China's shares fell a whisker yesterday as a broad liquidation ahead of a
long market holiday offset positive reaction to a plan by Huaxia Bank to issue
subordinated bonds, brokers said.
The benchmark Shanghai composite index, grouping hard-currency B shares for
foreigners and yuan-denominated A shares, edged down 0.37 per cent to 1,586.493
points.
Shenzhen's sub-index dipped by 0.15 per cent to finish at 3,706.61.
Shanghai's B-share index ended 0.29 per cent down at 112.144 while Shenzhen's
climbed 0.33 per cent to close at 285.83 points.
"A holiday mood prevailed today, with many investors having left the
market,'' said analyst Hu Zhiguang at China Securities.
China's Shanghai and Shenzhen stock exchanges will be closed from Monday till
January 28 for the annual Lunar New Year holidays. Trade resumes on January 29.
Huaxia Bank plans to issue 4.25 billion yuan (US$513.5 million) in bonds to
boost capital, it said yesterday, the first listed lender to jump onto a
fledgling plan to clean up a shaky financial sector.
HONG KONG
Hang Seng Index down 0.5 per cent
Hong Kong shares edged down slightly yesterday as investors took their cues
from Tokyo's plunge and held off major bets ahead of the Lunar New Year holiday.
The Hang Seng Index shed 71.07 points, or 0.5 per cent, finishing at
13,249.81. On Wednesday, the index dropped 75.77 points, or 0.6 per cent.
Turnover dropped to HK$20 billion (US$2.56 billion) from Wednesday's HK$22.95
billion (US$2.95 billion).
"Investors are reluctant to build their positions ahead of the Chinese New
Year. They aren't willing to hold stocks till after the long holiday,'' said YK
Chan, a strategist at Phillip Asset Management.
TOKYO
High-tech, automaker shares lower
Tokyo stocks dropped yesterday as investors took profits from recent gains.
The US dollar was up marginally against the Japanese yen.
The Nikkei Stock Average of 225 issues closed down 197.85 points, or 1.82 per
cent, at 10,665.15 points. On Wednesday, the index gained 13.32 points, or 0.12
per cent.
On the stock market, profit-taking drove high-technology and automaker shares
lower. Semiconductor-related issues Advantest dropped 3.6 per cent, while Tokyo
Electron lost 3 per cent and TDK fell 3.9 per cent.
NEW YORK
Dow Jones average up
Investors had a surge of optimism on Wednesday ahead of the first major
fourth-quarter earnings reports, sending stocks sharply higher and carrying the
Dow Jones industrial average up more than 110 points.
Wall Street managed to shake its nervousness from earlier in the week,
investing heavily in blue chips and tech stocks in the hope that Intel Corp and
other major firms would come through with positive earnings results after the
close of trading. Intel did easily beat earnings projections, but its
first-quarter outlook appeared to disappoint the market, and it and other
high-tech stocks fell in after-hours trading and raised the possibility of more
selling yesterday.
During the regular session, the Dow closed up 111.19, or 1.1 per cent, at
10,538.37, more than making up for a 58-point drop on Tuesday.
Broader stock indicators also closed higher. The NASDAQ composite index was
up 14.69, or 0.7 per cent, at 2,111.13. The Standard & Poor's 500 index was
up 9.09, or 0.8 per cent, at 1,130.31.
KUALA LUMPUR
Investors"worries about bird flu virus
Malaysian shares closed lower yesterday amid concerns about the regional
impact of a bird flu that has ravaged poultry in other parts of Asia, traders
said. The weighted Composite Index of 100 blue chips on the Kuala Lumpur Stock
Exchange closed down 1.18 points, or 0.1 per cent, at 814.80 points. Decliners
outnumbered advancers 664 to 143, with 217 shares unchanged and 204 shares not
traded. Volume traded was at 513 million shares with a value of around 1 billion
ringgit (US$263 million).
MANILA
Market ends lower on Meralco's rate woes
Philippine shares ended lower yesterday, spooked by the Supreme Court's
preliminary decision to suspend a government-approved rate hike for Manila
Electric, or Meralco, traders said.
The 30-company Philippine Stock Exchange Index closed down 17.40 points, or
1.1 per cent, at 1,507.90, after Wednesday's 1.2 per cent rise.
The more widely traded Meralco B was among the most actively traded stocks,
down 3.50 pesos, or 12 per cent, to 30.50 pesos, while Meralco A fell 2.25
pesos, or 10 per cent, to 19.60 pesos.
(China Daily 01/16/2004 page11)
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