950824

Asian market highlights

HONG KONG : Stocks closed off their lows on profit:taking after Wednesday's 185:point gain, but trading was dull.

The blue:chip Hang Seng Index fell 74.30 points to close at 9,058.34, off a day's low of 9,022.23.

Dealers said attention was focused on expectations of interim results from Cheung Kong (Holdings) and Hutchison Whampoa, which were released after the close.

"There's nothing to do but wait for the Cheung Kong and Hutchison results in the afternoon, with the market going in circles while remaining firmly stuck in the current range of 9,000 to 9,200," said Ben Kwong of Dharmala Securities.

BANGKOK : Thai stocks finished slightly higher after moving in a tight range and failing to break a strong resistance level on continued sluggish turnover, brokers said.

The SET index finished at the day's high, up 3.15 points to 1,345.74 in trade worth 4.6 billion baht (US$ 184 million). The index dipped to the day's low, 4.95 points down, five minutes after the open.

"There were no new factors affecting the market today," a United Securites analyst said.

"There was short:covering and the index just couldn't pass the strong 1,345:1,355 resistance level," he said.

BOMBAY : Shares on the Bombay Stock Exchange (BSE) dropped across:the:board and traders said the start of the new account in A:stocks failed to boost sentiment.

They said volumes were very light and most fund managers stayed on the sidelines.

BSE's 30:share index shed 33.02 points to close at a provisional 3,414.30 points. The composite National index lost 7.68 points to finish at 1,570.83.

"There were very few buying orders from foreign institutional investors today," said a trader at a leading local brokerage.

COLOMBO : Sri Lanka stocks closed flat and turnover fell to its lowest since January as investors stayed on the sidelines after an active first half, brokers said.

The Colombo Stock exchange all share index closed 0.72 points lower at 746.39. Turnover was 11.16 million rupees (US$223,200) from 34.44 million rupees (US$688,800).

"We have no new buy orders. The orders which kept volumes high in the first part of the week, have all been filled," said Rohan Fernando of CT Smith Stock Brokers.

JAKARTA : Jakarta shares prices ended flat in slow trading following light selling pressure in actively:traded Sinar Mas group companies and the newly:listed Perdana Bangun Pusaka, brokers said.

The Jakarta composite index fell 1.73 points, or 0.34 percent, to close at 500.34 after touching the day's high of 502.39.

"The newly:listed Perdana Bangun Pusaka fell 50 rupiah to close at 900 rupiah after having briefly reached 950 rupiah on a lack of foreign participation," one broker said.

KUALA LUMPUR : Share prices ended moderately firmer in a day of dealings led by second:line counters, dealers said.

Antah Bhd headed the day's volume leaders, ending up 12 Malaysian cents at 2.75 ringgit on a turnover of some 12.4 million shares. Antah was bought up following a report in a business weekly that the company was headed for stronger growth.

The benchmark Kuala Lumpur Stock Exchange Composite Index ended up 1.25 points at 1029.60 on a turnover of 130 million shares. Losers outnumbered gainers 293 to 132.

MANILA : Broad:based selling pushed Manila share prices to close lower for the fourth straight session, brokers said.

The 30:share composite index slid 17.94 points to close at 2,769.98 points with 4.530 billion shares worth 1.269 billion pesos changing hands.

"The market took its cue from the Dow Jones' notable drop overnight...Poor investor sentiment continued to undermine demand for core issues," Pryce Securities said in its daily review.

SEOUL : Stocks ended higher for the sixth consecutive day but gains were limited as sentiment was divided between large:cap manufacturing and non:manufacturing shares such as banks and construction, brokers said.

"There's a tug of war going on between blue chip manufacturers and banking and construction stocks," said a Jardine Fleming broker.

The index closed up 2.01 points at 927.82, the highest close since August 2, when it ended at 935.70. Advancing issues and decliners were neck and neck, at 404 to 395, while volume was heavy, with 42.4 million shares changing hands.

SINGAPORE : Takeover fever swept through Singapore, boosting the price of several penny shares in heavy volume and deflecting attention away from very weak blue chips.

Shares and warrants in engineering and construction company Econ soared 43 percent to a high of Singapore $2.05 on around 94 million trades after an offer for the company yesterday at S$1.46 per share. Econ ended 40 cents higher at S$1.83.

Shares in Stamford Tyres, circuit board:maker PCI and engineering firm Wepco all rose sharply on takeover rumours.

The 30:share Straits Times Industrials Index (STII) closed 19.64 points weaker at 2,086.88.

SYDNEY : The Australian share market closed higher as the futures market led the way in the afternoon session and buyers returned to the market.

The All Ordinaries index closed 11.20 points higher at 2,112.80. The September share index contract was 19.0 points higher at 2139, a 26.2 point premium to the physical market.

After shrugging off a drop in the Dow in the early session, the market picked up steam in the afternoon driven by the futures market and renewed buying interest in the market leaders, particularly resource majors.

TAIPEI : Heavy late selling sent Taiwan share prices sharply down to close 2.08 percent lower on worries over tensions between Taiwan and China, brokers said.

The index ended down 98.98 points to 4,654.39, off a 4,630.98 low. Turnover was a modest T$25.8 billion.

Investors were worried over Taiwan:China relations after China's Xinhua news criticised President Lee Teng:hui again, brokers said. The Xinhua report said that Lee was scheming to "split the nation". It also said he has "wrapped around him all kinds of disguises to mislead the Taiwan people and cheat public opinion".

WELLINGTON : New Zealand share prices ended lower on high turnover as the focus remained on the leading issues.

Turnover in Fletcher Challenge was unusually high, with 10.04 million shares, worth NZ$42.16 million (US$27.19 million), trading.

The NZSE:40 Capital index ended 19.45 points down at 2,096.85. Total turnover was NZ$87 million (US$56.12 million).-Reuter