Regional stocks mixed as currencies suffer

Regional stocks mixed as currencies suffer

HONG KONG (AFP): Stock markets across the Asia-Pacific region were mixed Tuesday as currencies took a pounding.

Local buying support kept the Malaysian bourse strong as the ringgit fell to a record low. Manila's shares slipped only 0.1 percent, on sluggish trade with dealers saying they expected the peso, which hit a new low, to remain unstable.

In Tokyo, Japanese share prices closed 0.6 percent lower as late futures-led arbitrage selling reversed earlier gains on public fund buying, brokers said.

The 225-issue Nikkei Stock Average, the key barometer of the Tokyo Stock Exchange, shed 99.50 points to end the session at 17,887.71. But the broader Topix index of all issues on the first section edged up 2.68 points to 1,388. 32.

In Hong Kong, share prices rose 1.2 percent in quiet pre- holiday trading, dealers said.

The key Hang Seng Index gained 184.93 points to finish at 15,049.30 -- its highest in a month after five consecutive sessions of gains.

In Singapore, blue-chip stock prices ended 1.0 percent higher on good demand, especially for local bank counters.

The benchmark Straits Times Industrials index rose 19.93 points to end at 1,954.68, while the broader All-Singapore index was up 6.72 points to 479.15.

In Sydney, the all ordinaries index, slipped 7.7 points to 2,766.9.

The all industrials index fell 26.5 points to 4,551.8, while the all resources index gained 8.6 points to 1,362.2.

In Kuala Lumpur, the key stock index ended 0.7 percent higher on local buying support despite the ringgit's freefall to new record lows.

The 100-share weighted composite index rose 5.50 points to 814.57, after hitting an intra-day low of 802.51 points.

In Bangkok, Thai share prices dropped 0.9 percent as central bank data came out in line with expectations and investors held out for details of a planned restructuring of the finance sector, analysts said.

The composite Stock Exchange of Thailand (SET) index was off 4.94 points at 544.54 points, while the selected SET 50 index dropped 0.47 points at 41. 06.

In Manila, Philippine share prices fell 0.1 percent in sluggish trade due to the absence of market-moving news. "We're still in uncertain times. It's boring trading," said Jose Ricardo Garcia of Diversified Securities Inc.

The Philippine Stock Exchange index shed 1.76 points to close at 2,057.39.

In Seoul, the composite index closed up 22.04 points at 647.11. Volume stood at 32.7 million shares worth 415.6 billion won (456 million dollars).

In Shanghai, the B share index dropped 0.31 points to close at 76.31 points. The A share index of domestically-traded shares rose 14.45 points, or 1.3 percent, to close at 1,144.66 points.

In Taipei, the Taiwan Stock Exchange weighted price index slid 120.55 points to 8,708. 83.

In Auckland, the New Zealand stock exchange closed up 0.1 percent on turnover of NZ$69.4 million (US$44.5 million), with the NZSE-40 rising by 3.45 to 2,557.08.