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Asian market highlights

TOKYO: Shares in Tokyo ended unchanged in lacklustre trade on Thursday, pausing after their recent spurt and a sharp decline in New York overnight. Brokers said the market might continue its consolidation before resuming its advance next week when fresh funds were expected.

The 225-share Nikkei average finished down 3.72 points, or 0.02 percent, at 21,812.50, while the June contract shed 50 points to 21,860.

"The market looks extended, but an influx of public funds could support further near-term gains," said Merrill Lynch in its weekly comment.

HONG KONG :Shares closed down but well off steep lows reached on Wall Street's tumble sparked by concern over the dollar's increasing strength, brokers said.

The blue-chip Hang Seng Index ended down 53.40 points or 0.49 percent, at 10,909.29, off a low of 10,867.87. Turnover fell to HK$3.20 billion from Wednesday's adjusted HK$3.60 billion.

"The market's holding up well, as it is down proportionately much less than New York, but sentiment has weakened amid a lack of fresh liquidity," said a broker at a European house. "As a result, the market will probably lean towards another test of support at 10,800 in the near term."

BANGKOK :Thai stocks closed slightly lower in moderate trade on concerns by investors over new central bank monetary measures and a decline on Wall Street overnight, brokers said.

The SET index closed 9.33 points, or 0.70 percent, down at 1,331.14 on 5.6 billion baht turnover. Decliners trounced gainers 206 to 85 while 136 issues were unchanged.

"The index fell on sales of stocks mainly in bank and finance sectors," said Kasem Prunratanamala of James Capel Asia. "Local investors were a bit worried about the new central bank monetary measures."

BOMBAY :Shares finished with modest gains at the Bombay Stock Exchange (BSE) after a strong bout of profit-taking clipped most of the day's gains in volatile trade, brokers said.

The 30-share BSE index ended up 16.54 points, or 0.44 percent, at a provisional 3,735.45 after rising to 3,782.21 at one stage.

Buying by foreign institutional investors (FIIs), the chief reason for the bullishness, continued on Thursday though at much reduced pace, brokers said.

COLOMBO :Sri Lanka stocks closed lower in lacklustre trade which saw turnover supported by foreign activity, brokers said.

The Colombo Stock Exchange all share index closed 0.22 points easy at 661.87, on turnover of 27.94 million rupees.

"With domestic investors barely visible, overseas buying is supporting the market," said a trader at CDIC Sasoon Cumberbatch.

JAKARTA :Jakarta shares closed lower in slow trade with investor activity remaining focused on paper stocks, brokers said.

The Jakarta composite index fell 3.20 points, or 0.51 percent, to close at 620.97. Losers led gainers by 62 to 48 with 42 issues unchanged.

"The market was slow as foreign players were seen staying on the sidelines," one broker said.

KUALA LUMPUR :Blue chips ended firmer after fluctuating between the minus and plus columns, but buying was more decisive in second liners, which ended a strong 1.57 percent ahead.

The Second Board "trades on its own steam," remarked one market analyst, noting that overall, "there is not much happening in the market".

Reflecting the quiet mood, the benchmark Kuala Lumpur Stock Exchange Composite Index inched up 2.25 points, or 0.19 percent, to 1,167.28.

MANILA :Manila shares crumbled and ended near the support level, pounded by a wave of selling brokers said.

The index fell 28.88 points, or 0.97 percent, to settle at 2,958.81, off the 2,950-mark. Turnover was at 9.098 billion shares worth 3.558 billion pesos.

"It was a combination of factors, PLDT's drop, another shakeout on Wall Street and technically, the market is seeking secondary support levels after breaking the 3,000-point resistance," Louie Bate at ING Baring Securities said.

SEOUL :The Seoul bourse reached a new year high closing as individual and foreign buying outweighed institutional selling, brokers said.

The composite index ended up 14.50 points to 936.90, after touching a low of 919.98.

"Sentiment is way up and unless any really negative factor hits the market it looks like we're on our way to a recovery," said a Coryo Securities broker.

SHANGHAI :Shanghai's B share index closed down on position adjustments, triggered by the news that Heilongjiang Electric Power would list 100 million shares next Monday, brokers said.

The index fell 0.318 point, or 0.64 percent, to 49.424 points, on volume of 4.9 million shares worth $2.3 million. Of 36 B shares, 27 traded, with nine up, four flat and 14 down.

Shanghai's A share index reversed early losses thanks to a rally on the Shenzhen market, brokers said.

The index gained 7.518 points or 1.23 percent to 622.652 points, on volume of 160.7 mln shares worth 929.7 mln yuan.

SHENZHEN :Shenzhen A shares climbed in heavy trading as institutional investors increased positions in selected issues.

The A share index jumped 4.93 points to close at 132.19 as turnover grew to 1.05 billion yuan from Wednesday's 920 million.

Brokers said a substantial pool of funds had been diverted out of the commodities derivatives market after Beijing's stepped-up crackdown on speculation in high-risk futures.

The B share index lost 0.05 point to end at 60.36 on turnover of HK$6.49 million, versus 1.73 million on Wednesday.

Of the 34 listed B share counters, 27 were traded.

SINGAPORE :Singapore shares ended lower on profit-taking as sentiment turned cautious on the Dow's overnight fall, brokers said.

The key Straits Times Industrials Index finished 15.93 points, or 0.66 percent, lower at 2,387.92, just a shade off its day's low. Total volume was 121.01 million units, and falls led rises by 219 to 103. The number of stocks unchanged totalled 133.

They said volume was moderate due to cautious sentiment and sidelining of many fund managers and institutions.

SYDNEY :The Australian share market ended lower after an afternoon session where sellers asserted control as rumours ran rife of a large institutional portfolio overhanging the market.

The All Ordinaries index was 10.2 points lower at 2,266.8. The June share price index was 16 points lower at 2,281, a 14.2 point premium to the main index.

After a directionless morning session, the bourse started sliding shortly after lunch as traders bailed out amid talk of a large portfolio, variously estimated between A$100 million and A$250 million, being offered around the market.

TAIPEI :Taiwan share prices closed sharply lower as hectic selling swept the market in late session largely due to profit-taking in the financial sector, brokers said.

The weighted index ended down 2.38 percent or 145.18 points to 5,942.80. Turnover was a hectic T$106 billion.

The market had been down earlier in the session as investors took profits after Wednesday's 2.52 percent rise. Sentiment seemed to improve during mid-session, only to plunge again as high-priced financial shares were dumped, brokers said.

WELLINGTON :The New Zealand share market ended lower, due mainly to weakness in the leading issues, with the market waiting for news of the long-awaited Trust Bank merger.

The NZSE-40 capital index ended the day at 2,147.63, down 7.34 points.-Reuter