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Hang Seng Surges Marginally
Hong Kong share prices closed 0.1 percent higher yesterday after late bargain-hunting in property stocks nudged the benchmark index back above the 10,000 point mark, dealers said.
The key Hang Seng index gained 14.15 points to close at 10,009.88 on thin turnover of HK$4.93 billion (US$633 million).
Patrick Yiu, Kingsway Securities vice president of sales, said the afternoon session was quiet, with many investors moving to the sidelines.
"Most are waiting to see if the Hang Seng index will find support around the region of 9,800-9,900 points. At the moment, support around the 20-day moving average of 9,920 points looks secure," Yiu said.
The market is likely to look for direction to the performance of the US markets in the coming sessions and releases of economic data, including US jobless claims, he said.
Taiwan Shares Close Higher
Taiwan share prices closed 0.6 percent higher yesterday as bargain-hunting curbed weakness in electronics after falls on the NASDAQ following Morgan Stanley's downgrade of the US technology sector, dealers said.
The weighted index was up 27.91 points at 4,755.4 on turnover of NT$63.72 billion (US$1.83 billion).
Some caution remained ahead of Saturday's local elections, with rotational plays continuing on liquidity-driven interest, dealers said.
First Taisec Securities assistant vice-president Edward Lin said the electronics sector continued to be clouded by profit-taking, while liquidity shifted to non-electronics on rotational play.
Nikkei Plunges 1 Percent
Japanese share prices fell 1 percent yesterday, with the key index closing below the symbolic 9,000-point mark on fears over the local economy and uncertainty about the technology sector, dealers said.
The Nikkei-225 average of the Tokyo Stock Exchange lost 89.16 points to end the day at 8,917.57. The headline index last finished under 9,000 on November 27. The broader Topix index of all first section issues skidded 7.80 points to 886.86.
Decliners led gainers 825 to 495, with 170 stocks unchanged. Volume was estimated at 751 million shares.
(China Daily December 6, 2002)
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