Sun, Feb 20, 2005 - Page 10 News List

Bright outlook for the year bolsters markets in Asia

CONFIDENCE In Taiwan, share prices closed higher on the back of a technical rebound led by the embattled UMC and supported by continued interest from foreign investors

AFP , HONG KONG

The Shanghai A-share Index fell 18.16 points to 1,321.87 and the Shenzhen A-share Index was down 3.80 points or 1.16 percent at 322.54.

The benchmark Shanghai Composite Index, which covers both A- and B-shares listed on the Shanghai Stock Exchange, closed down 17.17 points or 1.35 percent at 1,258.97.

Australian share prices closed flat as Reserve Bank Governor Ian Macfarlane warned that interest rates were set to rise for the first time in more than a year, dealers said.

The benchmark SP/ASX 200 closed down 3.4 points or 0.08 percent at 4,163.5, while the broader All Ordinaries Index lost 3.3 points at 4,151.7.

Singapore share prices closed 0.22 percent higher as the market generally ignored Prime Minister Lee Hsien Loong's speech on the national budget, dealers said.

Lee, who is also finance minister, announced tax cuts and other financial breaks worth S$1.3 billion (US$792 million US) during his budget presentation to parliament.

The Straits Times Index rose 4.66 points to 2,168.86.

Malaysian share prices closed 0.53 percent lower led by losses in blue chips, dealers said. The Kuala Lumpur Composite Index was down 4.87 points at 907.75.

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