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Asian market highlights

BANGKOK: Thai stocks closed lower on poor market sentiment resulting from new measures announced by the central bank, including tighter reserve requirements for banks and finance firms, brokers said.

The SET index closed 11.22 points down at 1,340.47.

"The market sentiment was poor today as investors sold bank and finance issues and took profits," Rapeeporn Wongwikrai of Multi-Credit Corp of Thailand said.

JAKARTA: Indonesian share prices closed higher following active foreign-led buying of paper and pulp stocks, brokers said.

The Jakarta composite index rose 4.91 points, or 0.79 percent, to close at 624.17. Gainers led losers by 63 to 53 with 45 issues unchanged.

"Active trading in the paper sector was due to sharp rises in paper stocks in the U.S. overnight," one broker said.

Pulp and paper firms Suparma, Indah Kiat, Indorayon and Surabaya Agung were actively traded, brokers said.

KUALA LUMPUR: Profit-takers coming in to pocket gains from Tuesday's rally drove Malaysian blue chips and second liners down in a choppy session.

"It's indigestion," said one institutional dealer. The benchmark Kuala Lumpur Stock Exchange Composite Index reversed opening gains to end down 2.34 points to 1,165.03.

Strength in small-capitalisation counters was also sapped by day's end, with the Second Board index dipping 0.24 point to 502.54.

"It's time for the syndicates to take their profits," remarked another dealer.

MANILA: Philippine shares ended lower as the market took a breather after two days of gains that lifted the index past the 3,000-point psychological barrier, brokers said.

"As expected, today was just a profit-taking day. The market had to have some rest," Helen Alvarez, at Citytrust Investment Bank, said. The index slid 28.94 points, or 0.96 percent, to end at 2,987.69, erasing a 29-point rise posted over the past two days.

Traders said a wave of selling on beer giant San Miguel Corp after news of weak 1995 earnings and slower income growth in the next two years also dragged the index lower.

SEOUL: South Korean shares rebounded to close sharply higher after domestic and foreign investors bought up low-priced large capitalisation stocks and institutions reined in their selling, brokers said.

The composite index ended 14.67 points higher at 922.40.

"The market is being driven by good liquidity and low interest rates," Don Lee, of Dongbang Peregrine Securities, said. "Strong interest is focused on low-price large-cap stock."

SHANGHAI: Shanghai's B share index ended slightly lower in dull trade, with most investors staying on the sidelines, brokers said.

The index edged down 0.035 of a point to 49.742.

Shanghai's A share index ended up, boosted by good results of market giant Shanghai Petrochemical announced on Monday but was off its highs on profit-taking, brokers said. The index ended up 2.729 points, or 0.45 percent, to 615.084 points, off the day's high of 619.821 points.

SHENZHEN: Shenzhen A stocks lost ground on profit-taking after a five-session advance while foreign currency B shares also slipped back, brokers said. The A share index shed 0.68 point to 127.26 while the B share index lost 0.12 point to 60.40.

SINGAPORE: Shares lost most of their recent gains at the close on profit-taking.

"It's mixed today. There was some leftover buying from yesterday in the morning but not enough follow-through in the afternoon and some investors took profit," said a dealer.

The Straits Times Industrials Index ended at 2,403.85, up 2.45 points, after hitting a high of 2,417.01 earlier.

"Activity in Singapore shares is very sporadic. There's no certainty the market will rise very much the rest of the week," a dealer said.

SYDNEY - The Australian share market ended firmer just off the day's high after a late futures-driven rally gave some clear trend to the day's hitherto lacklustre performance.

The All Ordinaries index gained seven points to end at 2,266.8.

Brokers said it was only in the last 10 minutes that the benchmark All Ordinaries made any decisive movement as it followed a late SPI futures rally to higher ground.

TAIPEI: Taiwan share prices ended sharply up in hectic trade as red-hot financials helped the market shrug off profit-taking pressure to reaffirm a bullish trend, brokers said.

The weighted index ended up 2.52 percent, or 149.76 points, at 6,087.98.

"The market is back in a strong state, with large-capitalisation financial firms leading the index in a major rise," said Oliver Fang of National Securities.-Reuter