Sun, Oct 23, 2005 - Page 10 News List

Asian markets react well to losses on Wall Street

MIXED BAG Although markets opened lower in line with Wall Street's lead, investors became more confident as the oil price slipped and a bargain-hunting frenzy ensued

AFP , HONG KONG

bargain hunting

In China, share prices closed 0.48 percent higher on bargain hunting with real-estate developers snapped up and banks bolstered after Shen-zhen Development Bank announced a stock placement deal with US giant General Electric, dealers said.

The benchmark Shanghai Composite Index, which covers both A and B shares, rose 5.37 points or 0.47 percent at 1,141.32 on turnover of 8.65 billion yuan.

In Singapore, share prices closed 0.56 percent higher, supported by gains in property stocks which continue to attract interest on hopes the industry is gaining momentum, dealers said.

In Thailand, share prices closed 0.63 percent higher, led by gains in the banking and energy sectors, dealers said.

They said a better regional performance supported the market but foreign investors traded with caution after the announcement on Thursday of the kingdom's thirteenth fatality from bird flu.

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