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Most Asian stock markets close higher |
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May 30, 2000 HONG KONG, MAY 29 (AP) - Most Asian stock markets closed higher Monday, boosted by bargain-hunting.
Bucking the trend was the Jakarta Stock Exchange, where prices tumbled across the board following bomb blasts in Medan, North Sumatra, dealers said.
A home-made bomb injured four people in a restaurant in the second explosion in Medan in two days. On Sunday, an explosion in a Protestant church injured 60 people.
The Jakarta bourse's Composite Index fell 4.3 percent, or 20.684 points, to 461.389.
The Japanese benchmark 225-issue Nikkei Stock Average gained 237.30 points, or 1.46 percent, to 16,245.44. On Friday, the index dropped to 16,008.14, its lowest close in almost a year.
The Nikkei rebounded as bargain-hunters bought technology and other issues battered by a recent wave of selling. The blue-chip index dropped six straight sessions between May 17 and May 24, losing 8.6 percent of its value.
Buyers on Monday were encouraged by a newspaper report suggesting that profits at Japan Inc. are turning up as the economy starts to pull out of its deepest slump in decades.
According to a compilation of corporate earnings published Saturday by the Nihon Keizai business newspaper, total group net profit at 1,297 listed companies rose 26 percent in the fiscal year ended March 31.
In currency trading, the U.S. dollar was quoted at 106.98 yen, down 0.36 yen from Friday but marginally above its level of 106.96 yen late Friday in New York.
Philippine stocks rose for the fourth straight session, buoyed by a stronger peso and steady central bank overnight rates.
The 30-company Philippine Stock Exchange Index rose 55.51 points, or 3.9 percent, to 1,482.77. The index has risen 78.1 points, or 5.6 percent, since Tuesday.
The stable peso enabled the Philippine Central Bank to maintain its overnight borrowing and lending rates at 10 and 12.25 percent respectively. The overnight borrowing rate is the central bank's main tool in controlling domestic liquidity.
In Hong Kong, the blue-chip Hang Seng Index rose 252.37 points, or 1.8 percent, to close at 13,975.07. On Friday, the index had slumped 198.36 points, or 1.4 percent.
Brokers said prices rebounded on selective bargain-hunting following recent losses.
Elsewhere:
TAIPEI: Share prices closed higher as investors bought select blue-chip stocks. The Weighted Stock Price Index rose 28.79 points, or 0.3 percent, to 8,588.25.
WELLINGTON: New Zealand share prices closed higher. The benchmark NZSE-40 Capital Index rose 5.48 points, or 0.27 percent, to 1,994.74.
SYDNEY: Australian share prices closed higher, led by demand for telecommunication stocks and renewed support in the bank sector. The All Ordinaries Index rose 31.7 points, or 1.1 percent, to 2,996.0.
SEOUL: Share prices closed mixed. The Korea Composite Stock Price slipped 0.73 point to 655.93.
KUALA LUMPUR: Malaysian share prices closed higher on a fresh spurt of buying by foreigners. The Composite Index of 100 blue-chip stocks closed up 22.68 points, or 2.6 percent, to 907.25.
SINGAPORE: Share prices closed higher, due mainly to active buying in electronics stocks. The Straits Times Index rose 12.98 points, or 0.7 percent, to 1,833.61.
BANGKOK: Thai share prices closed lower on profit-taking. The Composite Index fell 4.63 points, or 1.5 percent, to 308.45. (ks)
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