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Roundup: Stocks in East Asia
Hang Seng Surges 2 Percent

Hong Kong share prices closed 2 percent higher yesterday led by solid interest in key blue chip stocks after a rally on Wall Street, dealers said.

The key Hang Seng index gained 203.25 points to close at 10,147.84 on turnover of HK$7.32 billion (US$940 million).

Dealers said sentiment was positive after a raft of positive economic data from the United States served to reassure investors on the robustness of the economic recovery there, dealers said.

However, with US markets closed yesterday for the Thanksgiving public holiday, there was some degree of caution, as evidenced by the relatively thin turnover, they said.

News late in the session that a missile had narrowly missed an Israeli commercial passenger plane over Kenya and an Israeli-owned hotel that was bombed in the Kenyan coastal city of Mombasa had minimal impact on sentiment, they said.

Taipei Shares Dip Slightly

Taiwan shares closed 0.4 percent lower yesterday as financials were pulled down by China Development Financial, whose chairman is under investigation for kickback allegations, dealers said.

The weighted index closed down 20.43 points at the day's low of 4,612.60 on turnover of NT$76.52 billion (US$2.20 billion).

Bellwether electronics posted gains in step with an upswing on by stocks on Wall Street's NASDAQ composite, dealers said.

Nikkei Closes at Six-week High

Japanese share prices closed above the symbolic 9,000-point mark for the first time in six weeks yesterday after a strong performance on Wall Street and gains by banks, dealers said.

The Nikkei-225 average of the Tokyo Stock Exchange jumped 3.4 per cent or 300.90 points to end the day at 9,176.78, its highest level since September 30. It last finished above 9,000 points on October 18.

The Topix index of all first section issues closed up 18.86 points at 888.12.

The recovery in the United States, as reflected in recent economic data after fears of a further slump, has raised hopes for cyclical gains in Japan, said Jean-Pascal Rolandez, head of research at BNP Paribas.

"The US economic indicators are clearly the drivers of Japanese economic growth through exports, and on the banking front things have calmed down," he said.

(China Daily November 29, 2002)

Roundup: Stocks in East Asia
Roundup: Stocks in East Asia
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