960415

Asian market highlights

HONG KONG: Hong Kong shares closed up sharply in sluggish trading, supported by Wall Street's jump on an easing of inflation fears, brokers said.

The blue-chip Hang Seng Index ended 99.77 points, or 0.92 percent, up at 10,949.57, against a day high of 10,964.35. Turnover shrank to HK$3.43 billion from Friday's adjusted HK$4.27 billion.

"The market followed New York higher, but momentum is low due to a lack of fresh liquidity, which seems to be flowing into Taiwan and Japan instead, and buyers are looking for bargains among laggards and unwilling to chase market leaders higher," said Tony Yung, an analyst at Tai Fook Securities.

BANGKOK: Closed for public holiday.

COLOMBO: Sri Lanka stocks closed softer in dull trade as investors remained on the sidelines due to the prevailing holiday mood, brokers said.

The Colombo Stock Exchange all share index ended 3.27 points down at 664.73, on turnover of 2.77 million rupees.

JAKARTA: Jakarta shares finished higher on the back of firm sentiment and active local-led buying in secondliners, brokers said.

The Jakarta composite index rose 5.95 points, or 0.98 percent, to close at 612.996 points. Gainers led losers by 59 to 58 with 46 issues unchanged.

"Market sentiment is relatively firm following announcement of generally positive corporate results," one broker said.

KUALA LUMPUR: Spillover buying from last week pushed Kuala Lumpur stocks higher, with the small-capitalisation sector boosted sharply by aggressive investors.

"It's a mad bull disease in this stock market," said one institutional dealer, who said that a recovery on Wall Street on Friday helped improve sentiment here.

The Composite Index's gains were more muted, rising 10.24 points or 0.89 percent to 1,160.48.

Gainers outpaced losers by 454 to 116 and volume totalled 467.3 million shares.

MANILA: The Philippine equities market hurdled the 3,000 barrier for the first time in 17 months amid broad buying from foreign investors, traders said.

"The market showed resilience...(despite) near-term profit takers storming midday trading activity," an analyst from Pryce Securities said.

The composite index rose 21.11 points or 0.71 percent to close at 3,008.60 in heavy turnover.

SEOUL: The Seoul bourse closed Monday at the highest level seen so far this year, brokers said.

The composite index rose 12.52 points or 1.40 percent to 908.09. Volume was strong with 48.1 million shares changing hands. While only eight counters fell to their lower limits, 104 stocks hit their upper limits.

"The KOSPI's rebound is due to a sense of stability, especially in politics," said Daewoo Securities broker Lee Ju-ik.

SHANGHAI: Shanghai's B share index ended down in slow trade, with investors nervous after most of the B firms that have issued 1995 figures reported poor results, brokers said.

The index fell 0.398 of a point or 0.79 percent to 49.699 points on volume of 3.7 million shares worth $1.5 million. Of 36 B shares, 29 traded, with seven up, seven flat and 15 down.

Shanghai's A share index ended down on news of market expansion. The index dipped 2.275 points or 0.37 percent to 605.547 point, on volume of 79.1 million shares worth 472.8 million yuan.

SHENZHEN: Shenzhen A shares rose, fuelled in part by the solid debut on the A share market of building materials producer Fangda, brokers said.

The A share index rose 1.57 points to end at 124.84 on turnover of 801 million yuan, versus 923 million yuan on Friday.

B shares advanced slightly in sluggish trading. The B share index put on 0.34 point to end at 60.43 as turnover contracted to HK$1.22 million, versus HK$7.44 million on Friday.

SINGAPORE: Singapore shares closed steady with investors focusing on situational stocks and Malaysian second liners traded over the counter.

The Straits Times Industrials index ended up 0.31 point at 2,384.35 while the UOB OTC index ended 13.12 points higher at 1,186.17. Volume was 139.29 million shares with 248 gainers against 95 losers.

"There is more interest in Malaysian stocks as companies there are expected to have better earnings growth in 1996 than Singapore," said a broker with a local firm.

SYDNEY: Australian shares closed higher, storming home in the afternoon as the June share price index (SPI) futures rallied strongly after a lacklustre morning session.

The All Ordinaries index was 16.1 points, or 0.72 percent, higher at 2,263.3.

Strong demand for the resource leaders again buoyed the market, although banks improved after the rally in U.S. bond markets, brokers said.

TAIPEI: Taiwan share prices ended a roller-coaster session on Monday by soaring to a new 11-month high, and brokers expected the market's recent rallies to continue.

The weighted index ended up 51.83 points, or 0.85 percent, to 6,122.46, its highest close since 6,136.54 on April 20, 1995. Turnover was a hectic T$140 billion, the heaviest session since January 10, 1994.

The market fluctuated wildly throughout the session as some profit-taking emerged after the index had soared by almost 1,400 points in the past month.

WELLINGTON: The New Zealand share market overcame a sluggish start to end solidly higher.

The NZSE-40 capital index ended the day 10.66 points higher at 2,148.33. Volume was a healthy NZ$44 million.

Underpinning the index's move higher was a solid performance by Fletcher Paper.

"There is still a lot of reshuffling going on between the three (Fletcher) letter stocks, obviously to Paper's benefit," said Luke Koekoek at J.B. Were and Son.-Reuter