Regional stocks mixed in Christmas-eve trade

Regional stocks mixed in Christmas-eve trade

TOKYO (AFP): Asia-Pacific stock markets ended mixed in quiet
Christmas-eve trade Wednesday, with investors adopting caution
amid the region's financial woes.

Tokyo, Singapore and Taipei ended up.

Seoul led the decliners with a 4 percent drop amid fears of
potential bankruptices. Hong Kong and Sydney shares shed 0.2
percent each, Kuala Lumpur dipped 1.1 percent, Bangkok 0.7
percent and Jakarta 0.1 percent.

Late short-covering helped Japanese share prices end 0.8
percent higher but with few participants optimistic about future
prospects amid concerns about a credit crunch, brokers said.

Share prices staged a moderate rebound towards the close,
buoyed largely by technically-driven short-covering and bargain-
hunting among international blue-chips such as Sony Corp.,
brokers said.

The Nikkei stock average of 225 selected issues on the Tokyo
Stock Exchange rose 125.58 points to end at 14,924.98.

In Hong Kong, shares dropped 0.2 percent in quiet pre-
Christmas holiday trade following an overnight loss on Wall
Street and jitters over the South Korean financial crisis,
dealers said.

"Trading is quiet, with investors choosing to stay sidelined,"
because of the holidays, said Sean Li, dealing director as
Amsteel Securities.

The key Hang Seng Index lost 25.66 points to close the half-
day session at 10,342.44, after gaining 195.63 points on Tuesday.

In Singapore, blue-chip stock prices ended 2.4 percent higher
on buying of index-linked counters in anticipation of more
mergers of foreign and local tranche shares but the overall
market was weak.

"The merger issue was the sole reason for the blue-chip index
to stay on positive territory. Otherwise the market was pretty
weak," a local dealer said.

The blue-chip Straits Times Industrials index of the Stock
Exchange of Singapore rose 36.65 points to close at 1,572.96 in
half-day Christmas-eve trading.

In Sydney, Australian share prices slipped 0.2 percent in a
slow and shortened session ahead of the four-day Christmas break.

The Australian Stock Exchange's main indicator, the All
Ordinaries index, fell 4.2 points to 2,554.7.

In Kuala Lumpur, Malaysia's key stock index closed 1.1 percent
lower but off its lows on local buying support in otherwise quiet
Christmas-eve trade.

The Kuala Lumpur Stock Exchange's 100-share weighted composite
index fell 5.96 points to 550.35 off a low of 537.36 while the
second board index dipped 5.0 points, or 3.0 percent, to 161.86.

In Bangkok, Thai share prices fell O.7 percent despite some
speculative play in the banking and finance sectors earlier in
the day.

The Stock Exchange of Thailand (SET) broad based index closed
2.67 points down at 364.20. The SET 50 index also closed down,
dropping 0.24 points to finish the day at 25.43.

In Manila, Philippine share prices fell marginally in pre-
Christmas trade amid concerns over the weak local currency,
analysts said.

"The number one culprit is the dollar to peso value which is
still very high," said Joe Bonsal of I. Ackerman and Company,
Inc.

The Philippine Stock Exchange composite index fell 8.41 points
to close at 1,847.25 points.

In Taipei, Taiwanese stock prices rose 0.5 percent as
Christmas-eve bargain hunters snapped up technology issues,
dealers said.

The Taiwan Stock Exchange weighted price index rose 36.74
points to 8,075. 05.

In Seoul, share prices closed 4.0 percent down but off their
lows on the Korea Stock Exchange, with weak sentiment hit by
reports the government may close more merchant banks by mid-
January.

The composite index closed down 14.91 points at 351.45, off a
low of 343. 32.

In Shanghai, the B shares, nominally reserved for foreign
investors, closed 0.7 percent lower in quiet trading ahead of the
holiday season, analysts said.

The Shanghai Stock Exchange's B share index closed 0.39 points
lower at 52. 36 points while the A share index of locally-traded
stocks fell 0.1 percent to 1,233.87 points.

In Auckland, the New Zealand stock exchange closed early for
the Christmas holiday with the market steady on trading worth
NZ$56.4 million (US$32.5 million). The NZSE-40 index was up 0.77
points to 2,227.97.