percent, to 760.69.

In Manila, Philippine stocks closed sharply higher, buoyed by strong foreign demand as efforts to end fighting in the southern Philippines appeared to be making progress. The 30-company Philippine Stock Exchange Index rose 42.22 points, or 2.9 percent, to 1,512.75.

In Taipei, Taiwan shares closed higher following overnight gains in the Nasdaq Composite Index. The Weighted Stock Price Index rose 40.82 points, or 0.46 percent, to 8,883.45.

In Wellington, New Zealand share prices closed higher on the back of a strong demand for local blue chips. The benchmark NZSE- 40 Capital Index rose 34.22 points, or 1.7 percent, to 2,027.53.

In Sydney, the Australian share market closed higher in the wake of overnight gains in the United States. The All Ordinaries Index rose 48.5 points or 1.6 percent, to 3,096.3.

In Kuala Lumpur, Malaysian share prices closed lower on concerns about a possible Cabinet reshuffle or resignations. The Composite Index fell 13.28 points, or 1.5 percent, to 891.25.