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Asian
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April 20, 2000
HONG KONG, APR 19 (AP) - Asian stock markets closed mostly higher Wednesday on the back of Wall Street's rise - although many prices peaked out early and failed to hold onto their biggest gains.
Tokyo's
key stock index snapped a four-day losing streak, led by technology shares
that were boosted by New York's higher prices on Tuesday.
The
benchmark 225-issue Nikkei Stock Average rose 117.10 points, or 0.6
percent, to finish at 18,969.52. The Nikkei had closed Tuesday with a loss
of 0.2 percent.
Electronics
giant Sony Corp. and computer maker Fujitsu Ltd. led the gains that
followed a 7.2 percent surge in the U.S. Nasdaq composite index and a 1.7
percent rise in the Dow Jones industrial average on Tuesday in New York.
In
Hong Kong, shares finished higher after falling off their peaks from early
in the session.
The
Hang Seng Index closed up 148.88 points, or 1 percent, at 15,427.20, after
failing to hold onto increases of as much as 2.5 percent.
Traders
were buying shares from the outset, encouraged by the rise Tuesday on the
U.S. Nasdaq Stock Market.
But
amid concerns about the global market outlook, investors soon started
selling again.
In
Singapore, the benchmark Straits Times Index closed up 51.74 points, or
2.6 percent, at 2,058.91.
Taiwanese
shares bucked the regional trend, as investors cashed in on gains from the
previous session's rally.
The
Weighted Stock Price Index fell 202.63 points, or 2.2 percent, to
9,104.40.
In
currency dealings, the U.S. dollar strengthened slightly against the
Japanese yen. The dollar bought 104.48 yen in late trading, up from 104.36
late Tuesday in Tokyo but below its level of 104.75 yen late Tuesday in
New York.
Elsewhere:
BANGKOK:
Thai shares rose, led by gains in banking and chemical sectors following
Wall Street's rise. The Composite Index rose 5.97 points, or 1.5 percent,
to 391.22.
JAKARTA:
Indonesian prices closed slightly lower on concerns about the domestic
political situation. The Composite index ended down 1.959 points, or 0.4
percent, at 526.300.
KUALA
LUMPUR: Malaysian shares finished higher on bargain-hunting by foreign and
local institutional funds. The Composite Index closed up 15.40 points, or
1.7 percent, at 896.30.
MANILA:
Philippine stocks closed higher, buoyed by last-minute bargain-hunting in
select blue chips. The 30-company Philippine Stock Exchange Index finished
up 15.87 points, or 1 percent, at 1,664.00.
SEOUL:
South Korean shares rose 1 percent on the back of Wall Street's gains. The
Korea Composite Stock Price Index closed up 7.78 points at 755.08.
SYDNEY:
Australian stocks closed higher on gains in telecommunication, technology,
media and banking shares. The All Ordinaries
Index rose 55.8 points, or 1.9 percent, to 3,042.3.
WELLINGTON:
New Zealand share prices closed higher. The NZSE-40 Capital Index rose
7.93 points, or 0.4 percent, to 2,002.94.
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