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SCMP Reporter

THE Australian market powered through the key 1,800 level yesterday for the first time since October 1987 as investor demand spilled over from the successful Woolworths float.

     The All Ordinaries Index surged through 1,800 points in early trade and closed 18.9 points higher at 1,801.8.

     An extra 31/2 hours of trading to cope with the Woolworths listing buoyed the market.

  ''Woolworths traded exceptionally well and dragged the rest of the market along with it,'' said an Austock broker.

     The All Ordinaries recorded its highest level since October 19, 1987, when it reached 2,066. It crashed 515.9 points to 1,550.1 the following day. WELLINGTON THE market revisited three-year highs at the close, but most of the focus was on the flotation of Woolworths shares on the Australian Stock Exchange.

     One New Zealand broker said some institutions were disappointed with the Woolworths allocations they had received and this, indirectly, was a good sign for local stocks.

  ''Clearly most were disappointed with the amount of shares that they got but, as a result of that, a lot of money that was previously earmarked for Woolworths will not now be allocated, having the effect of underpinning our market,'' he said.

 MANILA PRICES closed lower a investors took profits following last week's rally.

  ''This is the correction the market has been waiting for. After the five-day rally last week, investors began their profit-taking,'' said Noel Reyes, vice-resident at DMT Securities.

     The Manila Composite Index closed at 1,629.79 points, down 1.71 from last Friday's 1,631.5. Makati mirrored the dip, shedding 7.75 points to close at 1,667.91.

   Brokers predicted profit-taking would last for a few days. SEOUL SELLING across the board cancelled out an early two-point advance and dragged stocks down to close a fraction lower in a day of featureless trading.

     Brokers forecast a similar trading pattern today, marked by an absence of drastic movement.

     The Composite Stock Index ended 0.8 points lower at 769.07, off a day's high of 772.68.

  ''Selling pressure is due around the 770-level. With no fresh impetus, the market will be lethargic until mid-July,'' a Hyundai Securities broker said. BANGKOK SHARES slid broadly in late afternoon on profit-taking, but the index ended only slightly lower on strong gains by Thai Airways International.

    The SET Index closed 2.46 points lower at 905.18 on turnover of 6.41 billion baht.

   During the morning session, it rose to a high of 913.54, up 5.9 points.

     Losers led winners by 156 to 91 with 68 issues unchanged. KUALA LUMPUR PRICES closed broadly lower, extending their falls on buyer reserve and lack of fresh leads.

   Trading remained thin with volume falling to one of its lowest levels this year as investor confidence was still affected by the unresolved Union Paper issue, they said.

     The KLSE Composite Index closed down 5.23 points at 722.82 after earlier touching a low of 719.48. TOKYO PRICES gained ground on futures-led buying on hopes for additional fiscal and monetary measures in Japan.

   The Nikkei Average edged up 102.61 points or 0.5 per cent to 19,980 points after rising 188.72 points on Friday.

   The key indicator recovered the 20,000 level in early trading, led by arbitragers and brokerage dealers with expectations that Japan would introduce additional fiscal and monetary measures.

   But the Nikkei ended below 20,000 points after market players confirmed solid resistance above that level, failing to find fresh elements to stimulate the market, brokers said. SINGAPORE SHARES finished lower led by weakness in bank and shipyard stocks and brokers say they expect prices to drift sideways for at least a month.

  ''We have to wait at least a month for renewed activity, starting in the August-September reporting season,'' one local broking firm's director said.

     Brokers said investors were also more cautious on talks of continued forced selling by brokers on clients who could not pay up their losses.

     The 30-share Straits Times Industrial Index fell 20.45 points or 1.14 per cent to 1,777.16. TAIPEI PRICES finished mixed in a narrow range as investors turned cautious after Saturday's active trade.

     The Weighted Index moved around Saturday's close before ending 0.88 points down at 4,078.71. Turnover shrank to a moderate NT$16.34 billion from $21.15 billion in Saturday's shortened session.

     Profit-taking alternated with slight buying in selected speculative stocks as the market lacked fresh news to stimulate major buying, brokers said. Electronic, food, cement and banking stocks posted minor gains while other sectors fell. JAKARTA SHARE prices closed lower in lacklustre trade.

  ''Big off-market deals provided the volume but as a whole the market was featureless,'' a foreign brokerage dealer said.

     The official index edged down 0.25 points to 359.42.

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



Float buoys Sydney shares