October 18, 2001	Thursday	Rajab 30, 1422

TOKYO, Oct 17: Asian markets ended higher on Wednesday as a better than expected earnings announcement from IBM overnight spurred revived interest in technology issues.

Share prices in Tokyo rose 1.1 per cent as investors bought back hi-tech shares while dumping issues reliant on domestic demand and along with automakers.

The Nikkei 225 average of the Tokyo Stock Exchange closed up 117.63 points to 10,755.45. The Topix of all issues on the first section of the stock exchange gained 9.44 points to 1,087.60.

In New York on Tuesday the Dow Jones industrials closed up 36.61 points, or 0.39 per cent, at 9,384.23 while the Nasdaq composite added 25.76 points, or 1.52 per cent, to 1,722.07.

Hi-tech shares returned to favour in Tokyo in part after an earnings announcement from IBM that beat expectations, said Masaru Kazama, head of equities at Nissan Securities.

IBM said it posted a smaller-than-expected fall in third quarter earnings, with net profit at $1.595 billion.

That provided support for hi-tech shares in Japan, amid a dearth of other incentives in the Tokyo market, Kazama said.

Massive buying orders of Softbank, which reached a daily trading limit, represented the move, he said.

HONG KONG: Hong Kong shares rose 1.1 per cent led by Hutchison Whampoa on news the conglomerate has cut its stake in Britain’s Vodafone Group plc to 2.9pc from 3.1pc.

The key Hang Seng index gained 112.32 points to close at 10,260.81.

SYDNEY: Australian shares closed 0.8 per cent higher after mining company WMC confirmed it has entered merger talks with several suitors, including US-based Alcoa.

The All Ordinaries index rose 24.2 points to 3,170.0 while the SP/ASX 200 added 27.2 points to 3,237.9.

SINGAPORE: Singapore shares closed 0.9 per cent higher, brushing aside the island’s record plunge in key non-oil domestic exports in September.

The Straits Times Index was 13.42 points up at 1,442.07.

KUALA LUMPUR: Malaysian stocks closed marginally higher led by select blue chips amid speculative buying.

The Kuala Lumpur Stock Exchange’s composite index rose 0.8 per cent or 4.73 points to finish at 621.58.

MUMBAI: Indian share prices closed 1.7 per cent higher on the Bombay Stock Exchange (BSE) as sentiment improved after the government pledged market-friendly reforms.

The benchmark 30-share BSE sensitive index closed up 51.39 points to 3,043.85.

JAKARTA: Jakarta shares closed 0.7 per cent higher on a technical rebound, boosted by a relatively firm performance in other regional markets and late renewed interest in second liners.

The Jakarta Stock Exchange composite index closed up 2.489 points at 381.369, off a low of 376.823.

WELLINGTON: New Zealand stocks were up 0.2 per cent on light trade unfazed by a half year loss by market heavyweight Carter Holt Harvey.

The NZSE40 index rose 3.61 points to 1,921.89.

New Zealand’s largest forest products company Carter Holt Harvey posted a first half net loss of US$7.7 million.—AFP