Regional stocks up on currency gains

Regional stocks up on currency gains

HONG KONG (AFP): Asian stock markets were mixed yesterday with some Southeast Asian markets rising on improved currency positions, but major markets in Japan and Hong Kong both fell.

Hong Kong share prices dived 3.8 percent following heavy losses on Wall Street, dealers said.

The Stock Exchange of Hong Kong's key Hang Seng Index lost 565.40 points to finish at 14,273.12.

In Tokyo, Japanese share prices closed 1.4 percent lower, with renewed futures-linked selling accelerating the pace of declines after buying support from pension funds ran out steam, brokers said.

The Nikkei Stock Average of 225 leading issues on the Tokyo Stock Exchange fell 242.26 points to finish at 17,376.92 while the Topix index of all issues on the first section was down 17.72 points at 1,360.24.

In Singapore, the blue-chip index closed 1.1 percent lower following the release of disappointing manufacturing figures for August and Wall Street's sharp fall.

The Straits Times Industrials index of leading shares on the Stock Exchange of Singapore closed 20.57 points lower at 1,861.46. The broader-based All-Singapore Index was down 4.66 points at 454.55.

In Sydney, the Australian Stock Exchange's main indicator, the all ordinaries index, lost 46.2 points to 2,722.2.

In Kuala Lumpur, Malaysia's key stock index closed 1.4 percent lower yesterday on profit-taking despite a further recovery in the local currency.

"The ringgit's continued strength remained a plus factor but after a 4.1 percent rise yesterday, a slight correction was only expected," said a senior dealer with a local brokerage.

The Kuala Lumpur Stock Exchange's 100-share weighted composite index fell 11.66 points to end at 824.94, after having reached an intra-day low of 820. 70 points and a high of 842.32 points.

In Taipei, the Taiwan Stock Exchange weighted price index rose 206.05 points to 8,461. 87.

In Seoul, share prices closed 0.2 percent lower on the Korea Stock Exchange as investors went bargain-hunting for large- capitalization shares in the late afternoon, dealers said.

The composite index closed down 1.08 points at 609.36.

In Bangkok, Thai share prices rose 0.7 percent yesterday after a rebound in major banks, despite concerns about how small and medium-sized institutions will fare under an upcoming rehabilitation plan, analysts said.

The composite Stock Exchange of Thailand (SET) index was up 3.64 points at 528.25, while the selected SET 50 index gained 0.40 points to finish at 39.79.

In Manila, Philippine share prices rose 3 percent on a technical rally and lower interest rates, analysts said.

"This is just a technical rally as the market has been oversold in the past few days," said Paul de Vera of Amsteel Securities.

The Philippine Stock Exchange index rose 58.67 points to 2,005.50.

In Shanghai, the B shares dropped 1.15 points to close at 73. 02 points while the A share index of domestically-traded shares fell 12.8 points, or 1.1 percent, to close at 1,173.12 points.

In Wellington, the NZSE-40 capital index closed 5.18 points higher at 2596.92 on a turnover of NZ$75.4 million (US$47.5 million).

In Frankfurt, the DAX index ending the day 2.16 percent lower, at 4,253.26 points, down from 4,347.24 points Wednesday.

In Paris, the CAC-40 index of leading shares was down 1.57 percent in midafternoon trading at 2,976.67 points.

In London, the FT-SE 100 index of leading shares fell by 57 points to 5,205. 1 points in early afternoon trade yesterday.