March 14, 2003	Friday	Muharram 10, 1424

TOKYO, March 13: Asian share prices were mostly modestly lower on Thursday as nervous investors took profits from the previous day’s brief rally or stayed away altogether as Iraq war clouds continued to gather.

Japanese share prices lost earlier gains to close 0.94 per cent lower despite news of market-boosting measures planned by the government.

The Nikkei-225 average of the Tokyo Stock Exchange fell 74.48 points to end the day at 7,868.56. The broader TOPIX index of all first section issues sagged 3.84 points to 778.52.

News reports alleging North Korea is preparing to test fire a ballistic missile that could easily hit Japan also hurt the market.

HONG KONG: Hong Kong share prices closed 0.99 per cent lower with investors continuing to focus nervously on the situation in Iraq.

Two stocks which have announced generous dividends — CITIC Pacific and HKEx — outperformed the broader market, they added.

The key Hang Seng index lost 87.54 points to close at 8,787.45.

Kim Eng Securities senior sales manager Simon Tam said continued concerns over the situation in the Middle East sent the benchmark index lower.

SYDNEY: The Australian sharemarket closed down 0.66 per cent as lingering uncertainty over Iraq overshadowed positive jobs figures.

The SP/ASX 200 index remained at four-year lows, closing down 18 points at 2,700.4, while the All Ordinaries index fell 13.8 points at 2,673.3.

“We’re just stuck in this boxing ring and we’re basically being knocked from one side to the other” by diplomatic wrangling within the United Nations, local politics and economic concerns, said independent broker Geoffrey Hill.

SINGAPORE: Singapore share prices closed 0.15 per cent lower on profit-taking and continuing war fears.

The Straits Times index fell 1.91 points to 1,231.77 and the All-Singapore Equities index was 0.77 points up at 333.22.

Investors are reluctant to do anything while the stand-off between Washington and Baghdad continues but they would likely step into the market should the US decide to go ahead with plans to attack Iraq, dealers said.

“There’s too much uncertainty,” said an institutional dealer.

“Ideally, if the war starts, we will see buyers coming in. People are waiting for that bounce,” he said.

SEOUL: South Korean share prices closed flat after late programme buying offset earlier losses caused by concerns over geopolitical tensions and an accounting fraud by a SK Group unit.

The composite index closed down 0.03 points at 531.78, off a low of 514.43.

KUALA LUMPUR: Malaysian stocks closed lower due to a general lack of interest amid concerns over Iraq.

The Kuala Lumpur Stock Exchange composite index closed down 1.64 points or 0.26 per cent at 627.46.

“There is some foreign selling in the market and some investors are also taking quick profits from yesterday’s rebound,” said an institutional dealer with a local brokerage.

A dealer with a bank-backed brokerage said there was some local buying of selected blue chips, which helped offset some of the selling pressure, but the overall trading volume was thin as many investors were still concerned over the situation in Iraq.

MUMBAI: Indian shares closed 0.06 per cent lower in lacklustre trade ahead of a three-day weekend, although institutions made some purchases following gains in US equities, dealers said.

The Bombay Stock Exchange’s 30-share index slipped 1.84 points to close at 3,108.24.

Dealers said the market had opened weak but later recovered as funds and operators made value purchases in index stocks.

Indian bourses are closed on Friday for Muharram holiday.—AFP