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SCMP Reporter

SHARE prices closed firmer across the board yesterday driven by heavy speculative buying, with turnover for the day setting a record.

     The Kuala Lumpur Stock Exchange composite index edged passed its all-time closing high of 661.35 points, recorded last Wednesday, to 661.65 just before the close, but could not hold on to its gains.

   It closed at 660.60 points, up 5.02 points from Tuesday.

     Turnover was a record 952.53 million shares, up from the previous high of 884.14 million traded last Monday. Gainers led losers 240 to 87.

  ''This is a once in 10 years rally and the punters are not ready to stop yet,'' said Mr William Chan, research manager at Seagroatt & Campbell Securities.

   ''As long as there is no bad news, the market will keep moving up,'' he added.

 SINGAPORE PRICES closed higher on a record volume of 431.79 million shares in brisk trading in Malaysian shares over the counter.

     Malaysia's rumour-driven Renong saw 75.87 million shares traded, accounting for about 18 per cent of total volume against 218.38 million traded on Tuesday.

  ''Malaysian companies are still drawing punters driven purely by greed. Singapore shares are getting a mixed response,'' a local broker said.

     The 30-share Straits Times Industrial index rose 15.10 points to 1,708.61 after a 14.33-point fall on Tuesday.

 SYDNEY STOCKS closed at a three-year high after the key market indicator burst through its psychological ceiling of 1,700 points.

     Metal stocks were at the forefront on hopes that Japan's 13.2 trillion yen stimulus package will increase demand.

     The All Ordinaries index closed up 15.7 points at 1704.4.

     The All Ordinaries index last closed above 1,700 on January 12, 1990, when it ended at 1713.7.

     Brokers said the market was also aided by the surge in Hongkong's Hang Seng index.

 ''Certainly the strength in the Asian markets will benefit us,'' a broker said.

 TOKYO STOCKS closed down on index-linked selling and profit-taking after Tuesday's surge, when the Nikkei jumped over 850 points and rose above 20,000.

   Although buying is limited at this high level, sentiment remains strong after the announcement on Tuesday of a record stimulus package.

  ''Investors are buying on individual themes,'' said a broker at UBS Phillips & Drew. ''Those related to road construction may be the next pick.''      The 225-share Nikkei average was down 206.01 points or one per cent to 20,533.38, with an estimated 850 million shares traded.

 SEOUL RAMPANT profit-taking across the board in reaction to a recent bull run dragged the stock market to a sharply lower close in active trading.

     Brokers said the downward correction would continue today but expected a mild rebound during the afternoon session.

  ''The market fell mainly by profit-taking from recent sharp rises,'' a fund manager of Bankers Trust International said. ''I expect the index to test the 700 level but the correction period is unlikely to last long.''  MANILA SHARE prices closed higher after a weak start on the strength of foreign buying.

  ''It was foreign-driven. We see a lot of issues undergoing foreign accumulation,'' said Mr Patrick Garcia, vice-president at L.M. Garcia and Associates.

     The Manila Stock Exchange composite index hit 1,582.14 points, beating the all-time high of 1,580.95, before closing at 1,578.85, or 14.50 points higher than Tuesday's 1,564.35.

   The Makati index closed at 1,616.62 points, breaking its record of 1,614.

   WELLINGTON SHARE prices ended firm on reasonable volume, helped along in part by a lower-than-expected inflation result for the March quarter.

  ''There was quite good strength in some of the leaders while others languished somewhat,'' Mr Tony Gallaugher, head dealer at Cavill White Securities, said. ''It was not a bad day, without getting carried away.''   ''Certainly it was stimulated by the lower CPI, so that fuelled a bit of a bond rally, which spilled over a little into the equity market although perhaps not quite as much as one would have anticipated.''      The Consumer Price Index rose only 0.1 per cent in the March quarter against expectations of about 0.4 to 0.5 per cent.

 TAIPEI LATE profit-taking from early gains pulled stocks lower and brokers predict the market will continue to move narrowly in the near future.

     The weighted index slipped 21.81 points to end at 4,575.85 while turnover was a thin NT$33.36 billion.

     Brokers attributed early gains to bargain buying after losses in previous days, but a lack of confidence led selling just before the close.

 JAKARTA STOCK prices closed slightly firmer although brokers say sentiment was generally bearish.

  ''Trading is quiet because most players concentrated their activities in overseas markets such as Hongkong over the past two days,'' a dealer with foreign securities firm said.

     The Jakarta composite index closed at 307.28, up from Tuesday's 307.23.

 THE Bangkok market was closed yesterday.

The Chinese share prices are provided by Telerate. All other prices are provided by Reuter.



Record turnover in Malaysia