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Asian markets highlights

TOKYO: Tokyo stocks were catapulted out of the doldrums thanks to a late flurry of arbitrage-linked buying and buying of blue-chip electricals.

But otherwise trade was uninspiring, restricted to buying of low-price speculative plays as dealers largely kept away, brokers said.

The key 225-share Nikkei average gained 76.61 points, or 0.43 percent, to 17,847.29 after earlier falling as low as 17,580.87.

"The market's had a lot of good news recently, notably the rise in the dollar, but a lot of it's now been priced in," said Neil Rogers, strategist at UBS Securities.

BANGKOK: Thai stocks fell in thin trade on political concerns and the absence of foreign investors due to the market holiday in Hong Kong, brokers said.

The SET index slumped 11.89 points, or 0.88 percent, to 1,337.44. Trade was dull with 26.6 million shares worth 2.05 billion baht (US$82 million) changing hands.

"Hong Kong investors have been major players on the Thai stock market. Their absence today because of a holiday there certainly lowered trading volume," said an analyst at National Finance.

Political worries after the military criticised the government also weakened investor confidence, brokers said.

BOMBAY: Shares on the Bombay Stock Exchange (BSE) closed lower as fund managers were in a holiday mood and frequent disruptions to the bourse's online trading system contributed to light volumes, traders said.

The BSE 30-share index fell 33.87 points to a provisional 3,336.41. The composite National index drifted 9.51 points lower to a provisional 1,541.68.

"The bank holiday in Hong Kong and London took a lot of foreign investors off the local market," said Nandkishore Gupta at Ind-Sec Share & Stockbroking.

The BSE will be closed on Tuesday and Wednesday for Hindu festivals.

COLOMBO: Sri Lankan stocks were a shade lower in light trading, which brokers said was mainly due to the holiday in Hong Kong.

The Colombo Stock Exchange all share index fell 2.63 points to 742.22.

"With Hong Kong, our main overseas investment destination, on holiday it was a very dull day," said Dinal Wijemanne of Bartleet Mallory Stock Brokers. "Small retail investors were also quiet. The market is very flat and they are stuck in it."

DHAKA: Dhaka stocks were steady as the volatile political situation and violence has been largely ignored by investors, brokers said.

Dhaka Stock Exchange all-share price index fell 0.05 of a point to 773.07.

"It's very pleasing that the market remains steady despite the violence," said broker Tareque Mohammad Ali. But he said market sentiment was still weak.

JAKARTA: Jakarta share prices ended flat in dull trading, with the market dominated by players speculating on second-line stocks, brokers said.

The composite index closed at 501.17 points, up 0.12 percent or 0.58 of a point.

"The market was mainly dominated by local players due to the public holiday in Hong Kong and London," one broker said.

Local focus was on SMART, Putra Surya Perkasa, Bayu Buana and Mas Murni.

KUALA LUMPUR: Malaysian share prices closed lower in thin volume with a holiday in Hong Kong limiting overseas orders, brokers said.

The key Kuala Lumpur Stock Exchange's Composite Index fell 1.83 points, or 0.18 percent, to 1,026.93.

Lack of fresh news and worries about domestic interest rates and inflation continued to keep a lid on prices, brokers said. They added that they expect the market to drift further in the near term.

MANILA: Philippine shares ended lower as worries over inflation, slower economic growth and higher domestic interest rates continued to sideline investors, brokers said.

The 30-share composite index fell 2.35 points, or 0.08 percent, to 2,774.88. Some 15.664 billion shares worth 984.519 million pesos ($38.4 million) changed hands.

"The market was up 10 points early in the session but weakened towards the close due to lack of news to sustain interests of investors," said Franz Bonoan at DBS Securities.

SEOUL: South Korean stocks lost their early upward momentum to close nearly flat as the absence of significant news left market sentiment neutral, brokers said.

The composite stock index inched ahead 0.75 of a point, or 0.08 percent, to 922.44 in light trading of 25.5 million shares.

The market is expected to stay within a range of 910 to 930 until around the Korean Thanksgiving holidays in early September, a Daewoo broker said. Based on previous years, a rally is expected after the holidays.

SHANGHAI: Shanghai B shares closed lower due to profit-taking after last week's surges and poor interim results by some companies, brokers said.

The B index edged down 0.182 of a point, or 0.29 percent, to 62.941 after hitting the year's high of 63.760 on Thursday. Volume was thin at 7.246 million shares.

"Follow-up buying was very limited today with investors fearing poor interim results," said one broker.

Shanghai firms are scheduled to complete publication of results by the end of this month and a few have yet to report.

Shanghai's A share index lost 2.019 points, or 0.27 percent, to 751.279 on turnover of 749.908 million yuan ($90 million).

SHENZHEN: Shenzhen A shares ended lower on weakened buying interest, brokers said. There was no trading in B shares in line with Hong Kong's market holiday.

The A share index slipped 1.54 points, or 1.08 percent, to 140.97 as turnover contracted to 293 million yuan ($35 million).

Brokers said market sentiment was hurt by the announcement of poor interim results by a number of listed companies over the weekend.

The quick rise and fall in the share price of counters reported to be the targets of acqusition by foreign enterprises also cast a shadow over the market, they said.

SINGAPORE: Singapore shares closed marginally higher, with companies rumoured to be facing takeover threats contributing significantly to the volume, brokers said.

The Straits Times Industrials Index was up 13.12 points, or 0.62 percent, to 2,138.20. Volume was 376.40 million shares.

Goldtron and Acma, rumoured to be in the sights of Indonesian interests, were among the top volume leaders. Goldtron saw 18.57 million shares traded, while 1.49 million Acma shares changed hands.

SYDNEY: Australian shares gained after Friday's rise on Wall Street inspired by the U.S. bond market and on futures market optimism, brokers said.

The All Ordinaries index rose 9.6 points, or 0.45 percent, to 2,126.90. The September share index contract was 21 points higher at 2,147, a 20.1-point premium to the physical market.

"Wall Street pulled us up early and futures running ahead of the game kept us stronger at the finish," said a Sydney broker. "Takeover rumours about CRA fired that stock up and this also helped the market."

TAIPEI: Active late buying sent Taiwan share prices 1.72 percent higher after investors believed selling pressure had eased, brokers said.

The index ended up 80.12 points at its intra-day high of 4,730.56. Turnover was a slow T$19.37 billion ($705.13 million).

"Selling pressure has apparently reduced, and many expected a celebration rally around August 31 when the ruling Nationalists are scheduled to announce their presidential candidate," said Bill Lan of Taiwan Securities.

WELLINGTON: New Zealand share prices ended lower with slight falls in all leading stocks and with continued heavy selling in Fletcher Challenge (FCL).

The NZSE-40 Capital Index fell 7.88 points, or 0.38 percent, to 2,086.58 on turnover worth NZ$50 million ($32.5 million) -- NZ$31.8 million ($20.67 million) of it in FCL.

It's a pretty disappointing market and it's significant the index fell below 2,100 today," said Richard Burton at Cavill White Securities.-Reuter