ASIAN stock markets closed mixed yesterday, with Bombay plunging 4.4 per cent on continued selling by speculators. The main Bombay Stock Exchange index has lost 11.14 per cent since Monday, when the national budget, which disappointed brokers, was presented. Taipei share prices closed sharply higher on reports that Taiwan's central bank might ease restrictions on foreign investments in the the stock market. In Sydney, prices closed lower because of a weak bond market, a drop in share price futures and unsettled markets overseas. Seoul prices closed lower in thin trading despite some late bargain-hunting. Share prices in Singapore closed mixed after bargain-hunting in the afternoon erased early losses. BANGKOK THE Stock Exchange of Thailand (SET) index gained 18.87 points or 1.41 per cent to close at 1,359.25, fuelled in part by bargain-hunting. Trading was sluggish, with just 72.7 million shares worth 7.7 billion baht changing hands. Rises outnumbered falls 223 to 74, with 58 issues unchanged. One broker said the easing of domestic political tensions and a buying spree by bargain-hunters contributed to the rebound. Finance and banking regained their footing as the most active sectors on the board, he said, but investors remained wary of a possible increase in US interest rates. BOMBAY THE Bombay Stock Exchange (BSE) 30-share index closed 4.4 per cent lower on continued selling by speculators in the absence of any big buyers in the market. The BSE index closed at a provisional 3,806.65, down 175.07 from Thursday's close. The 100-share national index was down 56.95 points or 2.9 per cent at 1,859.11. The BSE index has fallen 11.14 per cent or 477.55 points since Monday, when the country's national budget was presented, which brokers said was much below expectations, and triggered the selling. Brokers said the market was unnerved by falling prices of Indian global depositary receipts (GDRs) in the international markets, which they said could stop foreign institutional investors from buying in the Indian markets. ''Some GDRs, particularly Reliance and Bombay Dyeing, are said to be quoting below the Bombay stock market prices,'' said Chandrakant Mehta of brokers V.C. Mehta. JAKARTA SHARES extended their losses in slow trading, with investors struggling to limit their exposure in the slumping market. ''We are not sure where the bottom line is. Foreigners remain net sellers,'' one foreign brokerage dealer said. The market was hurt by falling oil prices and a banking industry dogged by loan scandals. The official composite index fell 8.99 points to end at 521.38. KUALA LUMPUR PRICES extended their falls but afternoon bargain-hunting lifted shares from their day's lows at the close. Analysts said the direction was still uncertain although they expected some rebound after a four-day fall. ''Sentiment is very weak due to lack of positive leads,'' said Zaki Ahmad Sharif, head of research at Capitalcorp Securities. ''But after a four-day fall, I'm sure the market will rebound.'' The Kuala Lumpur Stock Exchange composite index closed down 6.24 points at 1,064.34 after touching a low of 1,059.3. Brokers said forced selling on clients unable to meet payments for contra deals had weighed on earlier prices. The market was still concerned over the direction of major overseas markets and US interest rates, they said. Turnover was 233.4 million shares against 259.9 million on Thursday. Losers led gainers 224 to 138. MANILA PRICES fell across the board in a sharp sell-off, with buyers still waiting for a lower support base before returning to the market. The Manila composite index lost about 80 points while the Makati index was down about 70 points. ''What is notable is the absence of institutional buyers, which leaves a question mark on whether a reversal is apparent in the near-term,'' said Rolly Pineda of Tower Securities. Winneth Sotingco of FEB Stock Brokers said the market was building a base between 2,570 and 2,470 points before heading up again. ''It looks bad, but with this kind of market, you have to let it run its course,'' Mr Sotingco said. ''We are recommending a hold on all buying.'' The Manila index slipped to 2,606.82 while Makati dipped to 2,620.55. The combined volume rose to 1.78 billion shares worth 823.58 million pesos from Thursday's 1.51 billion shares valued at 817.90 million. SEOUL SELLING across the board pushed the market down for the fourth consecutive day, with the composite index closing below the 900 level. ''The market is in a consolidation period which is expected to continue