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Asian markets highlights

TOKYO: Tokyo stocks ended well ahead, propelled by feverish buying of high-technology stocks and arbitrage-linked purchases, brokers said.

The 225-share Nikkei average soared 287.87 points or 1.61 percent to 18,135.16. Turnover on the first section swelled to 465 million shares.

"A close above 18,000 confirms that foreigners are in the market big time," said Roland Hinterkoerner, a salesman at Deutsche Bank Capital Markets.

Foreign investors and domestic brokerages were cited as active buyers of semiconductor-related firms such as Tokyo Electron, Advantest, Oki Electric and Toshiba.

HONG KONG: Hong Kong stocks closed firmer, blessed by a combination of positive factors, dealers said.

The blue chip Hang Seng Index climbed 72.50 points or 0.80 percent to 9,152.89. But turnover was a slim HK$2.4 billion ($310 million).

Brokers said the market was boosted by Moody's assigning above-average financial strength ratings to Hongkong Bank and Hang Seng Bank, speculative buying ahead of the August index futures' expiry on Wednesday, strong corporate earnings reports, a better outlook for the property market and improving Sino-U.S. relations.

"It's a combination of small factors all adding up," said Nial Gooding, sales director at Kleinwort Benson.

BANGKOK: Thai stocks staged a late rally to close at the index's intraday high after drifting aimlessly for most of the day, brokers said.

The SET index finished 5.39 points or 0.40 percent higher at 1,342.83 on small 2.53 billion baht ($101 million) turnover.

"Most bearish factors in the past few weeks remain and the last-minute rally was an aberration. I expect the market to be mixed tomorrow with probably profit-taking in finance and bank counters," a broker at Dhana Siam said.

BOMBAY: The Bombay Stock Exchange (BSE), India's largest bourse, is closed until Thursday for two Hindu festivals.

On Monday, the BSE 30-share index fell 41.67 points to 3,328.61 in light trade.

COLOMBO: Sri Lankan stocks closed lower on flat corporate results, but brokers said late institutional buying boosted turnover.

The Colombo Stock Exchange all share index eased 5.75 points to 736.47.

"Most of the first quarter and six-month results coming out are flat. This led to some panic among small-time retail investors," said Prasanna Chandrasekera of John Keells Stock Brokers.

JAKARTA: Jakarta share prices ended flat in slow trading with most players hunting for Bakrie Plantation shares following good first-half results, brokers said.

The Jakarta composite index rose 2.84 points or 0.57 percent to 504.01.

"Players are keen to buy Bakrie shares because it has good financial results and also due to speculation over a bonus issue," one local broker said.

The broker said the market was still dominated by market talk of an equity or cash injection by a Dutch bank into Bakrie, but added that the rumours could not be confirmed.

KUALA LUMPUR: Malaysia's strong gross domestic product growth (GDP) of 9.5 percent in the first six months of the year failed to inspire buying and left stock prices lower, traders said.

The Kuala Lumpur Stock Exchange's Composite Index fell 8.07 points or 0.79 percent to 1,018.86.

Traders said the data was within forecasts and may in fact heighten worries about inflation.

"The economy is still growing at a neck-breaking pace," an institutional dealer said.

MANILA: Philippine shares ended weaker over worries of higher inflation and rising interest rates, brokers said.

The composite index shed 14.8 points or 0.53 percent to 2,760.08.

A breakdown in the computer system linking the country's two exchanges further stunted investor interest, brokers said.

"Trading was weak throughout the day on very thin volume," Peter Mutuc at HG Asia Securities said.

SEOUL: The Seoul bourse ended lower after a day of profit-taking in blue chips and market leaders pushed stocks lower across the board, brokers said.

The index fell 5.98 points or 0.65 percent to 916.46.

Investors, lacking any firm direction from market developments, either rotated buying between sectors or sat on the sidelines, brokers said.

"Basically, we're seeing shifting interests, with really no direction," said a Dongbang Securities broker. - - - -

SHANGHAI: Shanghai's B shares rose on buying in selected stocks, especially those which have published good interim results, brokers said.

The B index gained 0.184 of a point or 0.29 percent to 63.125 after touching a 1995 peak of 63.810 points in early afternoon trade. Volume was light at 8.703 million shares.

Six firms published interim results. Brokers said results for Shanghai Refrigerator Compressor and Shanghai Lujiazui Finance and Trade were good, helping to boost sentiment.

"Institutions made good results from some companies an excuse to boost investor confidence today," said one broker.

Shanghai's A share market dropped at the close, wiping out early gains. The A index lost 3.910 points or 0.52 percent to 747.369 on turnover of 1.225 billion yuan ($147 million).

SHENZHEN: Shenzhen shares ended marginally lower in the wake of disappointing interim earnings reports released by a number of listed firms, brokers said.

The A share index edged down 1.86 points to 139.11 on turnover of 387 million yuan ($46.6 million). Brokers said selling was centered on counters that have recently reported poor 1995 interim results.

The B share index inched down 0.15 of a point to 73.02 on turnover of HK$2.406 million ($310,000).

The composite index slipped 1.70 points to 135.23 on total turnover of 679.32 million yuan ($81.8 million).

SINGAPORE: Singapore shares closed mixed with activity focused mainly on small capital and second board SESDAQ-listed stocks, dealers said.

The Straits Times Industrials Index fell 8.08 points or 0.38 percent to 2,130.12, just off a low of 2,127.80. Volume was 390.09 million shares worth S$474.97 million ($335 million).

The UOB OTC index tracking mostly Malaysian shares was up marginally by 2.78 points to 1,153.34.

Bargain-hunting towards the close pushed up prices of some stocks, brokers said.

SYDNEY: The Australian share market closed a touch weaker in thin trading after the release of current account deficit data and in the absence of other clear leads.

The All Ordinaries index eased 2.6 points or 0.12 percent to 2,124.30. The September share price index contract was up two points at 2,148, a 23.7-point premium to the physical market.

Bureau of Statistics figures showed the current account deficit narrowed to A$2.091 billion ($1.55 billion) in July from a revised A$2.52 billion ($1.87 billion) in June.

Brokers said the data was well received, leading the market to flatten out from its earlier more active levels and mark time for the remainder of the day.

TAIPEI: Taiwan share prices moved higher as investors expected a rally later this week when the ruling Nationalist Party is scheduled to announce its candidate for presidential elections in March 1996, brokers said.

The index ended 37.84 points or 0.80 percent ahead at its intraday high of 4,768.40. Turnover was a modest T$25 billion ($910 million).

"Many investors were expecting a celebration rally when the ruling party announces its presidential candidate on Thursday," said Yang Yao-yu of Grand Cathay Securities.

WELLINGTON: Selling in Fletcher Challenge shares ahead of the forester's annual result was the main feature in a listless New Zealand share market.

The NZSE-40 Capital Index finished virtually flat, up 0.92 points or 0.04 percent at 2,090.50 on volume of NZ$24 million ($15.7 million).

"It felt like a Monday on a Tuesday," Peter Halligan at Buttle Wilson said.-Reuter