Sentiment improves in Asian stock markets

Sentiment improves in Asian stock markets

TOKYO (AFP): Share prices closed higher on most Asian markets on Friday amid improved regional sentiment, technology tie-ups, local factors and a focus on Wall Street.

Share prices in Tokyo rallied 1.2 percent as investors shifted their focus back to leading high-technology and telecommunications issues, brokers said.

The Nikkei average of 225 selected issues rose 225.06 points to 19,434.78.

In Jakarta, Indonesian share prices closed 1.5 percent lower on political concerns and amid an absence of foreign interest, dealers said.

A dealer at a local brokerage said the market's sharp fall was likely related to the long overseas trip of President Abdurrahman Wahid including speculation of a military coup.

"People are just worried that anything could happen during the absence of the president," he said.

But an analyst at a European brokerage said the broad market's weakness was basically driven by falls in large stocks in the last few sessions.

"Basically, the market was weak because there is no foreign interest in this market. People had expected a return of foreign funds this month but so far, this hasn't happened," he said.

The composite index closed down 9.982 points at 634.669.

In Hong Kong, the benchmark Hang Seng index gained 268.13 points to close at 16,185.94 -- its highest level since January 5, when the index stood at 15,846.72.

In Sydney, the All Ordinaries index ended up 8.7 points at 3,092.1.

In Singapore, the benchmark Straits Times Index fell 20.81 points to 2,284.91.

In Kuala Lumpur, the composite index ended down 4.02 points at 935.57.

In Seoul, the composite index closed up 32.44 points at 941.67, off a high of 943.95 and a low of 916.86.

In Taipei, the weighted price index rose 67.93 points to 9,696.91.

In Bangkok, the benchmark Stock Exchange of Thailand (SET) gained 2.54 points to close at 477.45, while the select SET 50 was up 0.20 at 34.26.

In Manila, the Philippine Stock Exchange main index shed 5.81 points to 1,969.31.

In Shanghai, the B-share index, which tracks shares nominally reserved for foreigners, added 0.90 points to close at 40.71.

In Auckland, shares tracked Wall Street down, with the NZSE-40 capital index shedding 6.24 points, or 0.3 percent, to close at 2,059.07.