Sun, Jan 14, 2007 - Page 10 News List

Bargain-hunters return as Asian stocks shoot up

MOMENTUM The TAIEX closed 1.88 percent higher on Friday as government-related funds bought into large-cap stocks to guard against fallout from the Rebar Group case

AFP , HONG KONG

The KOSPI index jumped 23.06 points at 1,388.37.

SHANGHAI

Share prices closed sharply lower, losing 3.68 percent as heavy profit-taking set in after recent record gains on reports the authorities are delaying approval of new mutual funds.

Dealers said the reports, which appeared earlier this week, suggested the government was becoming concerned at the rapid advance over the past several months and now wanted to keep tabs on the record-breaking markets.

Some analysts say that a rapid rise in mutual fund investment, as individuals seek a better return than that available on bank deposits, has been one of the main drivers of the upturn so would be a likely target for the authorities if they wanted to dampen things down.

The Shanghai Composite Index, which covers both A- and B-shares, lost 102.0 points at 2,668.11.

SYDNEY

Share prices closed up 1.33 percent with sentiment boosted by gains on Wall Street and a recovery in base metal prices in London overnight.

The key SP/ASX 200 rose 73.9 points at 5,638.8. A total of 1.45 billion shares changed hands.

SINGAPORE

Share prices closed 1.33 percent higher, with the main index moving back above the key 3,000 points level.

Dealers said the index was supported by Wall Street's strong rally.

The Straits Times Index was up 39.04 points at 3,009.09 on volume of 2.71 billion shares.

KUALA LUMPUR

Share prices closed 1.20 percent higher on a technical rebound, with sentiment also firming on lower crude oil prices.

Dealers said government confirmation of interest by US carmaker General Motors Corp in acquiring a stake in Malaysia's national auto maker Proton provided additional support.

The composite index gained 13.27 points to 1,119.33 on volume of 1.17 billion shares.

BANGKOK

Share prices rose by 1.27 percent on a technical rebound, and as foreign investors became increasingly sure that new investment rules would not be as stringent as feared.

The composite index jumped 8.08 points to 645.71 points with turnover of 2.9 billion shares.

JAKARTA

Share prices closed 1.51 percent lower for a fifth straight day, driven by a slump in gas distributor Perusahaan Gas Negara (PGN).

The composite index closed down 25.800 points at 1,678.044.

MANILA

Share prices closed 1.77 percent higher as investors hunted for bargains among blue-chips that have fallen to attractive levels in recent trade. The composite index rose 52.17 points to 2,992.33.

WELLINGTON

Share prices closed little changed in light trading as the market retreated into holiday mode.

The NZX-50 gross index rose 2.19 points to 4,051.84 on thin turnover.

MUMBAI

Share prices jumped 3.12 percent to a record close led by November industrial production data which recorded major gains.

The 30-share SENSEX rose 425.82 points to 14,056.53 from its previous record close of 14,014.92 set on Jan. 3.

This story has been viewed 1951 times.
TOP top