Regional stock markets close generally mixed
Regional stock markets close generally mixed
HONG KONG (AP): Asian stock markets closed mixed Friday, with the key index in Hong Kong surging nearly 3 percent following the decision by local conglomerate Hutchison Whampoa to sell its stake in British mobile phone company Orange to Germany's Mannesmann AG. for US$ 14.5 billion.
The Hang Seng Index, the Hong Kong market's main indicator of blue chips, rose 340.08 points, or 2.7 percent, to close 12,863.08. On Thursday, the index had gained 24.44 points, or 0.2 percent.
Brokers said investors were reacting favorably to the deal under which Hutchison will become the largest shareholder in the German engineering and telecoms conglomerate with a 10.2 percent stake. Hutchison owns 44.8 percent of Orange.
In Bangkok, Thai shares also closed sharply higher on bullish sentiment in bank and finance stocks after financial institutions released their third-quarter results during the week, dealers said.
The Stock Exchange of Thailand, or SET, index gained 9.93 points, or 2.7 percent, to 377.16.
In Tokyo, the Japanese benchmark 225-issue Nikkei Stock Average fell 9.47 points, or 0.05 percent, to finish at 17438.80. On Thursday, the average closed down 86.44 points, or 0.49 percent.
Tokyo prices in Tokyo initially rebounded moderately in light trading but later lost those gains.
Recent falls in U.S. share prices have had a negative psychological impact in Japan, although Tokyo officials deny any impact on the country's economic fundamentals.
In New York on Thursday, the Dow Jones industrial average fell 94.67 points to 10,297.69, hurt by a pessimistic profit outlook from International Business Machines Corp. late Wednesday.
In currency trading, the U.S. dollar was quoted at 105.44 yen, down 0.68 yen from 106.12 yen late Thursday in Tokyo and also below its late New York level of 105.86 yen overnight.
In Taiwan, strong selling in technology shares sparked by an earthquake pushed Taiwan stocks lower for the fifth consecutive session.
The Taipei market's key Weighted Stock Price Index fell 95.27 points, or 1.2 percent, to 7,559.63.
In Wellington, New Zealand share prices closed lower. The benchmark NZSE-40 Capital Index fell 13.09 points, or 0.6 percent, to 2,090.24.
In Manila, Philippine shares closed lower, with investors spooked by fears of increased inflationary pressure following recent wage and oil price hikes. The 30-company Philippine Stock Exchange Index fell 37.94 points, or 1.9 pe4recent, to 1,946.68.
In Sydney, Australian share prices closed higher, primarily on gains in giant media concern News Corp. following recent selling pressure. The All Ordinaries Index closed at 2,837.3, up 9.4 points, or 0.3 percent.
In Seoul, share prices closed mixed in volatile trading. The Korea Composite Stock Price Index rose 1.01 points, or 0.1 percent, to 819.52.
In Kuala Lumpur, Malaysian share prices closed marginally higher. The Composite Index, which tracks 100 blue-chip stocks, rose 0.56 of a point to 739.00.
In Singapore, share prices closed lower on profit-taking. The benchmark Straits Times Index slipped 0.12 point, or 0.01 percent, to 2,017.38.