Asia's markets end mixed
|
|
May 5, 2000: 5:37 a.m. ET
Hong Kong, Singapore play wait-and-see; Taiwan, Australia investors bullish
|
NEW YORK (CNNfn) - Markets in Asia were mixed Friday, with the region's largest stock indexes drifting gently down ahead of a report on U.S. employment while key indices in Australia and Taiwan headed higher.
The benchmark Hang Seng index fell 45.43 points, or 0.3 percent, to 15,268.64. Also in the red was Singapore's Straits Times, which fell 0.2 percent, or 3.69 points, to 2,117.11.
But Taiwan's benchmark Weighted index rallied 3.2 percent, after the island's finance minister announced measures to help cash-strapped firms. The index had fallen during recent sessions amid concern about Taiwan's relations with China.
In Australia, the benchmark S&P-ASX 200 index added 1.75 percent, spurred by a revival in leading financial-services shares.
Stock markets in Japan, South Korea, and Thailand were closed for public holidays.
Among smaller regional markets, Jakarta's JSX index rose 0.5 percent, Manila's PHS Composite fell 0.1 percent, while the KLSE Composite in Kuala Lumpur rose 1.75 percent.
In the currency markets Friday, the U.S. dollar fell against the yen for a second day to ¥107.58, from ¥108.15 in late New York trading Thursday, amid rising optimism about Japan's rate of first-quarter GDP growth and reported yen purchases by a U.S.-based market player.
The euro fetched $0.8940, up slightly from ¥0.8909 in New York trading late Thursday. Against the yen, the euro fetched ¥96.17, up slightly from a record low of ¥95.88 reached earlier Friday.
Market experts such as former Japanese Finance Minister Eisuke Sakakibara, once dubbed "Mr. Yen," and currency speculator George Soros called for European Central Bank intervention to support the euro.
On Wall Street Thursday, The Dow Jones industrial average fell 0.65 percent to 10,412.49, with technology stocks generally lower while several "old economy" financial and oil stocks rose. The Nasdaq composite index rose 12.93 points, or 0.35 percent, to 3,720.24 as investors hesitated ahead of Friday's report on U.S. jobs, which could have an effect on interest rates.
SingTel mulling new HKT bid?
In Hong Kong Friday, shares of telecom operator Cable & Wireless HKT slipped 0.6 percent, a day after the company reported a 90-percent drop in fiscal-year 1999 earnings, meeting analysts' expectations. Citing sources close to the issue, Reuters reported Friday that Singapore Telecommuncations is seeking to enlist a Chinese partner as it considers re-launching its takeover offer for HKT, which said Thursday it stood by an agreement it reached earlier this year to be bought by Pacific Century CyberWorks.
PCCW stock fell was unchanged, while SingTel, the most heavily weighted stock in the Straits Times index, fell 1.3 percent.
Nomura Securities' Richard Ferguson told CNNfn that PCCW's stock and cash bid remains attractive even after big declines in PCCW shares in recent weeks (379KB AIFF)(379KB WAV).
Hong Kong telecommunications equipment maker CCT Telecom Holdings rose 5.1 percent after saying it planned to list HKNet Holdings, its Internet unit.
Conglomerate Cheung Kong fell 2 percent after being put on credit watch by credit rating agency Standard & Poor's Thursday. The stock lost 5.2 percent Thursday on S&P's report that it might cut its rating on associate company Hutchison Whampoa.
Hutchison fell 0.5 percent Friday after rival ratings firm Moody's Investors Service also said it was reviewing its credit ratings for a possible downgrade.
Airline Cathay Pacific, which on Thursday announced a HK$12 billion investment plan to expand its fleet, was up 3 percent at HK$13.95.
In Sydney, banking stocks moved higher, led by Westpac Banking with a 4.7 percent advance after it announced better-than-expected interim profit and further progress in reducing costs. National Australia Bank rose 3.5 percent.
In Singapore, Hong Kong-based telecommunication-products maker Giant Wireless, making its market debut, rose 3 percent to S$0.33 from an initial public offering price of S$0.32.
- from staff and wire reports
|
|
|
|
|
|