April 5, 2003	Saturday	Safar 2, 1424

TOKYO, April 4: Asian stock markets were firmer on Friday as investors bought shares on hopes for a quick end to the war in Iraq after the US army took up positions in Baghdad airport.

The growing hopes for a hasty end to the war coupled with a rebound in banking stocks helped Japanese share prices recover from early losses to close up 0.7 per cent.

The Nikkei-225 average of the Tokyo Stock Exchange rose 56.37 points to end the day at 8,074.12. The broader Topix index of all first section issues gained 1.87 points to 795.55.

The direction of the Japanese market, as you can tell from today’s movement, will continue to be dominated by developments in Iraq, said Akihiro Shiroeda, manager of the investment information department at Nozomi Securities.

But Hajime Yagi, senior portfolio manager at Meiji Dresdner Asset Management, warned against over-optimism about the situation in Iraq.

HONG KONG: Share prices in Hong Kong closed 2.02 per cent higher, bouncing back from recent losses on news that US forces are closing in on Baghdad.

The Hang Seng index rose 174.29 points to close at 8,822.45.

Peter Lai, associate director with OCBC Securities, said investors were hunting for bargains with sentiment strengthening after news that the US forces had reached Baghdad airport.

Sentiment turned better today after recent hefty losses since the start of the war and the outbreak of SARS (Severe Acute Respiratory Syndrome), Lai said.

SYDNEY: Australian shares closed 0.86 per cent higher as US-led military gains around Baghdad created a surge of optimism the war in Iraq would not drag on.

The SP/ASX 200 index rose 24.9 points to 2,933.5, while the All Ordinaries index was up 22.2 points at 2,896.3.

SINGAPORE: Share prices in Singapore rose 0.86 per cent in their fourth straight day of gains after selective buying of blue chips, but cautiousness remained due to the Iraq war and the spread of SARS.

The Straits Times Index climbed 11.19 points to close at 1,313.73, while the All Singapore Equities index added 2.89 points to 352.22.

KUALA LUMPUR: Stocks in Kuala Lumpur closed higher after early gains sparked by investment bank Merrill Lynch’s upgrade of its recommendation for Malaysian shares.

The Kuala Lumpur Stock Exchange composite index closed 0.39 per cent higher to finish at 631.02.

Dealers said investors turned cautious ahead of the weekend amid uncertainties about the Iraq war and the government’s move to delay the announcement of its economic stimulus package.

MUMBAI: Indian shares closed higher for the fourth consecutive day on the sustained advance of US troops on Baghdad.

The Bombay Stock Exchange’s 30-share index rose 16.54 points or 0.52 per cent to close at 3,167.70.

Dealers said buying was selective and focussed on four key stocks — Digital Global, Satyam Computer, Infosys and Reliance. These stocks saw the bulk of the volumes Friday.

JAKARTA: Indonesian share prices closed 1.23 per cent higher on bargain-hunting with sentiment supported by hopes of a quick end to the US-led war in Iraq.

The Jakarta Stock Exchange composite index closed up 4.921 points at 405.678.

WELLINGTON: New Zealand stocks rose 0.74 per cent following late portfolio buying.

The NZSE50 index rose 14.37 points to close at 1,945.98.

It was a very good day, especially in the afternoon, across the board, Direct Broking’s Ken Allen said.—AFP