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.