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Asian market

highlights

BOMBAY: Shares on the Bombay Stock Exchange (BSE) closed lower as speculators sold on political uncertainty before the weekend, traders said.

The BSE 30-share index closed 36.33 points lower at a provisional 3,378.23 while the composite National index drifted 13.54 points lower to end at a provisional 1,552.18.

JAKARTA: Indonesian shares closed little changed in quiet trade, with many players staying on the sidelines due to summer holidays in Europe, brokers said.

The composite index ended up 0.26 of a point, or 0.05 percent, to close at 500.60.

"Trading was uninspired. Volume was thin, with Mas Murni becoming the focus for domestic players," one broker said.

He said there was no clear reason for interest in the company but people seemed to link it to an acquisition plan.

MANILA: Philippine shares ended marginally higher in lacklustre trade after four straight days of losses, brokers said.

"It's just a technical rebound. Philippine Long Distance Telephone Co and Ayala Land Inc brought the index up," Delano Li, of Worldsec Securities, said. The composite index inched up 7.25 points to 2,777.22.

Edmund de la Cruz at I.B. Gimenez Securities Inc said the market had not shaken off jitters over an impending inflation hike and prospects of slower growth rate in the second quarter.

SEOUL: South Korean stocks drifted to a lower close as profit-taking in recent market leading financial stocks marked an other-wise sluggish afternoon, brokers said.

The index closed down 6.73 points to 921.09.

"There isn't any news sending it down," an LG Securities broker said. "Investors are just sitting out."

The market is expected to remain dull until after the Korean Thanksgiving festival from September 8-10, with the correction continuing into early next week, brokers said.

SINGAPORE: Shares rallied strongly after Thursday's 20-point fall but dealers said many of the gains were on thin trade and the recovery remained fragile.

The 30-share Straits Times Industrials Index (STII) closed at 2,125.08, up 38.20 points.

"People are very nervous over interim results and some other Asian markets are more attractive right now," a dealer said. "Investors will continue to look elsewhere for growth."

TAIPEI: Active late buying triggered by government-related funds sent Taiwan share prices up to close slightly higher, reversing earlier falls, brokers said.

The index was lower during most of the session on persistent political fears, brokers said.

The index ended up 16.22 points, or 0.35 percent, at 4,670.61, off a low of 4,584.18.

WELLINGTON: New Zealand shares ended flat after the Reserve Bank acted to tighten monetary conditions for the second time in a fortnight.

The NZSE-40 Capital Index firmed just 0.62 of a point to 2,097.46 on light turnover.

Paul Davenport at Doyle Paterson Brown said early firmness in Fletcher Challenge evaporated as the day progressed.-Reuter