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Asian market highlights

BANGKOK - Thai stocks ended the day slightly lower on negative reaction to monthly economic indicators and on falls elsewhere in the region, brokers said.

The SET index ended 1.98 points lower or 0.15 percent at 1.303.70 on 4.3 billion baht turnover. Decliners topped gainers 197 to 95 with 126 finishing the day unchanged.

"Nothing much happened today expect the release of economic data which had a mostly negative impact," a Nava Finance broker said. The index dipped in the afternoon after the central bank released the indicators but recovered some ground later. - - - -

BOMBAY - Share prices fell sharply at the close on the Bombay Stock Exchange (BSE), after the market spurted in early trade, as players unwinded their positions ahead of end-account, brokers said.

"Prices dropped like a stone in the last 10 minutes," said a trader. "There was panic and everybody started selling."

Analysts said the Unit Trust of India sold heavily as prices soared in early trade and towards the close they came in again to sell selectively.

The 30-share BSE index fell 38.60 points, or one percent, to 3,831.27 provisional close.

COLOMBO - Sri Lanka closed soft after moving in a tight range as investors remained on the sidelines ahead of Indian elections and lack of local incentives, brokers said.

The Colombo Stock Exchange all share index closed 1.43 points lower at 651.22, on turnover of 15.19 million rupees.

"Foreign buying in the region is low due to Indian elections," said a broker at HDF Securities.

"And domestic investors, apart from dabbling in inexpensive growth counters, are not in a hurry since they do not see the market moving far in the near-term," he said.

JAKARTA - Jakarta share prices closed lower, with the focus on property stocks, as firms in the sector were expected to benefit under a new tax scheme, brokers said.

The Jakarta composite index fell 4.84 points, or 0.77 percent, to close at 625.38 points. Decliners led gainers by 76 to 54 with 33 counters unchanged.

Brokers said the active buying of property stocks, however, failed to boost the index due to selling pressure in big-capitalised stocks Telkom and Indosat.

KUALA LUMPUR - Shares of Malayan United Industries (MUI) and Pengkalen Holdings surged, bucking the weak trend of the broader market.

The Kuala Lumpur Stock Exchange's Composite Index ended down 7.30 points or 0.62 percent to 1,162.14, while the Second Board index lost 12.40 points or 2.5 percent to 482.64.

Second board shares ended sharply lower as participants trimmed positions ahead of a long holiday weekend.

MUI and Pengkalen jumped on speculation that MUI would make a hostile takeover of Pengkalen. MUI said on Wednesday it has bought a 31.02 percent stake in Pengkalen.

MANILA - Manila shares ended a shade higher amid mixed trade as late buying in index-linked secondliners rescued a market made feeble by the poor showing of some blue chip stocks, brokers said.

The index rose 3.98 points, or 0.13 percent, to settle at 2,973.31.

"People flocked to the laggard issues which pushed the index overall," Jonas Ferrer at Pryce Securities said.

About 7.764 billion shares worth 2.736 billion pesos changed hands. Losers outnumbered gainers, 57 to 52 while 60 issues were unchanged. Only the commercial-industrial sector rose.

SEOUL - Shares ended higher after a day of sizzling gains, but late profit-taking by institutions robbed the bourse of much of its steam, brokers said.

The composite stock index ended up 8.08 points or 0.84 percent to 964.69 after touching this year's record intra-day high of 977.44 during morning trading. Trading was active, with 57.2 million shares changing hands.

"There was a battle between those who wanted to take profits and those who expected the market to reach 1,000," said Dennis Song of Coryo Securities.

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SHANGHAI - Shanghai's B share index closed lower because of poor 1995 results by most listed companies.

Traders said this would push the index down further over the next few days. The index fell 0.133 point to 48.538 points, on volume of 6.9 million shares worth $2.8 million.

Shanghai's A share index closed down 12.818 points, or 1.85 percent, at 679.373, near the day's low.

SHENZHEN - Shenzhen's A shares lost ground, one day after they rallied to a 1996 high.

The A share index slumped 8.68 points, or 5.68 percent, to close at 144.15. On Wednesday, it had rallied 8.60 percent.

Turnover reached 2.94 billion yuan compared with 2.84 billion yuan on Wednesday.

Brokers said profit-taking was the main factor driving shares lower, but rumours about the failing health of aged Chinese paramount leader Deng Xiaoping, which often pop up in the market, contributed to the drop.

The B share market registered a minimal gain, with the B share index rising 0.09 point to end at 61.15.

SINGAPORE - Singapore shares ended mixed as caution lingered over the market and investors waited for more attractive stock price levels, said dealers.

The Straits Times Industrials Index ended up 3.57 points at 2,384.75 after spending most of the day in negative territory. "I think some players have been shorting the market early in the day and covering their positions later," said a dealer.

Market volume was 167.01 million shares with losers beating gainers by 187 to 145.

"A bit of interest returned for selective property stocks like DBS Land and Singapore Land," said an institutional dealer.

SYDNEY - Market holiday.

TAIPEI - Taiwan share prices closed lower due to selling in financials triggered by reports that provincial state-run banks would sell their holdings in a stock stabilisation fund before July, brokers said.

The weighted index, struggling in a consolidation throughout the session, ended down 16.66 points or 0.28 percent to 5,970.15. Turnover was T$65.2 billion (US$2.37 billion).

The Economic Daily News reported that the banks had decided to divest nearly T$9 billion in a government stock stabilisation fund to boost their earning figures before the end of the fiscal year on June 30.

WELLINGTON - Market holiday.