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Tokyo slips after strong week
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March 12, 1999: 6:29 a.m. ET
Nikkei closes flat after week marked by recovery hopes; Dow inspires HK
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LONDON (CNNfn) - Tokyo traders ended an otherwise high-flying week with a whimper Friday as investors sought to cash in on gains that came amid hopes the nation's economy may be on the verge of a turnaround, and talk of a major restructuring at Sony Corp.
The Nikkei 225 average ended down 0.09 percent, or 13.28 points, at 15,488.86 on the heaviest volume of the year, due mainly to the settlement of March futures contracts, Reuters reported.
After the market closed, Japan's Economic Planning Agency dampened the mood with economic data showing that the economy contracted at an annual rate of 3.2 percent in the October to December period, its fifth straight quarterly decline. GDP contracted 0.8 percent from the previous three months, and 2.8 percent in the calendar 1998 year, its worst recorded drop.
Hong Kong got a fillip of inspiration from Wall Street, where the Dow Jones industrial average continued its determined march toward 10,000, closing at a record-high 9,897.44. At one point, the Dow's bulls blitzed past the 9,900 barrier before settling back.
Shares on the Hang Seng index ended up 1.30 percent, or 138.95 points, at 10,801.76 after volatile trading punctuated by murmurs of a possible interest rate cut. The index briefly touched 10.918.43, its highest level since November 25.
Australian shares on the All Ordinaries index marched steadily toward the 3,000 barrier, reaching a new record high Friday, and finishing up 0.37 percent at 2,961.3. For the week, the index was up more than 2 percent.
Singapore stocks took their cue from New York, rising 1.32 percent even as investors pocketed some profits in the property sector. The property index came off a trailblazing streak to end up a modest 0.1 percent at 517.85. The Straits Times index closed up 19.44 points at 1,491.17, off its highs.
Fund buying of index-linked stocks by local investors helped spur trade in Malaysia. But many investors stayed on the sidelines pending the outcome of regional elections in Sabah state, Reuters reported. Shares in Kuala Lumpur's benchmark index finished up just over 1 percent at 528.79.
Shares on Taiwan's weighted index eked out a 0.4 percent gain, while Philippine stocks gave up 0.27 percent, or 5.22 points, to close at 1,945.30.
In Jakarta, a firming of the rupiah against the dollar triggered a sell-off in index powerhouse Telkom that pressured the overall market. The index eased 2.7 points, or 0.71 percent, to 375.937.
Thai shares ended barely higher as investors remained riveted by a Senate debate over a crucial bankruptcy bill. In Seoul, stocks gained 1.5 percent to end at 590.80.
--from staff and wire reports
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