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Asian market highlights

HONG KONG: Stocks ended flat with investors sidelined to await a rush of corporate results in the next few days, said brokers.

The blue chip Hang Seng Index was down 2.17 points at 9,301.65. It staged a small rally in early afternoon, rising eight points, but retreated soon after on selling pressure.

"One or two people were placing bets that Cathay Pacific results will be good. It was just a few trading positions ahead of the close," said Nial Gooding, sales director, Kleinwort Benson. Cathay Pacfic announced its interim results later in the day.

BANGKOK: Thai stocks drifted in the red in slow trade through most of the day as investors remained bearish on a combination of negative factors but finished just higher with a last-minute rebound, brokers said.

The SET index clawed its way into the back from an intra-day low of 9.49 points down to finish at the day's high of 1,333.76, up 1.96 points, on turnover of 2.7 billion baht (US$108.87 million), its lowest since April 25.

"We saw a very small technical rebound. The market is waiting for direction from foreign markets and the inflation situation is a worry," said a broker at a local house.

BOMBAY: Shares on the Bombay Stock Exchange (BSE) finished stronger at the start of a new account in A-group stocks, brokers said.

BSE's 30-share index rose 37.95 points to end at a provisional 3,429.56, slightly off the day's high of 3,432.96 points. The composite National index rose 4.63 points to a provisional close of 1,576.43.

Brokers said foreign funds were active in shares of consumer electronics firms Philips and Videocon International. They also bought State Bank of India, Grasim, Hindalco and Infosys Technologies.

COLOMBO: Sri Lanka stocks closed higher on improved volumes, especially in blue chips, despite two bomb blasts in two days which have killed 28 people, brokers said.

The Colombo Stock Exchange all share index closed 3.56 points higher at 754.79. Turnover soared to 105.83 million rupees (US$2.12 million) from 30.47 million rupees (US$609,400) on Tuesday.

"It shows investors are prepared to buy provided there are good lines of fundamentally sound counters," said Nandakumar Nair of John Keells Stock Brokers.

JAKARTA: The Jakarta stock market was closed for a public holiday. The market will resume trading on Thursday.

On Tuesday, the Jakarta Stock Exchange adjusted the index close to 517.438, a gain of 1.742 points, from the provisional closing at 513.61.

The adjustment, made after the market closed, was necessary as Bakrie Brothers split its share nominal value and Surya Hidup Satwa made its debut, the exchange said.

KUALA LUMPUR: The Malaysian share market was closed for the Prophet Muhammad's birthday holiday. It reopens on Thursday.

On Tuesday, the key Kuala Lumpur Stock Exchange's Composite Index eased 0.33 of a point, or 0.03 percent, to 1,056.24.

MANILA: The fall of market heavyweight Philippine Long Distance Telephone Co and profit taking on secondliners pulled down Manila share prices at the close, brokers said.

"Disappointment on the first six months earnings of PLDT was the biggest contributor to the market fall," said George Wong at Philippine Asia Equity Securities.

The 30-share composite index was down 0.76 percent to 2,868.82 points with some 2.07 billion shares changing hands.

SEOUL: Stocks ended the day higher, the first upward movement in five consecutive trading days, as the composite index underwent a technical rebound, brokers said.

They added that worries of a broad-based investigation by the government into illicit money eased, improving sentiment.

Despite predictions the market would lose such gains in the afternoon, the index climbed to 22.56 points or 2.50 percent to close at 924.43.

Brokers said the rebound could continue into Thursday.

SINGAPORE: The Singapore stock market was closed for the National Day holiday. It will reopen on Thursday.

On Tuesday, the 30-share Straits Times Industrials Index fell 6.16 points, or 0.29 percent, to 2,090.28. Property stocks and banks led the market's fall.

TAIPEI: Across-the-board selling pulled Taiwan share prices to finish sharply down on investors fears that a T$10 billion financial scandal may grow and Hong Kong newspaper reports about China's military exercises, brokers said.

The weighted index plunged 187.72 points or 3.82 percent to close at 4,729.37 points. Turnover was T$31.52 billion (US$1.17 billion).

Early selling was triggered by reports in Hong Kong newspapers that China was preparing for military exercises along the southern coast. But the market later switched focus after news that a senior manager at International Bills Finance Co, which has been hit by a T$10 billion fraud scandal, jumped to his death before dawn today.

WELLINGTON: New Zealand shares lost their early gains to end lower after the steam went out of the country's two biggest stocks, Telecom and Carter Holt Harvey.

The NZSE-40 Capital Index ended 5.68 points down at 2,142.32 after earlier touching 2,159.21. Turnover was NZ$45 million (US$30.15 million).

Most company results issued were in line with forecasts or better, the shining example being diversified retailer and manufacturer Skellerup, which posted a 75 percent increase in net profit to NZ$44.4 million.-Reuter