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Asian stock markets close mixed |
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September 2, 2000
HONG KONG, SEPT 1 (AP) - Asian stock markets ended the week mixed Friday, with the key index in Tokyo falling for the fourth straight session. The Japanese benchmark 225-issue Nikkei Stock Average fell 121.48 points, or 0.72 percent, to 16,739.78. On Thursday, the average fell 40.41 points, or 0.24 percent. The Nikkei index rose early in the day on buying of technology issues following Thursday's sharp gains in New York, but many of those shares later fell as investors locked in profits. In currency trading, U.S. dollar was quoted at 106.52 yen, up 0.10 yen from late Thursday but below its overnight New York level of 106.72 yen. Malaysian shares tumbled, with the key index falling 3.6 percent, on investor displeasure over the merger of two Malaysian banks. Malaysian banking groups AMMB Holdings and Utama Banking Wednesday agreed to merge into one integrated financial group, acquiring 100 percent equity of five banking and finance subsidiaries. The Kuala Lumpur Stock Exchange's Composite Index fell 28.82 points to 767.02. There was no buying support in the Malaysian market as the forced bank merger spooked investors across the board, a trader said. Taiwan share prices also slumped on news reports that the Kuo Feng Group has defaulted on purchases of stocks in the group's three listed companies, sparking fears that there might be more irregular financial dealings. The Taipei exchange's Weighted Stock Price Index fell 196.92 points, or 2.6 percent, to 7,420.06. In Hong Kong, the Hang Seng Index rose 236.10 points, or 1.4 percent, closing at 17,333.61. On Thursday, the index had slipped 1.63 points, or 0.01 percent. Prices were boosted by buying in property and banking stocks as worries about higher interest rates subsided, brokers said. The Hong Kong market was also lifted by Thursday's gains on Wall Street, where the Dow Jones industrial average rose 112.09 percent, or 1.0 percent, to 11,215.10. Elsewhere: SINGAPORE: Share prices closed mixed. The benchmark Straits Times Index rose 12.93 points, or 0.6 percent, to 2,160.70. WELLINGTON: New Zealand share prices closed lower. The NZSE-40 Capital Index fell 9.67 points, or 0.46 percent, to 2,083.75. MANILA: Philippine stocks closed lower on profit-taking after five straight sessions of gains. The 30-company Philippine Stock Exchange Index fell 7.87 points, or 0.5 percent, to 1,529.65. SYDNEY: The Australian bourse closed higher, with much of the strength coming from buying in the major banks and market leaders News Corp. and Telstra. The All Ordinaries Index rose 31.7 points, or 1.0 percent, to 3,293.4. SEOUL: Share prices closed higher on bargain-hunting following Thursday's 4.2 percent plunge. The Korea Composite Stock Price Index rose 3.57 points, or 0.5 percent, to 692.19. JAKARTA: Indonesian shares closed higher as some blue chips bounced back after recent falls. The Composite Index rose 0.9 percent, or 4.035 points, to 470.415. BANGKOK: Thai share prices closed higher. The Composite Index rose 2.90 points, or 0.9 percent, to 310.73. |