ASIAN stock markets are unlikely to climb much this week with brokers saying most markets would trade in narrow ranges. Although uncertainty over interest rate rises has now been removed, the brokers said there was no new fresh news to move the markets. Investors in Tokyo were worried about the strength of the yen, brokers said. In Kuala Lumpur, an analyst said that while a sharp pull back of the index was unlikely, investors were forewarned that counters which had appreciated significantly in the past couple of weeks could retreat substantially or at least undergo a period of sideways ranging. In Manila, investors are expected to shift their money into equities, where they can expect higher yields. AUSTRALIA THE United States's 0.75 percentage point official interest rate increase to 5.50 per cent relieved downward pressure on the market and this week could see it moving higher, brokers said. ''Some more buying was definitely evident in the market and I expect this trend to continue,'' one broker said. The All Ordinaries Index rose 9.4 points last week to close at 2,061.3 points on Friday. Average daily turnover during the week totalled 153.7 million shares worth A$357.5 million compared with 160.0 million shares worth $300.4 million the week before. ''Volumes remain extremely low in line with a general lack of offshore interest,'' said a report by Schroders Australia. BANGKOK STOCKS are expected to rise more slowly, spurred by the sustained inflow of foreign money, brokers said. ''Sentiment will be more cautious because investors are tending to buy when the stock prices retreat and foreigners will buy selectively,'' said a broker at Poonpipat Finance. The index closed at 1,488.62 on Friday against the previous week's close of 1,425.49. BOMBAY BROKERS say a technical reaction of between 50 and 100 points can be expected in the market in the coming weeks. Last week saw no weakening of market sentiment but no indications of increased commitments either as speculators sold ahead of holidays. On Friday the 30-share Bombay Stock Exchange index closed 65.55 points down at 4,468.78. JAKARTA THE Jardine index ended 0.13 points lower on Friday amid profit-taking by domestic investors to close at 99.85. Brokers saw the consolidation as a delayed reaction to Tuesday's rise in US interest rates. KUALA LUMPUR THE share market is likely to stay firm although some selling pressure is expected after the heavy volume the week before last, brokers said. ''I think the market can absorb the selling as liquidity remains strong,'' said one trader at a Malaysian brokerage. ''The downside will be limited as funds are waiting to buy on dips.'' The Kuala Lumpur Stock Exchange Composite Index closed on Friday at 1,140.70, against 1,105.29 the previous week. MANILA SHARE prices may open strongly as an expected reduction in interest rates is seen boosting the market further, brokers said. The composite index finished last week at 3,006.70, down marginally from the previous week's close of 3,007.36. ''There should be an upward bias in the market because the fall in Treasury bill rates would provide a boost to the market,'' said Noel Reyes of Dharmala Securities. SEOUL THE market is expected to undergo a technical correction early this week with selling spreading through most primary blue chips which gained after issuing strong first-half results last week, brokers said. ''The effects of brisk half-year gains will fade on most firms, except a few like Samsung Electronics and Korea Mobile Telecom,'' said Kim Young-bum of Seoul Securities. The composite index closed on Friday at 943.23, down 2.51 points from the previous week's 945.74. SINGAPORE STOCKS may further consolidate recent gains this week but the undertone will stay firm because market sentiment is still bullish, brokers said. ''There is still a bit of uncertainty in the market. I am uneasy with the fact the US dollar is trading at below 100 yen,'' said Alex Chng, research head at Alliance Securities. He added, however, that Malaysian stocks traded over the counter in Singapore might continue to surprise - on the back of strong liquidity, ahead of Malaysia's national day, and election talk - despite being heavily overbought. The 30-share Straits Times index ended last week at 2,347.17 against 2,317.79 the previous week. Total turnover for the week stood at 1.4 billion shares valued at S$3.62 billion compared to the previous week's volume of 1.16 billion units worth $2.79 billion. TAIPEI STOCKS are expected to consolidate in the 6,500-6,900 range and brokers expect to see heavy profit-taking emerge after Friday's sharp rises. The market should continue to focus on electronics and petrochemicals while the attitude of the central bank towards liquidity would remain a major market-moving factor, brokers said. ''Overall sentiment will be cautious due to a lack of confidence,'' said David Chu of Core Pacific. The index ended at 6,766.38 on Friday, up from 6,628.14 the previous Friday. Average daily turnover dwindled to 1.62 billion shares last week from 2.02 billion issues the previous week, worth an average NT$79.31 billion, down 19 per cent from $98.12 billion. In view of a continuing correction in the market, domestic dealers and foreign institutions took profits while Taiwan investors refrained from serious action, the brokers said. Pacific Securities analyst Lei Pei-yu said the correction was ending and the index would move between 6,700 and 7,000 points this week. But Ho Ming-fu, of Jardine Fleming Taiwan Securities, warned that any major rise would be short-lived, saying that the chances of breaching the 7,000-point level would be slim in the near future. TOKYO BROKERS believe the Nikkei average will remain in a boxed range between 20,500 and 21,000 this week. The Nikkei fell 151.13 points, or 0.73 per cent, to close on Friday at 20,512.70. ''When the Nikkei neared 20,500, bargain-hunting was seen. This means few want it to fall much further,'' said Hiroyuki Hamahira, general manager of Nikko Securities. Trading last week remained inactive as a traditional mid-summer holiday period ended in the middle of the week. Daily turnover averaged 256.9 million shares, compared with the previous week's 248.3 million shares. The value of daily transactions came to an average 250.1 billion yen, against the previous week's 248.7 billion yen. The yen's fresh upsurge was discounted by a Finance Ministry official as only speculative and traders expect the stock market to move narrowly until mid-September when think-tanks release corporate earnings estimates. ''Without prospects of any further decline in interest rates, the market has come to a point where it should wait for corporate earnings to improve,'' said Kidder, Peabody International Corp adviser Kunio Urakami. Investors will keep monitoring US dollar-yen rate movements this week. A firmer yen would force investors to stay on the sidelines and make trade thinner, brokers said. WELLINGTON THE share market is expected to trade in a tight range with little on the domestic and international agenda to move it either way. There will, however, be another string of results from smaller companies, which are largely expected to confirm the general trend of improved corporate profitability. The NZSE-40 capital index ended last week at 2,090.73, up from 2,071.94 the previous week.