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Hang Seng Dips in Listless Trade
Hong Kong share prices closed slightly lower in listless half-day trading yesterday with investors mostly absent ahead of the Christmas break, dealers said.
The key Hang Seng index lost 9.3 points or 0.1 percent to finish at 9,561.63, on turnover of HK$1.66 billion (US$214 million).
The market will be closed today and tomorrow for the Christmas holidays. Trading resumes on Friday.
"The market is quiet with turnover ending up at less than HK$2 billion in the session, with most players off for the Christmas and New Year holidays," Grand Cathay Group Assistant Sales Director Simon Tam said. He the index is expected to remain at current levels for the rest of the year.
Taiwan Shares Close Lower
Share prices closed 0.6 percent lower in thin turnover yesterday, with profit-taking in non-electronics stocks and pre-holiday caution outweighing technical gains in the electronics sector, dealers said.
The weighted index closed down 28.27 points at 4,544.50 on turnover of NT$64.95 billion (US$1.87 billion).
The electronics sector rose as investors sought bargains following previous steep declines but gains were capped by late profit-taking.
"Non-electronics stocks lost momentum on profit-taking, with fund managers booking profits before closing their books for the year," Fuh-Hwa Securities Finance Capital Management Assistant Manager Boryi Chien said.
"Some old economy stocks had strong showings recently, paving the way for profit-taking in the run-up to the year end."
Nikkei Surges 1.3 Percent
Japanese share prices rose 1.3 percent yesterday in thin pre-Christmas holiday trade, supported by pension fund buying and relief over a slight rebound in the dollar against the yen, dealers said. The Nikkei-225 average of the Tokyo Stock Exchange gained 105.49 points to end the day at 8,512.37. The broader Topix index of all first section issues was up 7.35 points at 829.01.
Gainers led decliners 741 to 601, with 155 unchanged. Volume was estimated at 749 million shares.
"The (volume) level of the Nikkei-225 was pretty low. It seems like investors started covering their short positions after the market saw strong support from pension funds," said an analyst with Yamamaru Securities.
(Edited from China Daily December 25, 2002)
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