Thursday, June 2, 2005

Singapore and Taipai enjoy strong equity markets

by Brian Turner

Equities markets in Taipei and Singapore were up on Thursday but Hong Kong and Tokyo markets were down in a mixed day for Asian stocks.

The weighted index in Taipei was up 1.1 percent to 6,039.48 on gains in shares of smaller technology companies, but larger technology firms saw losses on the day. In Singapore, the Strait Times index rose 0.7 percent to close to a five year high of 2,191.55.

Shares in banks went higher as optimism over the future of Singapore’s economy reigned. Technology shares also gained in value. On the negative side, investors were showing caution ahead of several upcoming Chinese initial public offerings scheduled for Hong Kong, and worries over next year’s real estate prices sent property stocks lower.

These circumstances combined to send the Hang Seng index down 0.4 percent to 13,814.58. In Tokyo, the Nikkei 225 fell 0.4 percent to 11,280.05 and the Topix was down 0.1 percent to 1,148.85.

Shares in banks and in technology companies were higher, and companies that expect to be given licenses to operate mobile phone services rose sharply. However, exporters saw mixed results and profit-taking from gains the past few days saw the markets down overall.

 

 

 

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