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.