Tokyo again closes at 1994 closing high

HONG KONG (Reuter): Japanese share prices again closed yesterday at a record high for the year, though the performance of Tokyo's key market index was modest compared with bourses in Manila and Taipei.

Tokyo's 225-share Nikkei average, which hit a high for the year of 20,777.16 points of Friday, added another 61.81 points or 0.30 percent to 20,838.97.

Brokers said dealers, foreign investors and institutions bought blue chips despite a lack of incentives.

"Although stock indices keep rising and turnover is boosted, it may take a little more time for the Nikkei to try 21,000 because the market may continue to see profit-taking," said Akihiro Shiroeda, trader at Sanyo Securities.

In Hong Kong the blue chip Hang Seng index closed 0.56 percent higher at 9,523.63 points, off the day's high of 9,577.67.

In Singapore, share prices closed lower, pressured by weak sentiment after an upward revision in U.S. first-quarter economic growth figures, brokers said.

The 30-share Straits Times Industrials index fell 18.06 points to 2,305.89 while the UOB OTC index fell 12.92 points to 1,083.25.

In Bangkok, Thai stocks closed fractionally higher on late bargain-hunting, brokers said. The SET index closed 0.04 of a point higher at 1,383.61 on heavy turnover.

In Seoul, stocks closed lower in reduced volume on some profit-taking and concerns about the North Korean nuclear issue, brokers said.

The composite stock index shed 6.32 points to close at 945.64.

In Taipei, a wave of late buying in the electronics sector pushed Taiwan stocks to a higher close across the board. The index ended up 62.80 points, or 1.07 percent, at 5,934.50 in moderate turnover. Brokers said turnover needed to expand to test resistance at 6,000 points.

The recent Taiwan dollar depreciation helped export-related stocks and electronics were further aided by good results.

In Sydney, Australian stocks closed lower on a lack of overseas direction, brokers said. They said public holidays in the United States and Britain kept the local exchange subdued and investors sidelined.

The All Ordinaries index closed 10.4 points down at 2091.8, just above the day's low of 2089.7.

In Wellington, New Zealand shares meandered to a lower close on light volume and brokers see little respite from the current inactivity with two key markets closed for holidays.

The NZSE-40 capital index ended 6.16 points down at 2,142.43, off its low for the day of 2,138.69.

The European markets were quiet yesterday with London closed for a public holiday and all U.S. markets and government offices off for the Memorial Day break.

In Paris, shares struggled to hold on to the morning's gains, with very thin trade and little interest in the market, traders said. The CAC Index had gained 1.23 points to 2,051.90.