Sun, Jul 10, 2005 - Page 10 News List

Asia recovers from Thursday's losses

MARKING TIME While investors in Asia were mindful of the tragedy in London, their attention returned to keeping a watchful eye on volatile oil prices on Friday

AFP , HONG KONG

Hong Kong share prices closed 0.47 percent lower in cautious trade following the terrorist bombings in London but found some support in the resilient showing of European and US markets after the attacks. The Hang Seng Index closed down 66.34 points at 13,964.47.

Shanghai share prices closed 1.98 percent lower, resuming their slide in the absence of any fresh initiatives from the authorities to get the market out of a chronic slump. The Shanghai A-share Index fell 21.54 points to 1,069.13, while the Shenzhen A-share Index was down 6.89 points or 2.69 percent at 249.05. The benchmark Shanghai Composite Index, which covers both A- and B-shares, lost 20.61 points or 1.98 percent at 1,017.98.

In Sydney share prices closed little changed after recovering from an initial sell-down in the wake of the London bombings. The SP/ASX 200 closed down 4.8 points or 0.11 percent at 4,229.2.

Singapore share prices closed 0.16 percent higher on gains in select blue chip stocks as the market shrugged off the fall-out from the London bomb attacks, dealers said. The Straits Times Index rose 3.65 points to 2,215.99.

In Kuala Lumpur share prices closed down 0.37 percent on light profit-taking following weaker than expected May industrial output data. The composite index shed 3.35 points to 903.61.

In Bangkok share prices closed 0.78 percent higher, rebounding from sharp losses the previous day brought on by deep concern over the state of the Thai economy, dealers said.

The SET was licking its wounds after Thursday's plunge -- its worst performance this year and poorest since October, said Charoen Iampattanatham, an analyst at TSEC Securities.

The composite index rose 5.00 points to close at 643.31.

In Jakarta share prices closed slightly higher on a technical rebound after recent falls but volumes were thin amid fears of a continuing oil price rise and rising interest rates. The composite index closed up 2.154 points at 1,110.557.

In Manila share prices closed 1.57 percent higher, bouncing back from early losses after several ministers resigned and called on President Gloria Arroyo to step down. The composite index closed 28.96 points higher at 1,876.28.

In Wellington share prices closed down 0.15 percent. The NZSX-50 gross index fell 4.77 points to 3,257.52.

In Mumbai share prices rose 0.94 percent. The 30-share SENSEX rose 66.95 to close at 7,212.08.

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