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TOKYO, Oct 22: Asian share markets closed mixed in lacklustre trading on Monday, with players cautious ahead of economic data this week.
Stocks in Tokyo, Sydney and Seoul were marginally higher while those in Hong Kong, Singapore and Kuala Lumpur were slightly lower with investors lacking fresh leads, dealers said.
Tokyo rose 0.3 per cent in nervous trading, backed by a rise on Wall Street last week. The Nikkei 225 average of the Tokyo Stock Exchange closed up 26.62 points at 10,565.41.
The New York market rallied in late trading (Friday), and the solid tone encouraged investors here, Nomura Securities market analyst Tatsuo Kurokawa said.
The Dow Jones industrials closed Friday up 40.89 points or 0.5 per cent at 9,204.11 while the technology-weighted Nasdaq composite gained 18.59 points or 1.1 per cent to 1,671.31.
Tokyo shares also advanced on selective buying of certain hi-tech stocks including leading integrated circuit package maker Kyocera Corp. and game maker Nintendo Ltd., Kurokawa said.
But Shinko Securities market analyst Yutaka Miura said the cautious trading was expected to continue until later this week when major hi-tech firms announce earnings results for the six months to September.
Leading computer maker Fujitsu Ltd. along with Hitachi Ltd. will announce their first-half results on Wednesday and Friday respectively, while leading consumer electronics firm Sony Corp. and semiconductor testers maker Advantest Corp. will report on Thursday.
The cautious mood strengthened following negative reports on earnings over the weekend, Miura said.
HONG KONG: Hong Kong stocks fell 0.3 per cent on a lack of fresh leads, with investors sidelined ahead of new economic data from the US. The key Hang Seng index lost 28.30 points to close at 9,797.54.
Josephine Hui, director of Celestial Asia Securities, said market turnover continued to shrink, reflecting the cautious sentiment prior to the release of the US September leading indicators late Monday.
The US stockmarkets lack a clear direction the rebound in Wall Street on Friday was seen as unconvincing, she said.
Hui said investors were also worried about the rising number of anthrax cases in the US, especially after reports health officials in Washington are investigating up to five more cases of possible anthrax infection.
SYDNEY: Australian shares closed 0.2 per cent higher with gains in Qantas Airways and selected bank stocks offsetting profit-taking in resource companies amid lacklustre trade.
The All Ordinaries index rose 5.4 points to 3,116.8, with Shaw Stockbroking senior broker Jamie Spiteri saying investors continued to be cautious.
People are still hesitant to be bullish on the quantum of the impact from the war against terrorism, he said.
The US-led retaliation began this month against Afghanistan for harbouring Osama bin Laden, the man the US accuses of masterminding the September 11, terrorist attacks on New York and Washington.
SINGAPORE: Singapore shares closed marginally lower in thin trading amid a lack of fresh leads.
The Straits Times Index slipped 0.1 per cent or 0.79 points lower at 1,387.98, with one dealer saying he saw support for the index at 1,380 points.
There’s no news. It’s a miserable market. There’s speculative play on some small caps. I think this market will see more downside in the days to come, a dealer at a local brokerage said.
He said situational plays were likely in the market as the week progressed, given the expected release of a slew of corporate earnings results.
KUALA LUMPUR: Malaysian stocks closed one per cent lower due to lack of positive news after last week’s budget.
The Kuala Lumpur Stock Exchange’s composite index fell 5.93 points to finish at 609.09.
There’s not much interest following the budget announcement. People are generally disappointed that there’s no corporate tax cut, said an institutional dealer with a major stockbroking firm.
We don’t receive orders and don’t see people calling up on the market.
SEOUL: South Korean share prices rose marginally on sustained foreign interest following Wall Street’s gains.
The composite index closed up 0.66 points or 0.1 per cent at 528.70.
Tong Yang Securities analyst Park Jae-Hoon said the market was supported by the government’s decision to grant tax favours to long-term investors in new funds.
Interest was split between the main bourse and the KOSDAQ market, and retail and foreign interest in KOSDAQ will likely last for a while, Park said.
MANILA: Philippine share prices closed 1.8 per cent lower in continued selling of blue chips amid a dearth of positive news.
The Philippine Stock Exchange composite index fell 18.34 points to close at 1,001.10.
TAIPEI: Taiwan share prices closed 1.4 per cent higher with sentiment bolstered by Wall Street.
The Taiwan Stock Exchange weighted price index rose 55 points to 3,900.62.
Investors were encouraged by US Secretary of State Colin Powell’s remarks that it would be in the interest of the US and its partners for military action in Afghanistan to be resolved before winter, they added.
There were no major fresh negative developments on the global front. Investors were willing to hunt for bargains in select oversold shares, said Sen Yen Securities Investment Co. vice chairman Samson Chueh.
MUMBAI: Share prices closed half a per cent lower on the Bombay Stock Exchange (BSE) as profit-taking set in after the central bank announced interest rate cuts.
The benchmark 30-share BSE sensitive index shed 14.98 points to close at 3,001.86 after closing on Friday at 3,016.84.
The central bank cut bank rates by 0.5 per cent to 6.5 per cent and the cash reserve ratio by 2.0 per cent to 5.5 per cent.
BANGKOK: The Thai stock market extended its losses by half a per cent, led by profit-taking in energy stocks amid very thin trade as investors were sidelined ahead of a national holiday.
The Stock Exchange of Thailand composite index shed 1.29 points to close at 283.43 points.
Investors were mostly sidelined ahead of the public holiday tomorrow, ABN AMRO Asia Securities domestic marketing vice president Paibool Rachniyom said.
JAKARTA: Indonesian share prices closed one per cent higher as late buying in Telkom lifted the key index from early losses.
The Jakarta Stock Exchange composite index ended 3.906 points higher at 391.760.
Dealers said apart from Telkom, news-driven gains in second-line counters also helped to prop up the index amid a general lack of positive leads.
The mood is still bearish, said Ciptadana Securities research head Edhi Widjojo. The market’s been relatively mixed, up and down most of today.
SHANGHAI: China’s Shanghai B-shares slid 1.6 per cent in thin trade as recent sharp falls chased most investors to the sidelines.
The Shanghai Stock Exchange’s B-share index retreated 2.36 points to 143.88 while the A-share index fell sharply by 54.63 points or 3.3 per cent to 1,585.77.
B-shares closed weaker for the fifth consecutive session in thin and volatile trade with shares rebounding early in the session before dropping down in line with domestic A-shares’ weakness, dealers said.—AFP
