Weary Asian marts listless at week's end

TOKYO (AFP): Japanese share prices rose modestly for the third straight day, but most Asian stock markets closed lower at the end of a turbulent week.

The week which began with the failure of Japan's giant Yamaichi Securities Co. Ltd. closed with Moody's dealing embattled Asian economies a double blow by downgrading the credit rating of South Korea and Thailand.

The Nikkei Stock Average of 225 selected issues on the Tokyo Stock Exchange rose 33.06 points to end the session at 16,636.26 while the Topix index of all issues on the first section of the Tokyo Stock Exchange was up 13.45 points at 1,252.22.

In Hong Kong, shares prices ended 0.5 percent lower in line with weak regional markets amid the absence of fresh incentives for investors and a renewed rise in local inter-bank rates.

The key Hang Seng index lost 56.18 points to close at 10,526.92 -- its second consecutive session of loss.

In Sydney, Australian stocks made marginal gains, with trade stalled by the Thanksgiving holiday in the United States which deprived the local market of overseas leads.

The Australian Stock Exchange's main indicator, the All Ordinaries index, edged up 2.8 points to 2,465.1.

In Singapore, the benchmark index rose 0.6 percent on buying of bank stocks after a rise in interest rates but property issues took a beating and volumes were low.

The Straits Times Industrials (STI) index closed 9.62 points higher at 1, 660.59, shrugging off a fall in neighboring Malaysia. But the more broadly-based All-Singapore Index closed 0.47 points lower at 440.54.

"The rise in interest rates was good for the banks but is bad for the rest of the market, as reflected by the sharp drop in property stocks," said a dealer with a Singapore brokerage.

In Kuala Lumpur, Malaysia's key stock price index closed 0.9 percent lower in moderate trade as profit-taking ate into early gains and ended a two-day rally, dealers said.

The Kuala Lumpur Stock Exchange's 100-share weighted composite index lost 4.80 points to 545.45 while the second board index slipped 1.0 percent, or 2. 36 points, to 242.21.

In Bangkok, Thai share prices closed 1.0 percent weaker after a rollercoaster day saw sentiment hit by a Moody's downgrade of Thailand's sovereign debt.

The Stock Exchange of Thailand composite index ended 3.96 points down at 395.47 following news of the cut, with the SET 50 index down 0.41 points at 27.94. Volume stood at 72.5 million shares.

In Manila, Philippine share prices rose 0.6 percent, as investors nibbled on blue chips, analysts said.

The Philippine Stock Exchange composite index rose 10.58 points to close at 1,771.94 points.

In Seoul, share prices plunged 4.9 percent to a 10-year low on the Korea Stock Exchange, with financials leading the downswing across the board on concerns over IMF retrenchment plans, dealers said.

The composite index closed down 21.19 points at 411.91, off a low of 407. 22, with analysts predicting the index was heading below the 400 mark.

In Taipei, the Taiwan Stock Exchange weighted price index advanced 35.04 points to 7, 797.19, a day before the elections for county magistrates and city mayors.

In Shanghai, the B share index fell 0.90 point to 54.20 points while the A share index of locally-traded stocks closed 18.89 points, or 1.6 percent, higher at 1,200.72 points.

In Auckland, the NZSE-40 was down 0.48 points to 2,297.52 on moderate turnover of NZ$89.4 million (US$55.7 million).

In London, the FT-SE 100 index of leading shares fell by 16 points, or 0.3 percent, to 4,873 points in early trade yesterday.

In Paris, the CAC 40 index opened 0.43 percent lower at 2. 816,74 points.