Share prices rise on most major world exchanges

TOKYO (Agencies): Share prices rebounded here yesterday with investors encouraged by the depreciation of the yen against other currencies.

The Nikkei Stock Average of 225 selected issues in the first section closed 130.82 points or 0.7 percent higher at 19,917.78 yesterday. The indicator lost 75.51 points the previous day.

The broader-based Tokyo Stock Price Index of all issues in the major section, which closed 4.85 points lower Monday, gained 6.99 points to end at 1,617.83.

In Hongkong, share prices rose 1.41 percent on bargain hunting with the key Hang Seng Index gaining 118.39 points to close the day's trading at 8,540.09.

Turnover value was low at HK$3.04 billion (US$390 million), against the previous day's HK$2.31 billion, which was its lowest so far this year.

In Singapore, share prices rebounded on short-covering despite continuing fears of interest rate hikes in the United States.

The blue-chip Straits Times Industrials index added 12.30 points to close provisionally at 2,234.70.

In Bangkok, the Stock Exchange of Thailand (SET) index gained 5.28 points to close at 1,228.00 points.

In Sydney, share market finished little changed as traders awaited details of the federal budget due overnight, analysts said. The key All Ordinaries Index shaved just 1.1 points to 2008.2. While the All Industrials Index lost 13.1 points to 3060.6 and the Gold Index eased 4.8 points to 2074.9, the All Resources Index gained 8.8 points to 1208.6.

Trading was brisk with national turnover of $470 million.

In London, shares were trading higher, boosted by a recovery in government bonds after a cut in a key German money market rate.

The blue-chip Financial Times Stock Exchange 100-share index was at 3,122.6 near midday, up 24.8. points from the previous close. The narrower Financial Times 30 index was at 2,492.6, up 15.5 points.

Volume improved with 257.1 million shares traded near mid- morning, compared with 114.3 million shares at the same time Monday.

In New York, stocks sank along with bonds for a second straight session Monday as investors anxiously awaited the Federal Reserve's next potential credit tightening.

The Dow Jones industrial average, which dropped 26.47 points Friday, plunged another 40.46 points to 3629.04 -- its fourth straight decline.

The Dow utilities average skidded 5.47 points to 183.36 -- its lowest level since March 30, 1989, when it closed at 181.84.