Sun, Oct 24, 2004 - Page 10 News List

Strong growth in China boosts Asian markets

AP , HONG KONG

Asian stock markets closed generally higher on Friday, with the key index rising in Tokyo on news of strong economic growth in China.

Tokyo's Nikkei Stock Average of 225 issues rose 67.90 points, or 0.63 percent, to 10,857.13. On Thursday, the index dropped 92.95 points, or 0.85 percent, to 10,789.23 -- the lowest since Sept. 29, when it finished at 10,786.10.

China said on Friday its economy expanded 9.1 percent in the July-September quarter, slightly above economists' expectations of 8.9 percent growth.

Japan's economy has been on the rebound for the past two years thanks to brisk exports, especially to China and other Asian countries. Concern that China's rapid growth would slow had led to fears Japan's recovery could suffer.

Taiwanese shares closed lower slightly lower. The TAIEX fell 22.57 points, or 0.4 percent, to 5,774.67.

On Wall Street overnight, tech stocks received a boost from strong earnings by eBay Inc, but blue chips were weighed down by uncertainty over oil prices and a new investigation of the insurance industry.

The NASDAQ rose 20.65, or 1.1 percent, to 1,953.62. The Dow Jones industrial average fell 21.17, or 0.2 percent, to 9,865.76.

In currency trading, the US dollar was quoted at ¥107.59, down ¥0.09 from late Thursday in Tokyo but above the ¥107.42 it bought in New York later that day.

Singapore shares ended slightly lower on profit-taking in bank stocks. The Straits Times Index fell 2.11 points, or 0.1 percent, to 1,967.07.

The Hong Kong market was closed for a public holiday.

Thai shares closed higher, led by gains in the banking sector. The Stock Exchange of Thailand Index rose 9.78 points, or 1.5 percent, to 659.05.

Philippine shares closed lower on profit-taking. The 30-company Philippine Stock Exchange Index fell 4.46 points, or 0.3 percent, to 1,762.14.

New Zealand shares closed lower. The NZSX-50 Gross Index fell 12.97 points, or 0.46 percent, to 2,789.83.

Australian shares closed slightly higher. The benchmark The S&P/ASX 200 Index rose 4.00 points, or 0.1 percent, to 3709.90.

South Korean shares closed higher on technical rebound. The Korea Composite Stock Price Index, or KOSPI, rose 7.54 points, or 0.9 percent, to 828.17.

Indonesian shares closed higher on bargain hunting. The Composite Index rose 16.60 points, or 1.99 percent, to 850.77.

Malaysian shares closed higher. The Composite Index rose 4.67 points, or 0.55 percent, to 853.88.

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