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Buyers stay on sidelines

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The Hong Kong share market drifted to a weaker close yesterday, as turnover dwindled on a lack of local and regional leads.

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The Hang Seng Index ended 95.52 points lower at 10,898.57, after adding 74.56 points on Monday.

Turnover was a meagre $4.95 billion, compared with an average of $9.7 billion last week.

The index was hemmed into a narrow 195.04-point range.

BT Funds Management Asia vice-president Grant Forster said: '[Indonesia] is the key. It's preventing action.' The Indonesian Government and International Monetary Fund continued their tense stand-off over the stalled emergency reform programme yesterday, with the day's events dominated by the re-election of President Suharto to a seventh five-year term.

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Anglo Chinese Securities dealing manager Herman Chu Hok-man said: 'Right now in Indonesia it is more of a political issue than trying to solve the economic problems.

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