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Hang Seng Lower on Consolidation
Hong Kong share prices closed lower yesterday in a consolidation after recent gains, with the benchmark index failing to sustain the key 9,800 point level due to a lack of fresh leads, dealers said.
The key Hang Seng index lost 37.77 points or 0.38 percent to close at 9,796.31, on turnover of HK$6.39 billion (US$821 million).
OCBC Securities associate director Peter Lai said the overall momentum was not strong.
"The market needs to consolidate before amassing sufficient steam to test higher ground later," he said. "In the medium term, prospects of reaching 10,000 points is quite high, after which resistance will only become much stronger."
In the property sector, Cheung Kong closed flat at HK$53.50, while Sun Hung Kai Properties was down 20 cents at HK$47.30. Henderson Land was 30 cents lower at HK$25.25 and New World Development closed flat at HK$4.175.
Lackluster Close for Taiwan Shares
Taiwan stocks closed flat yesterday as late profit-taking put a lid on the market's early rise driven by ample liquidity, dealers said.
Investors built positions in laggard stocks but took profits at every opportunity ahead of the long Lunar New Year holiday break between January 29 and February 5, they said.
The weighted index closed up 1.16 points or 0.02 percent at 4,992.42, off a low of 4,985.62 and a high of 5,057.21, on turnover of NT$135.85 billion (US$3.93 billion).
Major microchip makers Taiwan Semiconductor Manufacturing Co (TSMC) and United Microelectronics Corp (UMC) led the electronics sector into a consolidation phase as concerns over the prospects of their US counterparts offset their American depositary receipt (ADR) gains.
Nikkei Firmer Slightly
Japanese share prices rose 0.98 percent yesterday boosted by a surge in technology stocks on hopes for a better outlook for the industry, dealers said.
But the rise was capped by domestic economic concerns and fears over the impact of a strong yen on the competitiveness of Japanese exporters, they added.
The Nikkei-225 average of the Tokyo Stock Exchange climbed 82.61 points to end the day at 8,553.06. The broader Topix index of all first section issues rose 8.20 points to 845.90.
Gainers led decliners 1,022 to 337, with 130 stocks unchanged. Volume was an estimated 681 million shares.
Expectations are mounting that US chipmaker Intel Corp will report positive earnings results for the fourth quarter to December later in the day.
(Edited from China Daily January 15, 2003)
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