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Asian market highlights

HONG KONG: Hong Kong stocks closed little changed after drifting listlessly all day on caution ahead of the Easter weekend, brokers said.

The blue-chip Hang Seng Index ended down 4.76 points at 11,139.88, off a high of 11,213.50. Turnover rose to HK$4.54 billion from Tuesday's adjusted HK$4.02 billion.

"Pre-holiday doldrums returned after yesterday's futures short squeeze and most players are sidelined ahead of Friday's U.S. March jobs report, which will decide to a large extent the market's heading when trade resumes next Tuesday," said Ben Kwong, research director at Dharmala Securities.

BANGKOK: Thai stocks closed 1.6 percent higher in active trade after heavy buying led by foreign investors during the afternoon session, brokers said.

The SET index closed 21.64 points up at 1,342.50 on 9.6 billion baht turnover. Gainers led decliners 225 to 115 while 105 issues were unchanged.

"The index moved up sharply in the afternoon after major local investors and brokerage houses entered the market after seeing foreign investors buying," said Chetta Meemangkang of Prime Finance and Securities.

BOMBAY: Share prices on the Bombay Stock Exchange (BSE) gave up nearly all its gains at the close after a staunch supporter of market reforms quit the government triggering a late sell-off, brokers said.

"There was bit of good and bad news," said one trader at a foreign broking firm. "The market built up too much steam and peaked out."

Prices rose in early trade after the central bank cut cash reserve ratios to loosen tight money conditions, brokers said. Commerce Minister P. Chidambaram, a key supporter of economic reform resigned from Prime Minister P.V. Narasimha Rao's government in protest over an electoral alliance, government officials said. The 30-share BSE index ended 2.84 points up at a provisional 3,412.53 after rising to 3,431.85.

COLOMBO: The Colombo Stock Exchange (CSE) was closed for a Buddhist holiday.

JAKARTA:Jakarta share prices ended higher after active late buying of stocks in the transport sector, brokers said.

The Jakarta composite index rose 7.8 points, or 1.15 percent, to close at 595.06 points. Gainers led losers by 84 to 32, with 40 issues unchanged.

"Overall trading was moderate, with local players seen actively buying stocks in the transportation sector following the government's announcement on transportation fare rises."

KUALA LUMPUR: Second board stocks bounced back only a day after plunging on worries of a clampdown on speculation, as punters returned cautiously, traders said.

Major stocks were mixed, with Kian Joo and Ekran driven up by rumours of corporate moves, they said.

The key Kuala Lumpur Stock Exchange Composite Index rose 2.44 points, or 0.21 percent, to 1,155.66. The Second Board index ended up 13.33 points or 2.84 percent at 481.97.

MANILA: Manila share prices closed at its year-high in a wave of brisk buying as punters shrugged off fears over inflation and took positions ahead of an expected post-Easter rally, brokers said.

The index rose 23.4 points to end at 2,962.79 against the previous year-high of 2,952.91 points in February, preliminary data from the exchange said.

Ramon Borja of Dharmala Securities said investors welcomed news of an 11.8 percent inflation rate for March. "It boosted confidence after (an) inflation scare put most players in the sidelines for most of the past month," he said.

SEOUL: Stocks closed flat as domestic institutional investors sidelined in lack of foreign buying interest, brokers said.

The composite stock price index added 0.28 points to close provisionally at 884.75. But gainers led losers by 587 to 195 with 98 stocks going limit up.

"This reflects heavily index-weighted blue chips are in consolidation," said Park Si-jin of First Securities.

Brokers said foreigners snapped up many of their favourites following foreign stock ownership expansion and they also remained low-key profile ahead of Easter holidays.

SHANGHAI: Shanghai B shares rose on a technical rebound after sharp falls on Tuesday, but trading was sluggish and sentiment bearish, brokers said.

The B index put on 0.232 points or 0.47 percent to 49.912 points, on volume of 3.7 million shares worth $1.8 million. Of 36 B shares, 25 traded, with nine up, nine flat and seven down.

Shanghai domestic A share market moved up in quiet trading, with investors focusing on Shanghai Pudong Zhangjiang Hi-tech Zone Development whose shares were issued on Wednesday. The A index closed up 3.949 points or 0.69 percent to 580.178 points, on volume of 44.7 million shares worth 243.7 million yuan.

SHENZHEN: Shenzhen A shares edged higher in slow trade, with investors largely sidelined before the bulk of Shenzhen-listed firms released results for 1995, brokers said.

The hard currency B share market also saw sluggish trading ahead of an extended holiday from April 4 to 8.

The A share index gained 0.41 point to close at 115.15, with turnover contracting to 129 million yuan from Tuesday's 151 million yuan. Brokers said that caution was the dominant sentiment due to an official report of yet another new A share offer.

The B share index closed unchanged at 60.59 as turnover shrank to HK$3.57 million from HK$10.03 million.

SINGAPORE:Singapore share prices ended slightly firmer but on low volumes. Dealers said funds nibbled at some index-linked blue chips after they had fallen in recent sessions.

The Straits Times Industrials Index climbed 15.29 points to 2,381.10. Market turnover was a moderate 110.75 million shares with gainers ahead of losers by 206 to 126.

Blue chip Singapore Press saw some buying interest in both its foreign and local shares after reports of a dip in pulp prices, said one dealer.

SYDNEY: Australian shares closed a touch lower in active trade after a late sell-off in the local currency and bond markets tipped the balance against the share market.

The All Ordinaries index finished 3.4 points down at 2,233.5. The March share index closed five points lower at 2,260 and at a 26.5 point premium to the underlying index.

Brokers said comments by Bank of Japan governor Yasuo Matsushita which suggested a possible increase in Japanese interest rates upset the Australian currency and bond markets and the negative reaction flowed through to shares.

TAIPEI: Taiwan's stock market was closed for a national holi,ay and will reopen on Friday.

WELLINGTON: The New Zealand share market made late gains to close slightly stronger, despite continued weakness in market leader Telecom.

The NZSE-40 Capital Index gained 5.44 points, or 0.26 percent, to 2,133.67.

Brokers said turnover of $50 million was healthy and a sign investors were returning to the market after the recent period of low liquidity.-Reuter