Thai stocks surge, Asia-Pacific markets fall

Thai stocks surge, Asia-Pacific markets fall

BANGKOK (AFP): Thai share prices surged yesterday as foreign
investors snapped up stock after the plunge of the baht but Hong
Kong fell on its first day of trade under Chinese rule, as did
other Asian bourses.

Thai shares jumped 8.6 percent on a foreign-led buying spree
on the second day of trading following the surprise float of the
Thai baht and its ensuing plunge, dealers said.

Foreign investors who had pulled out of the bourse in
anticipation of a devaluation were returning in droves to pick up
shares at baht prices that have dropped 10-to-15 percent in
foreign currency terms, they said.

The composite Stock Exchange of Thailand (SET) index soared
49.19 points to finish at 617.98 points, while the selected SET
50 index advanced 3.99 points to end at 45.73 points.

In Jakarta, share prices climbed 0.7 percent to a record close
on late gains in Telkom and Indosat and amid fading fears about
the regional impact of the Thai baht float, dealers said.

The Jakarta Stock Exchange composite index closed 5.337 points
firmer at 735.492, breaching Tuesday's record close of 731.619.

In Hong Kong, stock prices closed 0.9 percent lower with the
weak property sector depressing the market on the first day of
trading under Chinese rule, dealers said.

The Stock Exchange of Hong Kong's key Hang Seng Index lost
141.05 points to finish at 15,055.74.

In Singapore, the Straits Times Industrials index of leading
shares on the Stock Exchange of Singapore lost 6.51 points to
1,962.40. The broader All-Singapore index gained 0.73 point to
491.21.

In Tokyo, share prices eased 0.4 percent as foreign investors
sold electrical and high-tech issues while reevaluating strategy
after a half year of active buying, brokers said.

The Nikkei Stock Average of 225 leading issues fell 75.01
points to finish at 20,121.41.

In Kuala Lumpur, the Kuala Lumpur Stock Exchange 100-share
weighted composite index fell 4. 27 points to 1,080.61. The
lesser second board index dipped 1.75 points, or 0. 3 percent, to
564.73.

In Sydney, shares eased 0.1 percent, with brokers reporting
some profit-taking in key stocks after a bullish run on the
bourse in recent days.

The Australian Stock Exchange's benchmark all ordinaries index
fell 3.0 points to 2,742.9.

In Shanghai, the Stock Exchange's B share index sank 2.92
points to close at 75.77 points. The A share index of
domestically-traded shares fell 50.73 points, or 4.0 percent, to
finish at 1,202.28.

In Manila, share prices fell 0.8 percent amid caution
following the float of the Thai baht the previous day.

The Philippine Stock Exchange index fell 22.47 points to
2,742.42.

In Seoul, share prices closed 0.3 percent lower on the Korea
Stock Exchange due to a correction following two days of steep
gains, dealers said.

The composite index fell 2.03 points to 775.26.

In Taipei, the Stock Exchange weighted price index gained
30.91 points to 9, 027.63.

In Wellington, the key New Zealand Stock Exchange-40 advanced
26.52 points to 2,519.68.