Stocks close mixed on domestic, regional affairs

Stocks close mixed on domestic, regional affairs

TOKYO (AFP): Asia-Pacific stock markets went their separate ways yesterday, taking their cue largely from domestic factors in thin trade.

Tokyo, Hong Kong, Jakarta, Manila, Singapore and Sydney were among the gainers. Bangkok, Kuala Lumpur, Seoul, Taipei and Shanghai registered losses.

Concerns over Indonesia's standoff with the International Monetary Fund (IMP) hovered in the backdrop, on the eve of talks aimed at resolving the impasse.

The IMF has refused to release the second tranche of funds from the 40 billion dollar bailout it arranged for Jakarta pending progress on reforms tied to the package.

In Tokyo, share prices closed 0.8 percent higher, buoyed by prospects of the ruling party's new stimulus package designed to ward off recession, brokers said.

The Nikkei stock average of 225 leading issues on the Tokyo Stock Exchange rose 136.06 points to end at 16,997.20.

In Hong Kong, share prices closed up 0.7 percent from the previous day despite profit-taking as the benchmark index approached the 11,400-point resistance level, dealers said.

The key Hang Seng index ended the day up 74.00 points at 11,255.54, off a high of 11,349.28 and a low of 11,239.23, on turnover of HK$6.81 billion (US$880 million).

In Singapore, share prices rose one percent on heavy buying of property stocks.

Dealers said strong demand for a real estate project by Keppel Land revived sentiment in property issues.

The Straits Times Industrials index rose 16.47 points to 1,621.26, while the broader All-Singapore index slid by 0.13 point to 422.95.

In Kuala Lumpur, Malaysia's key stock index closed 0.5 percent lower in thin trade as foreign investors remained sidelined ahead of new economic growth forecasts to be announced next week.

The Kuala Lumpur Stock Exchange's 100-share weighted composite index fell 3.40 points to end at 700.21 while the lesser second board fell 1.46 points, or 0.8 percent, to 178.19.

In Australia, shares jumped 1.3 percent as continuing strong interest in Telstra stock combined with an overnight surge on Wall Street and improving sentiment in Asian markets to boost the market.

The Australian Stock Exchange's key All Ordinaries index closed 37.2 points higher at 2,767.1, just off its intraday high of 2769.6.

In Bangkok, Thai share prices fell 0.4 percent, led by selling in the energy sector and fears over the health of exporters hit by a strengthening local currency.

The Stock Exchange of Thailand (SET) broad based index dipped 2.08 points to close the day at 510.46 points, on a turnover of 180.3 million shares worth 4.03 billion baht.

In Manila, Philippine share prices closed 2.1 percent higher due to a technical correction combined with favorable government moves to cut bank reserve requirements and deregulate the oil industry, analysts said.

The Philippine Stock Exchange composite index rose 45.71 points to 2,239. 83.

In Seoul, share prices tumbled on the Korea Stock Exchange to close 2.5 percent down with low foreign interest spurring profit- taking by institutions, dealers said.

The composite index closed down 13.37 points at 515.51, off a low of 513. 44.

In Taipei, Taiwan stocks slid 0.2 percent as late selling triggered by negative corporate results released in the United States wiped out early gains, dealers said.

The Taiwan Stock Exchange weighted price index dropped 19.75 points to 9, 045.55, on turnover of T$181.36 billion (US$5.59 billion).

In Shanghai, the B share index closed 0.72 points lower at 55. 66 points while the A share index of locally-traded stocks ended 15.76 points, or 1.3 percent higher, at 1,268.07 points.

In New Zealand, the NZSE-40 index rose 17.98 points to 2,310.77 on turnover of NZ$102 million (US$59.4 million).