Sun, Nov 06, 2005 - Page 10 News List

Asian markets buoyed by select stocks, US gains

POSITIVE LEAD Continuing purchases by foreign investors supported Taiwanese shares, although the TAIEX met strong resistance around the 5,900-level

AFP , HONG KONG

But investors have been cheered by the company since it said it aims to double sales to around US$110 billion over the next five years, putting it among the world's top three global electronics companies.

The KOSPI index closed up 4.01 points at 1,221.98.

Hong Kong share prices closed 0.11 percent lower on Friday in cautious trade following a fresh rise in crude oil prices and prevailing concerns over higher interest rates.

Dealers said the property sector continued to show weakness in the wake of local banks' decision to hike lending rates.

The Hang Seng Index closed down 15.80 points at 14,585.79.

In Shanghai share prices closed 0.44 percent higher in a very modest technical rebound after losses on Thursday as investors bought back into power generators and automakers.

Dealers said the tone remains cautious and there seems little prospect of any change in the near future, leaving the market with a negative bias that could see a slow steady slide to around 1,000 points on the Shanghai Composite Index.

The Shanghai A-share Index added 5.03 points to 1,156.45, while the Shenzhen A-share Index was up 1.58 points or 0.57 percent at 279.65.

The benchmark Shanghai Composite Index, which covers both A and B-shares, added 4.77 points or 0.44 percent at 1,100.05.

In Sydney share prices edged up 0.13 percent as the market ran out of steam following a week of solid gains.

Dealers said banking and resource stocks remained steady but their gains were limited by steel companies following a warning from BlueScope Steel that its earnings would slide because of lower sales in Asia.

The SP/ASX 200 index closed up 5.8 points at 4,519.5.

Singapore share prices closed 0.49 percent higher, supported by gains in select blue chip stocks although profit-taking limited the advance. The Straits Times Index climbed 10.98 points to 2,266.52.

In Bangkok share prices closed flat amid sustained concerns over the country's inflation rate, which has been fuelled by soaring oil prices to its highest level in seven years.

The Stock Exchange of Thailand (SET) composite index gained 1.44 points to close at 706.23 and the bluechip SET 50 index rose 1.35 points to 496.74.

In Wellington share prices closed little changed with the focus on market leader Telecom after solid first quarter results.

The NZSX-50 gross index rose 2.22 points to 3,325.66.

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