until next week,'' said Choi Bum at Seoul Securities. The composite stock index ended 5.61 points lower at 896.55. Brokers said once the consolidation period ended, buying interest would focus on blue chips and shares with low price-earnings ratios. ''The market is pretty weak now and, with no moving factors, the index should fall further next week,'' another local broker said. About 21.79 million shares worth 459.41 billion won changed hands against 20.76 million shares totalling 429.38 billion on Thursday. SINGAPORE SHARE prices reversed several days of a losing streak to move into positive territory on light institutional bargain-hunting. However, analysts said they did not expect the market to stage a dramatic rise next week, saying investors would stay cautious amid uncertain US interest rates trends. ''The market is going to be nervous and directionless. However, there won't be any drastic sell-off either,'' a Vikers Ballas trader said. The 30-share Straits Times Industrials index closed 6.08 points higher at 2,248.63. ''The market's fallen quite a bit, and is in over-sold territory,'' one foreign brokerage's trader said. Volume was 217.4 million shares, with rising stocks leading falls by 171 to 124. SYDNEY SHARES dived lower as domestic bond prices plummeted due to fears of an imminent interest rate rise in the United States. ''The market was sold off all day in both bonds and equities,'' one broker said. ''Everyone is nervous that the weakness we have seen during the week will continue overnight.'' The All Ordinaries index lost 1.6 per cent to close at 2,116.8, 34.6 below Thursday's finish, while the All Industrials skidded 40.2 points to 3,257.5 and the All Resources index fell 31.3 points to 1,247.9. National turnover totalled 320 million shares worth A$519 million. Among blue chips, media giant News Corp fell 21 cents to $9.74 while market leader BHP dropped 44 cents to $17.20. In resources, miner CRA dropped 44 cents to $16.96 while Western Mining Corp eased 18 cents to $6.82. TAIPEI STOCKS rocketed in active trade to close 3.9 per cent higher on persistent but unconfirmed rumours that the central bank would soon raise the US$5 billion ceiling on combined foreign investment in the market. The weighted index closed 215.13 points up at 5,672.87, near an intra-day high of 5,681, in its first major rebound after a month of falls. Turnover swelled to an active NT$73.06 billion from Thursday's $38.71 billion. The financial sector climbed 6.3 per cent amid buying by big players apparently trying to encourage bullish sentiment. Electronics, a sector favoured by foreigners, also soared. The rumours were encouraged by a meeting between investor representatives and central bank officials on Thursday. The central bank did not rule out a raising of the ceiling, and this was taken as a sign that it might soon announce the step. Brokers said news that the placement of 72 million China Steel shares to institutions, part of the current public offer of 360 million, went smoothly also helped sentiment, though China Steel managed only a relatively modest 40 cent rise to $23.40. TOKYO STOCKS ended firmer, with a weaker yen and overseas buying helping the market to shrug off the revival of the US trade weapon, Super 301. The Nikkei average tested the key 20,000 mark but failed to stay above that level due to position adjustments. The Nikkei average closed at 19,966, up 360.14 points or 1.84 per cent. ''Participants were relieved because overseas investors didn't take the revival of the Super 301 seriously,'' said Manji Ueda, general manager at Nomura Securities. An estimated 410 million shares were traded. The Nikkei 300 stock index closed up 3.98 points to 299.3. Investors grew optimistic that Japan should come up with measures to open up its market before the US launches sanctions based on the Super 301 trade provision, brokers said. ''Participants are optimistic that the Japanese Government will be able to cope with the trade problem, the same way they got through the mess over the cabinet reshuffle,'' said a broker. WELLINGTON The NZSE-40 capital index fell 36.16 points to its low for 1994. The index, which ended at 2,181.9, has fallen more than 10 per cent from a month ago. Brokers said sentiment has been affected by weakness in the US bond market and until that market settled and local equities showed more stability sellers were likely to dominate proceedings. Selling in Fletcher Challenge, down nine cents to $3.21, and Telecom, down 10 to $4.30, were mainly responsible for the index fall.