Most Asian stocks rise despite slump in HK
Most Asian stocks rise despite slump in HK
HONG KONG (AP): Asian stock markets closed mixed Tuesday, with
prices rising in Tokyo and Taipei but slumping in Hong Kong and
Jakarta.
The Japanese benchmark 225-issue Nikkei Stock Average rose
28.63 points, or 0.16 percent, to 18,090.8. The index closed down
74.37 points, or 0.41 percent, on Friday.
Tokyo financial markets were closed Monday for a national
holiday.
The Nikkei index was lifted by an increase in U.S. high
technology shares and hopes for company alliances in oil and
telecommunications.
Shares in Taiwan closed sharply higher, posting their largest
session gain since last month's massive earthquake.
The rally was led by key blue-chip electronic stocks as
investors are realizing that Taiwan's technology prowess will
continue after the temblor, dealers said.
The Taipei market's main Weighted Stock Price Index rose
228.26 points, or 3.0 percent, to 7,835.37.
Thai shares also surged on positive sentiment about the
country's economic situation. The Stock Exchange of Thailand, or
SET, index gained 12.48 points, or 3.2 percent, to 401.36.
Hong Kong stocks slumped after the government announced that
it will start selling shares it acquired in a controversial stock
market intervention last year.
The Hang Seng Index, the Hong Kong market's key indicator of
blue chips, fell 233.37 points, or 1.8 percent, closing at
12,759.35. On Monday, the index lost 119.70 points, or 0.9
percent.
Brokers said investors sold blue chips in hopes of making a
profit when they buy government stocks at a discount.
Hong Kong spent the equivalent of US$15.1 billion on shares
when it intervened in the market in August 1998, during the Asian
financial crisis, when local officials blamed speculators for big
price plunges in the territory.
The government's shareholding has increased in value to about
HK$200 billion (US$25.6 billion) as the market bounced back.
Indonesian shares also fell amid political concerns over the
nomination of President B.J. Habibie by the ruling Golkar party
as its presidential candidate.
Investors also took fright over student-led protests against
the decision to drop an investigation into corruption allegations
against former president Soeharto.
The Jakarta market's Composite Index fell 12.678 points, or
2.2 percent, to 571.382.
In Seoul, share prices closed higher after President Kim Dae-
jung said Daewoo Group's financial problems won't shake the
stability of the stock market. The Korea Composite Stock Price
Index rose 21.86 points, or 2.6 percent, to 856.25.
In Singapore, share prices closed lower on worries over a
possible rise in U.S. interest rates. The benchmark Straits Times
Index fell 3.96 points, or 0.2 percent, to 2,118.27.
In Kuala Lumpur, Malaysian share prices closed lower on
profit-taking. The benchmark Composite Index slipped 1.82 points
to close at 745.57.
In Wellington, New Zealand share prices closed slightly
higher. The benchmark NZSE-40 Capital Index rose 10.01 points, or
0.4 percent, to 2,070.42.
In Manila, Philippine shares closed lower as investors cashed
in on gains from speculative stocks that soared in previous
sessions. The Philippine Stock Exchange Index of 30 selected
companies fell 3.77 points, or 0.2 percent, to 2,066.40.
In Sydney, the Australian stock market closed marginally
stronger, underpinned by climbing prices for leading banks. The
All Ordinaries Index closed at 2,934.1, up 7.7 points, or 0.3
percent.