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Tokyo makes modest gains
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March 26, 1999: 5:08 a.m. ET
Japan inches ahead, but most Asian markets end in the minus column
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LONDON (CNNfn) - An early buying spree in Asia, fueled by Wall Street's rally, fizzled Friday as investors opted to cash in gains ahead of the weekend. Markets remained composed on the second day of a NATO-led bombing campaign in Kosovo.
Tokyo shares ended marginally higher after a see-saw session marked by international buying interest on hopes the Japanese recession may be on the wane. The Nikkei 225 ended 30.95 points, or 0.19 percent higher, at 16,016.99. Buying interest as overseas investors moved into the market was dampened by local selling, as institutions continued to unwind positions ahead of the fiscal year-end on March 31.
In Hong Kong, stocks closed on a sluggish note as investors registered their disappointment that two big property firms, Cheung Kong and Hutchison Whampoa, failed to reveal much in the way of big new investment projects Thursday.
The Hang Seng index lost 22.82 points, or 0.2 percent, to 10,803.31. After recent gains, China plays lagged the broader market Friday.
On Thursday, the Dow Jones industrial average rallied 169.55 points, or 1.8 percent, to 9,836.39. Sharp gains in technology and financial stocks led the way amid seemingly improved sentiment about the first-quarter profit outlook.
Australia's All Ordinaries inched up to a record closing high Friday, ending within a whisker of the psychologically significant 3,000 level. The index climbed 0.3 percent, or 9.7 points, to 2,996.6, brushing past its previous closing high of 2,992.2 set on March 16.
The International Monetary Fund has approved a $1 billion aid installment to Indonesia, of which $460 million will be disbursed immediately. The latest aid package had been held up as Indonesia's leaders wrangled over a reform program for the nation's troubled banks. In Kuala Lumpur, the composite index closed almost unmoved at 500.16.
In Seoul, the KOSPI index slipped marginally, to 609.79, as early gains eroded. Singapore's Straits Times was slightly lower as traders wrestled in vain to stay above the 1,500 resistance level. The index closed at 1,497.50.
Manila stocks got a boost from the Dow's sharp overnight rally, adding 1.14 percent to close at 2,022.07, while Taiwan's weighted index raced 1.32 percent ahead to 7,033.25.
Jakarta shares eased 0.7 percent to 392.948 as investors cashed in on a previous rally in automobile firm Astra International after the company announced Thursday a debt-to-equity swap with creditors, Reuters reported. Thailand rose 0.33 percent to 366.91, off earlier highs.
--from staff and wire reports
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