Asian marts scale fresh highs

STOCK REPORT

Asian markets are having a ball at the beginning of the New Year. The Hong Kong, Australia and Singapore rallied to new highs today. Indian indices, the S&P CNX Nifty and the BSE Sensex closed at all-time highs.

Hong Kong's Hang Seng index surged to a new all-time intra-day high of 20,555, before settling with a gain of 0.5 per cent (100 points) at 20,411.

Singapore's Straits Times index topped the 3,000 level for the first time, and went on to gain 1.7 per cent (52 points) at 3,038. The Australian index, All Ordinaries surged to a new all-time intra-day high of 5,671. But, profit taking, thereafter, saw the index slip into red to end at 5,627, down 19 points.

But Thailand's SET index tumbled nearly three per cent to two-week lows as investors had their first chance to react to New Year's Eve bombings in Bangkok after market holidays. The SET Index dropped 20.59 to 659.25 in Bangkok, its lowest close since December 19.

The stock market was shut yesterday and January 1 for the New Year holiday. The baht lost one per cent to 35.77 as against the dollar as of 4:50 pm in Bangkok, according to data compiled by Bloomberg.

Malaysia's key stock index rose for fourth day, reaching a nine-and-a-half year high. The Kuala Lumpur Composite Index added 0.85, or 1.9 per cent, to 1117.09 at close of trading, the highest since June 9, 1997.

Indonesia's stock index slid from a record. PT International Nickel Indonesia declined as nickel prices in London fell and some investors judged recent advances in the stock had outstripped earnings potential.

The Jakarta Composite Index lost 1.81, or 0.1 per cent, to 1,834.7 at the 4 pm close local time. Rising stocks led decliners 96 to 59. The measure climbed three per cent to a record in the past three trading days, boosting its 14-day relative strength index to 71 yesterday. A reading above 70 suggests to some analysts the index is poised to fall.

The benchmark FTSE 100 Index retreated 4.3, or 0.1 per cent, to 6,306.60 at 9:03 am in London as two stocks dropped for each one that rose.

The FTSE All-Share Index lost less than 0.1 per cent to 3,264.98. French stocks, including Arcelor Mittal, the world's largest steelmaker, fell. Credit Suisse Group cut its recommendation on the steel industry, citing a worsening earnings outlook.

The CAC 40 Index lost 1.29, or less than 0.1 per cent, to 5,614.42 at 10:02 am in Paris as 24 of its members fell, 14 rose and two were unchanged. The SBF 120 Index was unchanged at 4,098.83. Arcelor Mittal slipped 49 cents, or 1.5 per cent, to 32.36 euros.