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SCMP Reporter

ASIAN stock markets closed mixed yesterday, with share prices falling in Tokyo for the third straight day.

Arbitrage selling and selling by Japanese companies for fiscal year-end account settlements pushed the Nikkei average briefly below 16,000 points.

New Zealand share prices closed narrowly mixed in quiet trading, with brokers expecting the market to continue to drift without direction from major overseas markets.

In Taipei, share prices ended lower for the second straight day in moderate trading.

Philippine prices finished weaker on profit-taking after Friday's sharp gains.

Australian share prices fell because of the weaker US dollar and weakness in the bond market.

Prices closed higher in Seoul, Singapore, Bangkok and Kuala Lumpur.

AUSTRALIA SHARES closed lower after the market was depressed at the start of trading by a falling Australian dollar and a weaker gold price.

  The All Ordinaries Index ended 16.7 points lower at 1,904.5, just off its intra-day low of 1,902.3.

 BANGKOK STOCKS closed slightly higher, despite profit-taking, on talk of the possible creation of a stock-buying fund worth up to 20 billion baht.

  The SET Index closed up 4.2 points at 1,184.82 after fluctuating between 1,171.7 and 1,189.53.

  A total of 65.8 million shares worth 4.62 billion baht were traded. 'Investors took a wait-and-see attitude after the market rallied strongly on Friday,' said a Multi Credit Corp of Thailand analyst.

 BOMBAY THE Bombay Stock Exchange suspended trading for a day after a member was unable to pay nearly 200 million rupees for shares he bought, said exchange president Bhagirath Merchant.

  Broker R S Jhaveri bought shares in M S Shoes East from nearly 300 brokers, many of them small operators heavily dependent on their cash flow.

  Traders said they feared that the default would have a ripple effect which would extend to other Indian exchanges.

  'We have suspended trading to prevent further defaults by members who are owed money,' Mr Merchant said. Mr Jhaveri has been declared a defaulter and his membership in the exchange will be sold to compensate the losing brokers. They will be required to buy the shares back at the price at which they sold them.

 JAKARTA SHARE prices closed mixed in thin trading, with foreign buying of blue chips failing to boost market sentiment, brokers said.

  The official index rose 0.27 points to close at 426.94.

  Losers led gainers by 26 to 25, with 22 issues unchanged.

  'Foreign players were seen active on blue chip stocks such as Bank BDNI, Indah Kiat and Bank Internasional Indonesia, but [domestic] speculators seemed to have been unaffected - as evidenced by overall thin trading,' said a broker.

 KUALA LUMPUR GAINS in key blue chips helped push the benchmark index higher, but the broader market closed easier as early buying fizzled out amid concern over the continuing weakness of the US dollar, brokers said.

  The KLSE Composite Index closed up 8.92 points at 969.35.

 MANILA EQUITIES slumped after rallying in selected blue chips and second liners late last week, brokers said.

  'We saw a bout of profit-taking, with investors selling out their position after a strong run-up last week,' said Patrick Garcia of L M Garcia and Associates.

  The Composite Index shed 45 points to close at a provisional 2,305.91.

  Raymond Garcia of Diversified Securities said the selling was triggered by investors taking short-term profits.

   However, he believed that firm support was being formed near the 2,300 level. 'We have seen the worst. Fears over the financial markets have already been discounted and factored into the prices,' he added.

 SEOUL PERSISTENT buying interest in manufacturing blue chips and a rebound in banking shares pushed stocks to a higher close.

  The Composite Index added 5.53 points to close at 956.87.

  Despite the rise in the index, declining issues led gainers by 429 to 324, with 122 stocks going limit down.

  'Blue chips continued to spearhead the rises. The trend will continue for the time being,' said Kim Young-soo of Seoul Securities.

  Brokers, however, said thin trading volume reflected continuing weak investor sentiment.

 SINGAPORE BLUE chips closed mixed with some foreign buying pushing selected stocks higher while others remained weak, brokers said.

  Sentiment was cautious amid a falling US dollar, but Wall Street's gains on Friday provided some comfort, they said.

  'Catching the market is like throwing darts at the bull's eye. It is still a trading market and one has got to play the right stock at the right time,' said a broker.

  The 30-share Straits Times Industrials Index fell 10.29 points to 2,091.54, off an intra-day high of 2,112.80.

 TAIPEI SHARE prices closed lower in modest trade because investors were worried about monetary policy change following news reports speculating that central bank governor Liang Kuo-shu might step down because of illness, brokers said.

  The Weighted Index ended down 46.38 points at 6,541.58. Turnover was NT$32.77 billion.

  Textiles fell most and papers were also weak. Electronics were the only gainers.

  'Most electronics showed booming growth in January and February,' said Alex Chiu of Capital.

  Selling emerged as the index neared resistance at 6,630 points, brokers said.

 TOKYO THE yen's strength against the US dollar depressed stocks and the 225-share Nikkei average closed lower after briefly falling below the psychological support level of 16,000 in the morning.

  Brokers said many investors and dealers stayed sidelined in the absence of buying factors.

  'Worries about further appreciation of the yen against the dollar sent almost all individuals, corporate investors and dealers to the sidelines this afternoon ahead of the holiday tomorrow,' a broker said.

  Japanese financial markets are closed today for a public holiday.

  The Nikkei average closed down 121.27 points at 16,129.96.

  It fell to its intra-day low of 15,980.39 within 20 minutes of the opening, going below 16,000 for the first time since November 29, 1993.

  The US dollar sank to a record low against the yen in early Asian trade before recovering a little.

  Small-lot buying, probably by life insurers, recouped some losses after the Nikkei fell below 16,000, but the buying lacked energy to boost stocks much, brokers said.

  'It is natural people don't want to buy stocks at a time when it is uncertain what financial policies the government will take [and] how currencies and interest rates will move,' said Manji Ueda, general manager at Nomura Securities.

  'The cash market was influenced by futures as both buyers and sellers of stocks stayed sidelined,' he said.

 WELLINGTON SHARES ended a lacklustre session lower.

  In light volume of NZ$20.9 million, the NZSE-40 Capital Index closed 7.21 points off at 1,958.51.

  'People are waiting to see where the major markets are going,' said a broker. Agencies 



Tokyo falls for third straight session