Hang Seng Down on Profit-taking
Hong Kong share prices closed 1 percent lower yesterday in a consolidation after recent gains and due to caution ahead of the release of key US economic data, dealers said.
The key Hang Seng Index lost 105.25 points to close at 9,995.52, on turnover of HK$4.88 billion (US$627 million).
Dealers said the lack of leads in major blue chip stocks saw attention switch to second and third line stocks and those considered to be laggards.
"The market continues to consolidate after its recent rally," Kingsway Securities Vice-President Patrick Yiu said, adding investors had moved to the sidelines ahead of a raft of economic data due out of the US over coming days.
The United States is scheduled to make a number of major economic data announcements before the Thanksgiving holiday.
Taiwan Shares Close Lower
Taiwan shares fell 1 percent yesterday with bellwether electronics stocks succumbing to profit-taking despite gains on the NASDAQ in the United States, dealers said.
The weighted index closed down 45.27 points at the day's low of 4,677.89 on turnover of 74.35 billion Taiwan dollars (US$2.1 billion).
Decliners led risers 380 to 257, with 113 stocks unchanged. Nine stocks closed limit-down and 24 limit-up.
Nikkei Sinks 1.4 Percent
Share prices in Japan fell 1.4 percent yesterday to end a five-day winning streak on profit-taking and concerns about the impact on exporters of a recent rise in the yen, dealers said.
Lingering concerns over a lack of fresh economic policy from the government also weighed on the market after major banks on Monday announced plans to accelerate bad loans disposals.
The Nikkei-225 average of the Tokyo Stock Exchange shed 120.45 points to end at 8,823.99. The broader Topix index of all first section issues slipped 10.39 points to 864.00.
Volume was estimated at a moderate 726 million shares. Decliners led gainers 1,038 to 323, with 120 stocks unchanged.
"The short-covering in high-tech stocks was the main driving force for the recent rebound of the local market, which reflected the stable performance on Wall Street," said Masayoshi Yano, senior manager at Tokai Tokyo Securities.
(China Daily November 27, 2002)