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SCMP Reporter

TOKYO stocks ended mixed as concerns about the fate of Prime Minister Kiichi Miyazawa's government kept traders wary.

   But the Nikkei Average retraced early losses on bargain-hunting and stemmed a three-day losing streak, brokers said.

  ''The market is already becoming immune to the political crisis, even though we can't be too optimistic,'' said Kenichi Nagasu at Cosmo Securities. ''It all depends on how much effect it could have on the economy.''      The 225-share Nikkei Average was up 23.09 points at 19,925.51.

     The broader first section TOPIX index, on the other hand, ended down 6.55 points at 1,593.59.

     The Nikkei slid to a low of 19,647.42, down 255, in early trade after opposition parties submitted a motion of no confidence in Mr Miyazawa's government.

     But public pension fund buying in early afternoon triggered index-linked buying by investment trusts.

 SYDNEY THE Australian share market closed higher with gold stocks and selected blue chips leading the way.

  ''It was a pretty quiet market with not a lot of interest towards June 30,'' said Graham McKenzie of Jardine Fleming, referring to the end of the financial year.

     The All Ordinaries Index closed up 2.5 at 1,727.2. SEOUL SHARES closed higher for the second consecutive day, staying in positive territory throughout the session with buying interest on low-priced shares, brokers said.

     They said that although trading was slow, the market was still in good shape.

  ''It is fairly quiet and should remain this way for some time, unless some fresh boosting measures come up,'' said Paul Chung at Seoul Securities.

     The Composite Stock Index rose 3.28 points to 762.54. KUALA LUMPUR PRICES closed broadly lower, extending their losses on forced selling as the market corrected further after an earlier surge, brokers said.

     Some trading restrictions imposed after the sell-off in second board stocks also affected sentiment, but light bargain hunting was evident in the last hour to lift prices from their day's lows, they said.

     The Kuala Lumpur Stock Exchange Composite Index closed down 16.05 points, 2.2 per cent, at 720.46, the lowest since May 17 when it closed at 720.36. The index had earlier touched an intra-day low of 718.01.

     Brokers said a further retracement was likely after the bull run which started in April. They said the index could be heading for the key support level of 700 points.

 SINGAPORE SHARES closed little changed but the market's tone was softened by weaker Malaysian stocks traded over the counter, brokers said.

     Malaysian OTC shares fell under selling pressure as Kuala Lumpur brokers imposed tight trading rules.

  ''The Malaysians have over-extended themselves. The correction is quite natural,'' one broker said.

     The 30-share Straits Times Industrial Index was at 1,812.99, little changed from 1,811.66.

        Some interest shifted to cheaper Singapore shares from Malaysian shares, brokers said.

 TAIPEI STOCKS closed lower across the board in thin, bearish trade as selling continued from Wednesday and buyers stayed away, brokers said.

     The Weighted Index remained lower throughout the session, ending down 59.05 points, 1.4 per cent, at 4,129.85.

     Disappointment with the Government's economic stimulus package and monetary policy, after central bank governor Samuel Shieh repeated on Wednesday that he was not considering a cut in official interest rates, continued to weigh on the market.

    Brokers said there was no good news to stimulate buying.

 MANILA THE Philippine stock markets rebounded softly, reflecting investor support despite predictions of an economic crunch by a senior International Monetary Fund official, traders said.

   The Composite Price Index at the Manila Stock Exchange gained 7.9 points, 0.5 per cent, to close at 1,576.3, while the indicator at the Makati exchange jumped by 8.62 points, 0.53 per cent, to close at 1,606.44.

   Francis Lugue of Philippine Asia Equities said the rise reflected the market's ''underlying strength''.

   ''Investors see this [stalled IMF talks] as a temporary impasse. They are hoping that a deal could be made sooner than later. This goes to show that investors are more attuned to rosier prospects in 1994.''  BANGKOK INVESTORS, buoyed by rising prices and heavy volumes, bought broadly in active trade, brokers said.

     The SET Index gained 7.27 points to close at 880.66 on turnover of 9.18 billion baht.

     The stock indicator has climbed 27.52 points, 3.23 per cent, since the opening on Monday.

 WELLINGTON THE New Zealand share market finished another dull session slightly higher.

     Brokers said there was no particular selling pressure and buyers, particularly from offshore, were either absent or not aggressive.

     The NZSE-40 capital index closed up 3.63 at 1,645.46, off the session high of 1,648.31 but above the 1,641.95 low. Volume was a modest NZ$18.7 million.

 JAKARTA STOCK prices ended mixed after moderate trade, including speculative activity in some shares considered undervalued.

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



Nikkei plunges, but recovers