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Hang Seng Up on Tech Rebound
Share prices in Hong Kong closed marginally higher yesterday due to a technical rebound, dealers said.
The key Hang Seng Index gained 16.45 points, or 0.17 percent, to close at 9,568.47, on turnover of HK$5.30 billion (US$681 million).
Dealers, however, said trade was cautious given the lack of direction from US markets, which were closed on Monday for a public holiday.
"The Hang Seng Index was trading in a narrow range today amid a lack of fresh leads in the market, with the US markets closed overnight," Value Convergence CEF Securities Director Louis Tse said.
Tse said the index is likely to remain rangebound around current levels, as most players are tending to remain sidelined in the near term amid caution over the situation in the Middle East.
Taiwan Shares Marginally Lower
Taiwan shares closed marginally lower yesterday as late profit-taking eroded an early rally based on high liquidity and bargain-hunting, dealers said.
The weighted index closed down 5.16 points, or 0.10 percent at 4,945.87, off a high of 5,031.68 and low of 4,942.18, on turnover of NT$123.91 billion (US$3.59 billion).
The bellwether electronics sector stayed in positive territory on a technical rebound after five straight sessions of declines, while global pulp price rises boosted the local paper sector.
"Profit-taking emerged in late trade to wipe out early gains, with investors expecting a consolidation at around 5,000 points on the index," said Daiwa SBCM Cathay Securities Assistant General Manager Frank Lin.
Given the absence of major leads from Wall Street due to a US public holiday, trading on the local bourse featured quick rotational plays, he said.
Straits Times Closes Up
Singapore share prices closed 0.16 percent higher yesterday in a technical rebound, but profit-taking pared back gains, dealers said.
The Straits Times index rose 2.13 points to 1,365.32, off a high of 1,378.49 and the All-Singapore Equities index was 1.79 points higher at 361.2.
"I think we're seeing a combination of technical trading and some degree of accumulation," said the head of sales at a domestic brokerage.
But the gains could easily be erased given the volatility in the shaky situation in the global environment.
Nikkei Higher on Rosy News
Japanese share prices rose 1.75 percent to end at a two-week high yesterday helped by the news Mizuho banking group is seeking a huge capital injection, dealers said.
The Tokyo Stock Exchange's Nikkei-225 index rose 149.76 points to end at 8,708.58, while the Topix index of all first section issues closed up 9.47 points at 863.64.
Gainers led decliners 964 to 407, with 123 issues unchanged. Volume was estimated at 984 million shares.
Technology, exporter stocks and other blue chips rebounded sharply from recent losses after the Nikkei 225 found technical support. They were also boosted by talk of public-fund buying, dealers said.
(China Daily January 22, 2003)
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