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Asian stock markets close mostly higher |
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July 6, 2000
HONG KONG (AP) - Asian stock markets closed mostly higher Wednesday, but Tokyo, the region's largest exchange, bucked the trend. The benchmark 225-issue Nikkei Stock Average closed down 34.20 points, or 0.20 percent, at 17,435.95. The average had fallen 0.82 percent Tuesday. Share prices in Hong Kong rallied as fears of an imminent interest rate increase eased in the U.S. market. The Hang Seng Index rallied 1.5 percent, or 238.51 points, to 16,474.27. The Hang Seng had risen 0.7 percent Tuesday. Investors hoped the U.S. economic data to be released Friday would show the economy is not growing so fast that warrants an interest rate raise to cool it down. Any rise in U.S. interest rates is usually followed by a similar move in Hong Kong because the local currency is pegged to the U.S. dollar. In currency dealings, the U.S. dollar fell against the Japanese yen. The dollar bought 106.30 yen in late trading, down 0.02 yen from Tuesday in Tokyo and lower than its level of 106.16 yen from late Tuesday in London. U.S. financial markets were closed Tuesday for Independence Day. Elsewhere: BANGKOK: Thai shares rose, rebounding from recent losses on hopes of a global oil price reduction. The SET Index rallied 6.19 points, or 2 percent, at 322.85 points. JAKARTA: Indonesian shares ended higher on continued buying in telecommunications and tobacco stocks. The JSX Composite index climbed 3.202 points, or 0.63 percent, to 512.466. KUALA LUMPUR: Malaysian shares rose on local buying. The Composite Index rallied 10.82 points, or 1.34 percent, to 818.69. MANILA: Prices closed slightly higher, following the release of a lower-than-expected June inflation figures. The Philippine Stock Exchange Index rose 1.04 points, or 0.07 percent, to 1,539.92, SEOUL: Shares rose on strong rebound in financial stocks. The Korea Composite Stock Price Index, or Kospi, soared 11.87 points, or 1.43 percent, to 830.40. SINGAPORE: Shares closed slightly higher on selective local buying. The Straits Times index rose 7.91 points, or 0.38 percent, to 2,080.33. SYDNEY: Australian stocks rose on gains in telecommunications and technology stocks. The All Ordinaries Index rose 12.0 points, or 0.37 percent, to 3,271.5. TAIPEI: Shares soared as government announced plans to boost the market. The Weighted Price Index rallied 369.20 points, or 4.6 percent, to 8,421.74. WELLINGTON: New Zealand shares rose slightly with selective buying of second-tier stocks. The NZSE-40 Capital Index rallied 3.01 points, or 0.15 percent, to 2,048.61. |