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Asian market highlights

HONG KONG: Stocks recouped their early losses and closed a touch lower after a day of quiet see-saw trading, brokers said.

The Hang Seng Index recovered from an 81-point early loss to end at 8,895.82, down 0.84 point. Turnover was HK$2.68 billion (US$346.7 million) against an adjusted HK$3.06 billion (US$395.86 million) on Thursday.

"The market is undergoing a correction and remains weak but obviously bargain hunters emerged below the critical support of 8,850," said Percy Au-young, research director at DBS Securities.

Brokers said derivatives-linked trading dominated the market with August index futures up 30 points to 8,890.

BANGKOK : Thai stocks ended the day 1.46 percent lower as investors took profits and the market corrected itself after a surprise 2.16 percent rally on Thursday, brokers said.

The Stock Exchange of Thailand index ended the day 19.61 points down at 1,320.91 in sluggish turnover of 5.2 billion baht ($208 million).

"It's back to usual," said a broker at Ekachart Finance, referring to a bearish run over the last three weeks.

"Yesterday's rally was really a bit silly. It went too far, too soon. Today it's corrected itself," he said.

JAKARTA: Jakarta share prices ended lower in slow trading with heavy offshore selling, causing the index to dip below the psychological support level before recovering, brokers said.

The composite index closed down 1.91 percent or 9.74 points to end at 500.65 after having breached the 500-point support level to the day's low of 498.77 in the late afternoon.

Brokers said the index appeared to bounce back slightly but the underlying sentiment remained weak, suggesting more carry forward sell orders for the coming week. One broker said the decline was broad-based and no panic selling was seen.

KUALA LUMPUR : The market ended higher as investors bought cheap stocks after five consecutive days of falls, traders said. But they were uncertain if the rebound will extend into early next week in the midst of earnings season.

"There's nothing to cheer about. We have rising interest rates and company results were mixed," said one dealer.

Genting fell on rumours its subsidiary Resorts World will report lower-than-expected earnings.

The Kuala Lumpur Stock Exchange's Composite Index ended up 8.39 points to 1,028.33.

MANILA : Manila shares snapped back from their week-long doldrums to end higher, spurred by the recovery of phone conglomerate Philippine Long Distance Telephone Co (PLDT), brokers said.

"PLDT stopped falling in New York and that triggered today's technical rally," Worldsec Securities' Wilfed Son Keng Po said.

The index climbed 11.81 points, or 0.42 percent, to 2,840.41 points. The index had retreated 16.62 points yesterday.

SEOUL : A last minute technical rebound and a bargain-hunting spree sent stocks climbing back into positive territory and broke the market's downward trend.

Brokers predicted that the index would continue to flirt with the 900 point support line, but would do no worse than break that barrier momentarily.

The index, which had declined for six consecutive days, closed up 4.08 points, or 0.45 percent, at 906.90. Despite the rebound, declining issues outpaced advancers 447 to 318, while 29.6 million shares changed hands.

SINGAPORE : Singapore shares closed firmer on selective bargain hunting of mainly blue chips, brokers said. "Bargain hunting which started yesterday seems to be gathering momentum," an investment analyst at a foreign securities house said.

Brokers said foreign funds which had so far distanced themselves from an oversold market are showing renewed interest in both index stocks and penny shares mostly listed on the second board SESDAQ.

At the close of the market, the Straits Times Industrial Index rose 1.39 percent or 28.81 points to 2,104.38.

SYDNEY : The Australian share market closed lower for the third day running as selling emerged in the afternoon session.

The All Ordinaries index closed 9.5 points lower at 2102.00.

The September share price index contract was down 9.0 points at 2121 points, but still at a 19 point premium to the physical market.

After a cautious start following Wall Street's fall and ahead of triple witching hour in the U.S. on Friday, the local market again fell sharply away in the afternoon session.

TAIPEI : Taiwan share prices closed slightly up in their fourth consecutive session of gains, despite short-term profit-taking, brokers said.

The index ended up 4.56 points or 0.09 percent at 4,830.34, off an opening low of 4,774.09. Turnover fell to T$31.33 billion (US$1.14 billion) from Thursday's T$54.58 billion (US$1.99 billion).

Profit-taking emerged right from the beginning, but most investors seemed to adopt a slightly bullish attitude toward the market's prospects, brokers said. "Turnover dwindled and selling pressure was not heavy," said Chen Han-chung of Yungli Securities. Textiles rose most and financials were stable.

WELLINGTON: Fletcher Challenge dragged the New Zealand share market down so that the top 40 index ended the week just below 2,100.

The index fell 5.28 to 2,098.71 on volume of NZ$51.4 million.

Fletcher dominated the volume. Despite getting a ratings credit upgrade from Standard & Poor's on Thursday, investors sold the stock on a newspaper report on Thursday that JFP Energy was suing it for US$670 million.-Reuter