|
Asia ignores Tokyo's holiday
|
 |
March 22, 1999: 6:14 a.m. ET
Hong Kong fights to stay in positive territory, shrugs off Dow disappointment
|
LONDON (CNNfn) - Asian equity markets ended mostly higher Monday despite a holiday in Japan and the Dow's confidence-sapping failure to finish over 10,000. But trading was thin across the Pacific Rim in the absence of the region's largest market.
Hong Kong stocks on the Hang Seng index advanced 24.32 points, or 0.22 percent, to 11,107.24 amid a robust performance for Hong Kong-listed China stocks, known as "H-shares". Helping to propel that market segment were heightened expectations that China's bid to enter the World Trade Organization will be favorably received.
"A lot of people expect that there may be some good news about China entering the WTO when Zhu Rongji visits the U.S.," one trader told Reuters.
The Hang Seng is up more than 22 percent from its February 10 low.
In Australia, investors shrugged off Wall Street's 94-point loss Friday as bank stocks - which account for 25 percent of the index - found favor with investors late in the day, just keeping the index in positive territory.
The benchmark All Ordinaries ticked up 1 point, or 0.03 percent, to 2,985.5, still shy of the 3,000 resistance level.
Singapore traded in a tight range throughout the session. The Straits Times index ended 1.68 percent higher at 1,497.68, buoyed by gains in property and electronics stocks. The property index rose 2.77 percent to 520.35.
Dismay over corporate results triggered a downturn in blue chips that dragged on Malaysian stocks. The Kuala Lumpur composite index shed 1.24 percent to 507.68 on very thin volume.
In Jakarta, traders took their cue from the Dow's 94-point fall as telecom shares suffered a correction in the wake of last week's gains. The index finished down half a percentage point at 392.283. But traders told Reuters they expect the market to remain robust on hopes of imminent bank reform and after a recently-signed letter of intent with the International Monetary Fund.
In Manila, shares on the Philippine Composite index overcame earlier weakness to close 0.6 percent higher at 2,018.49 as lower domestic interest rates helped bank and property stocks boost the market, Reuters reported. Taiwan's weighted index ended up 0.71 percent on the heels of favorable economic data.
A poor showing at Friday's auction of collapsed financial groups by the Financial Sector Restructuring Authority weighed on sentiment in Thailand, pushing stocks marginally lower by the close. In Seoul, the KOSPI edged up 0.58 percent.
--from staff and wire reports
|
|
|
|
|
 |
|
