Hang Seng Up on Regional Gains

Hong Kong share prices rose in thin trading yesterday, mirroring gains throughout much of the region, dealers said.

The key Hang Seng Index closed up 82.11 points or 0.86 percent at 9,665.96, on turnover of HK$4.54 billion (US$582 million).

Dealers said the gains were made in several large blue chip stocks including China Mobile and banking giant HSBC amid expectations for a firmer opening on Wall Street later yesterday.

They also said US President George Bush's fiscal stimulus package, expected on Tuesday night, and Hong Kong chief executive Tung Chee-hwa's policy address on Wednesday also helped spur interest during the session.

Taiwan Shares Rise 1.37 Percent

Taiwan shares closed up 1.37 percent yesterday in the third straight rise for the new year, led by non-electronic stocks, dealers said. The weighted price index closed up 63.54 points at 4,689.86 on turnover of NT$88.53 billion (US$2.6 billion).

Dealers said investors were reluctant to push electronic stocks much higher, given an uncertain outlook of the global information industry, and continued to channel funds into other sectors, such as cement and paper, on the back of product price hikes.

Nikkei Jumps in Half-day Trading

Japanese share prices rose 1.57 percent yesterday in a half day of post-holiday trading after gains on Wall Street the previous week, dealers said.

The Nikkei-225 average of the Tokyo Stock Exchange ended Japan's first trading day this year up 134.38 points at 8,713.33.

Share prices in New York performed relatively well last week, while Japanese financial markets were closed from Tuesday.

"As negative factors from overseas have faded somewhat, investors, including foreign investors and hedge funds, appear to have started covering their short positions," said Keiji Numata, investment manager at Toyo Securities.

(China Daily January 7, 2003)