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Asian market highlights

HONG KONG: Hong Kong stocks closed off steep early highs as profit-taking kicked in above the 11,000 level, brokers said.

The blue-chip Hang Seng Index rose 83.41 points or 0.76 percent to 11,032.98, off an early high of 11,083.75.

"The market spiked up at the open on Wall Street's rally, but it seems foreign liquidity inflow has dried up across most of the region and profit taking interest is considerable at highs in the absence of fresh major market moving factors," said Eugene Law of Lippo Securities.

BANGKOK: Thai stocks closed 1.55 percent higher in active trade as the recent tight liquidity situation eased in the money market and rises in Wall Street and regional markets helped, brokers said.

The SET index jumped 20.67 points or 1.55 percent to 1,351.69.

"The increase in Wall Street overnight and regional markets earlier today had boosted the Thai market sentiment," said Bumnan Liumsuwan of Asia Credit. "There're signs that fresh foreign funds have entered and invested in the stock market."

BOMBAY: Blue chip shares rallied to finish sharply higher on the Bombay Stock Exchange (BSE) as foreign institutional investors (FIIs) stepped up their purchases ahead of national elections, brokers said.

"More and more FIIs are taking up positions in a wide range of stocks," said a trader. "It has given a tremendous boost to the market morale."

The 30-share BSE index leapt 45.20 points or 1.28 percent to a provisional 3,588.86. The 500-stock CRISIL rose 5.55 points to a provisional 741.98.

COLOMBO: Sri Lanka stocks eased but turnover was high, led by foreign institutional buying, brokers said.

Provisional figures from the Colombo Stock Exchange put the all share index 1.33 points down at 663.40. Volume was 84.28 million rupees from 2.77 million on Monday.

Final figures were unavailable due to an technical problem, exchange officials said.

JAKARTA: Jakarta shares were higher in active trading, with focus seen on feedmill company Japfa, brokers said. The composite index rose 6.265 points or 1.02 percent to 619.261.

"Japfa was the most active following report of a link-up with a foreign firm," one broker said.

The company said it was finalising a deal to supply chicken to McDonald's restaurants in Indonesia through a joint venture with Otto & Son Industry.

KUALA LUMPUR: Buying of blue chips pushed up the key index but the broader market was mixed as players booked profits, particularly on speculative second board issues, dealers said.

The Kuala Lumpur Stock Exchange Composite Index ended up 6.89 points or 0.59 percent at 1,167.37.

"People are starting to move into main board stocks which have lagged behind second board counters. Funds were also active today," said an institutional dealer, adding that some funds were beginning to re-rate the local stock market.

MANILA: Manila shares ended marginally higher as foreign investor interest in issues with good earnings prospects kept the index above the 3,000-point level, brokers said.

The index closed higher for the third consecutive trading day, advancing by 8.03 points or 0.27 percent to 3,016.63.

Dennis Rayala of Abacus Securities Corp said foreign buying in several banking and property issues kept the index firm.

SEOUL: South Korean shares fell slightly on a technical correction after three days of sharp rises, brokers said.

The composite index ended down 0.36 of a point or 0.04 percent to 907.73.

"The market is in an expected short-term correction period now," said Lee Sang-koo of Hyundai Securities. "The longer view is that it is still on its way higher."

SHANGHAI: Shanghai's B share index ended up on a rise by blue-chip Shanghai Refrigerator Compressor on expectations of good 1995 results, brokers said.

The index ended up 0.078 of a point or 0.16 percent to 49.777, on volume of 3.6 million shares worth $1.7 million.

Shanghai's A share index ended up after market giant Shanghai Petrochemical posted strong results, brokers said.

The index rose 6.608 points or 1.09 percent to 612.355 on volume of 131.5 million shares worth 708.9 million yuan.

SHENZHEN: Shenzhen's A share index maintained its upward trend as institutional investors targeted low-priced shares that were rumoured to have solid earnings for 1995, brokers said.

The A share index jumped 3.09 points to 127.94 on turnover of 773 million yuan, compared with 801 million yuan on Monday.

The B share index, which tracks 34 issues available to foreign investors, inched up 0.09 of a point to 60.52 on turnover of HK$3.38 million, against HK$1.22 million on Monday.

The composite index ended up 2.80 points at 123.63.

SINGAPORE: Singapore shares broke through technical resistance at 2,400 points on active buying by institutions, brokers said.

Blue chip buying led the Straits Times Industrials index up by 17.05 points or 0.72 percent to 2,401.40. But volume was mainly led by Malaysian over-the-counter shares.

"Some foreign funds were seen coming in to buy mainly index-linked stocks," one broker said.

SYDNEY: The Australian share market ended weaker, sagging in the afternoon session as a mid-morning rush of enthusiasm was doused by profit-taking.

The All Ordinaries index fell 3.5 points or 0.15 percent to 2,259.8.

Brokers said the bourse had not been able to go on with rally of recent days with any signs of strength rapidly dissipating as sellers stepped in to cash out gains.

TAIPEI: Taiwan share prices ended sharply down in hectic trade as heavy profit-taking swept the market after its recent rallies, brokers said.

The weighted index tumbled 3.01 percent or 184.24 points to 5,938.22. Turnover was a hectic T$112 billion.

The market opened down and selling pressure intensified throughout the session, partly due to the government's decision to allow a stock stabilisation fund to adjust its holdings.

WELLINGTON: The New Zealand share market closed up by a slim margin after a promising start evaporated with a fall in Telecom's share price.

The NZSE-40 capital index ended the day -- interrupted by a technical glitch towards the end of the session -- up 2.70 points or 0.13 percent at 2,151.03.

Brokers said the market had fallen from its day high of 2,163.42 as Telecom fell away to finish down 10 cents at NZ$6.25.-Reuter