20000103

Most Asia-Pacific units

strengthen against $

HONG KONG: Major regional markets edged up in the closing days of 1999, with some setting a string of records amid new-found confidence.

JAPANESE YEN: The yen had edged up against the dollar when pre-holiday lacklustre trading ended on Thursday.

It stood at 102.05-10 the dollar on Thursday, compared to 102.58-62 to the dollar on the previous week's Friday after the Bank of Japan's yen-selling intervention.

Trading was inactive due to the New year holidays and concern over potential millennium bug computer glitches, but yen buying from exporters helped the Japanese unit gain modest ground, dealers said.

AUSTRALIAN DOLLAR: The overwhelming consensus is that the Australian dollar will strengthen as the world moves into the new millennium with a steller rise forecast for January, according to brokers.

"Forecasts of a stronger Aussie in 2000 have a firm base," said Colonial State Bank's Craig James.

"Expectations of higher commodity prices, tighter monetary policy and continued robust Australian growth, together with Olympic-related tourism inflows point to a firmer currency."

The local currency closed a shortened trading week at 65.30 US cents on Friday, from 64.50 US cents previously.

In the 12 months to year end the domestic unit has gained nearly four US cents from 61.42 on December 31, 1998.

On the Reserve Bank's Trade Weighted Index the Australian dollar ended Friday at 56.4 from 55.5 the previous week.

NEW ZEALAND DOLLAR: The New Zealand dollar closed on Friday on a shortened trading week worth 52 US cents, up from the 51.65 of a week earlier.

Dealers say volumes have been very light.

"The Kiwi is going to hold around 52 cents," one dealer said, adding it had climbed quickly out from 48.80 cents just three weeks earlier.

SINGAPOREAN DOLLAR: The Singaporean dollar ended the week on a strong note against the US dollar at 1.6656 compared to the previous week's level of 1.6696.

HONG KONG DOLLAR: The Hong Kong dollar was down slightly Friday at 7.7735-7.7765 from 7.7682-7.7692 the previous week.

INDONESIAN RUPIAH: The Indonesian rupiah slightly weakened during the four-day trading week to close at 7,100 to the dollar on Thursday compared to the previous week's close of 7,085.

PHILIPPINE PESO: The Philippine currency fell to 40.25 pesos to the dollar on Friday from 40.10 pesos to the greenback on December 24.

SOUTH KOREAN WON: The won strengthened against the US dollar to 1,138.00 won Thursday in last year's closing from 1,130.50 a week ago. Analysts say the currency will keep weakening after the market reopens on Tuesday.

TAIWANESE DOLLAR: The Taiwanese dollar hit a 25-month high on Thursday to close at 31.395 against the greenback on anticipation of a strong Taiwanese dollar next year, dealers said.

Fears that the millennium bug might affect withdrawals from banks also boosted demand for cash before the New Year, pushing the currency up on the last trading session this year, they said.

The currency was expected to rise further in the coming year on strong economic fundamentals and foreign remittance for stock investment, they said.

The unit stood at 31.550 on Monday and rose to 31.502 Tuesday. It ended at 31.485 Wednesday. The Taiwan dollar rose a total 2.6 percent against the US dollar this year. The currency market is closed to January 3.

THAI BAHT: The Thai baht was stable against the dollar in very light trading as most investors avoided making transactions during the New Year period due to fears over the millennium computer bug, dealers said.

The Thai unit closed Thursday at 37.35-60, compared to the previous week's close's of 37.63-68.

For the year, the Thai was at an average of 38.50 baht to the dollar, weakest in September at 41.43 and strongest on the first day of trading in January at 36.07.ÑAFP