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Asian market highlights

TOKYO: Shares in Tokyo ended little changed, consolidating large gains made over the past few weeks. Brokers said the market would remain firm in the near future on the back of strong demand from domestic and foreign institutional investors.

The 225-share Nikkei average finished off 33.96 points, or 0.16 percent, at 21,660.47, while its June futures contract added 40 points to 21,780.

"We might see some adjustment next week, but individual shares will remain firm," said Tadahiro Kamogawa, analyst at Yamaichi Securities.

HONG KONG: Hong Kong stocks closed modestly weaker in thin, listless trading, weighed down by caution ahead of the weekend and the U.S. consumer price index due out later in the day.

The blue-chip Hang Seng Index ended down 42.77 points, or 0.39 percent, at 10,849.80, against a day low of 10,805.93.

"Sentiment is held back by wariness towards the U.S. CPI figure, triggering some profit taking against recently buoyant property stocks, which also happen to be rates-sensitive," said Lennon Chan, executive director at Tai Fook Securities.

BANGKOK: The Thai stock market was closed on Friday for the Thai new year weekend holiday.

On Thursday, the Stock Exchange of Thailand (SET) index closed 6.19 points down at 1,331.02 on 4.2 billion baht turnover. The market will remain closed on Monday.

BOMBAY: Widespread buying by foreign institutional investors helped the Bombay Stock Exchange (BSE) to recoup early losses and finish in the positive territory.

The 30-share BSE index closed 22.14 points, or 0.64 percent, higher to a provisional 3,486.47.

"The FIIs bought like crazy," said a dealer. I guess they were picking up stocks at good bargains when least expected," he said.

COLOMBO: Sri Lanka's stock market was closed for traditional new year holidays and will reopen on Monday.

On Wednesday, the Colombo Stock Exchange all share index eased 0.45 of a point to close at 668.00.

JAKARTA: Jakarta shares ended marginally higher following late buying of secondliners in the textile sector, brokers said.

The Jakarta composite index rose 1.71 points, or 0.28 percent, to close at 607.05 points.

"Textile stocks were actively traded following a recent announcement that government would deregulate the industry," one local broker said.

KUALA LUMPUR: The advance of second board shares slowed in the afternoon as punters booked profits ahead of the weekend, dealers said.

The Kuala Lumpur Stock Exchange's Composite Index ended up 2.63 points, or 0.23 percent, to 1,150.24.

Blue chips were mixed, taking a back seat to speculators, dealers said. "While institutions were hibernating, retail players went berserk," said one dealer.

MANILA: Rumours of poor first quarter results in some blue chip firms pushed the Manila stock index to a lower close on Friday while selected secondliners hit new highs, brokers said.

The index ended 2.75 points or 0.09 percent down at 2,987.49. Foreign and institutional investors' appetites for issues with strong earnings prospects helped lift the market from a 20-point deficit at mid-session, a trader said.

SEOUL: Seoul stocks celebrated a better-than-expected election showing by the ruling party with many individual investors pouring in across the board buy orders, brokers said on Friday.

The composite stock index shot up by 2.37 percent, or 20.58 points, to close provisionally at 889.75. Gainers swamped losers by 757 to 73, with 211 stocks going limit up.

Official figures showed President Kim Young-sam's New Korea Party took 139 seats in the 299-National Assembly in Thursday's parliamentary elections. The party was widely expected to secure 120 to 130 seats in the elections.

SHANGHAI: Shanghai's B share index ended almost unchanged in quiet trading on Friday with most investors staying on the sidelines, waiting for major companies to post their 1995 annual results, brokers said.

The index edged down 0.010 point, or 0.02 percent, to 50.097 points on volume of 5.2 million shares worth $2.8 million. Of 36 shares, 26 traded with seven up, 11 flat and eight down.

Shanghai's A share index ended up in active trading, helped by news of the fall in the anti-inflation subsidy, but was off intra-day highs due to continued new share issues and listings, brokers said.

SHENZHEN: Shenzhen's A share index advanced on buying spurred by a report the city planned to launch a new stage of reforms aimed at expanding the local securities market, brokers said.

The A share index jumped 1.35 points to 123.27 as turnover swelled to 923 million yuan from 385 million on Thursday.

The B share index inched down 0.13 point to 60.09 on turnover of HK$6.20 million against HK$8.93 million Thursday.

Analysts said caution would continue to dominate market sentiment as investors awaited B share companies to release their 1995 results by the April 30 deadline.

SINGAPORE: Singapore shares ended barely changed in lacklustre trading.

The Straits Times Industrials index ended at 2,384.04, down 0.71 points.

Dealers said the market lacked fresh factors to move it either way ahead of the weekend.

"People are still a bit cautious over how Wall Street is going to end for the week and there is some more U.S. inflation data due out tonight," said one local broker.

SYDNEY: The Australian stock market closed higher after a strong performance from the resources sector, with investors spurred on by rising commodity prices.

The All Ordinaries index was 12.4 points, or 0.55 percent, higher at 2,247.2.

The June share price index was 14 points higher at 2,261 and at a 13.8 point premium to the underlying index.

Despite a lanquishing industrial sector, the optimistic signals from strong commodity markets were enough to boost major miners which took the overall market with them.

TAIPEI: Taiwan share prices closed 4.07 percent higher on Friday as money kept flooding in to buy financial and construction stocks, brokers said.

The index ended up 232.56 points at an intra-day high of 5,945.06. Friday's close was the highest since 5,963.86 points recorded on April 24, 1995. Turnover was T$101.2 billion (US$3.69 billion).

"Sentiment was boosted by foreign funds' attitude as they bought heavily on Thursday despite the overall downward correction," Albert Lin, of Golden Securities, said.

WELLINGTON: Fletcher Challenge Paper shares made a stand-out gain to keep the New Zealand share market largely honest on Friday, the NZSE-40 Capital Index dipping only 2.29 points, or 0.11 percent, to 2,137.66.

Brokers said turnover worth a solid NZ$61 million (US$41.55 million)represented the market's best effort for the week.

Paper stocks were traded in large volumes. Carter Holt Harvey had traded at $3.25, only to be sold down to $3.21 at the close, a one cent fall on the day.-Reuter