Seoul, Taipei, Jakarta stocks surge as others fall
Seoul, Taipei, Jakarta stocks surge as others fall
HONG KONG (AP): Asian stock markets closed mixed Wednesday,
with Seoul, Taipei and Jakarta closing sharply higher and Tokyo
stocks falling slightly.
Tokyo's benchmark 225-issue Nikkei Stock Average closed at
17,144.96 points, down 25.12, or 0.15 percent. On Tuesday, the
average had fallen 0.18 percent.
In Jakarta, Indonesian shares rose in volatile trading, but
market sentiment was mild amid uncertainties over the government
pressure to unseat Bank Indonesia Governor Sjahril Sabirin from
his job.
The JSX Composite index rose 1.5 percent, or 6.699 points, to
459.46.
Analysts said there was little news to spur trading.
Hong Kong shares rose for the seventh straight session as
investors bought banking and property stocks amid easing fears of
an imminent interest rate hike.
Higher interest rates increase operating costs and decrease
lending business for banks and hurt property developers because
fewer people can afford mortgages for new homes.
The blue-chip Hang Seng Index edged up 38.38 points, or 0.2
percent, to 15,900.06.
The Hang Seng has rallied 13.8 percent since May 29, including
a 3.8-percent jump on Monday. The market was closed Tuesday for
the Dragon Boat Festival holiday.
In Seoul, share prices surged in robust trading led by
financial and construction shares, which soared on hopes of
stronger economic cooperation with North Korea after the summit
meeting early next week.
The Korea Composite Stock Price Index, or Kospi, rose 3.6
percent, or 28.33 points, to 822.54.
Share prices also soared in Taipei, where investors gobbled up
technology shares amid expected strong May sales of technology
companies.
The Taipei international computer fair, now under way, also
fueled interest in the sector.
The Weighted Price Index closed up 157.26 points, or 1.8
percent, at 9,115.47.
In currency trading, the U.S. dollar fell against the Japanese
yen amid expectations that Japan would report a turnaround in
economic growth later this week.
The dollar was trading at 105.24 yen in late trading, down
1.84 yen from late Tuesday and also below its late New York level
of 105.69 yen overnight.
In Bangkok, Thai shares fell after recent sharp gains. The SET
Composite Index closed at 340.83 points, down 4.60, or 1.3
percent.
In Kuala Lumpur, Malaysian shares fell as investors left the
market ahead of the staggered release, beginning July 3, of the
country's shares that once traded over the counter in Singapore,
which could drag down share prices. The Composite index fell 1.9
percent, or 16.55 points, to 855.24.
In Manila, Philippine shares dipped after a recent rally on a
weak local currency, the peso, and Wall Street's overnight
losses. The Philippine Stock Exchange index dropped 40.05 points,
or 2.6 percent, to 1,522.33.
In Singapore, shares rose amid expectations investors could
begin selling the U.S. dollar to buy Singapore shares amid signs
of slower U.S. economic expansion. The Straits Time Index rose
33.15 points, or 1.6 percent, to 2,034.87.
In Sydney, Australian shares fell, dragged down by media
issues, particularly News Corp. The All Ordinaries Index slipped
35.0 points, or 1.1 percent, to 3,070.8.
In Wellington, New Zealand stocks rose, spurred by strong
gains in freight transport concern Tranz Rail Holdings Ltd. and
Telecom Corp. of New Zealand Ltd. The NZSE-40 Capital Index rose
15.33 points, or 0.7 percent, to 2,054.21.