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HONG KONG

Hong Kong shares fall 0.8%

Hong Kong share prices fell 0.8 per cent yesterday on profit-taking across the board, with sentiment cautious ahead of the expiry of the May futures contracts, dealers said.

The key Hang Seng index lost 109.46 points to close at 13,629.61 on turnover of HK$11.08 billion (US$1.4 billion).

Sassoon Securities dealing manager Simon Tam said the Hang Seng Index encountered profit-taking as some investors acted ahead of the futures expiry today.

"Investors locked in profits ahead of the futures expiry in case the market became more volatile when the US markets opened later yesterday after the holiday there and failed to provide any support," Tam said.

TAIPEI

Taiwan stocks up 0.3%

Taiwan share prices closed 0.3 per cent higher yesterday in strong buying of export-orientated stocks following the fall of the local currency to a 32-month low the previous day, dealers said.

The Taiwan Stock Exchange weighted price index rose 15.54 points to 5,095.26, on turnover of NT$55.14 billion (US$1.60 billion).

"The export-focused stocks benefited from yesterday's sharp losses in the local currency," said Richard Tsai, manager with Capital Securities.

There was been a consensus in the market that the Taiwan dollar could continue to lose more ground in the long term which would boost export-orientated companies' foreign exchange revenues and business orders, he said.

The local currency was at NT$34.035 to the US dollar in the middle of yesterday, compared to Monday's close of 34.500, the lowest level in 32 months.

Decliners led risers 249 to 239, with 98 stocks unchanged.

TOKYO

Nikkei ends five-day loss

Share prices in Tokyo closed 0.3 per cent higher yesterday in a technical rebound after a five-day losing streak, brokers said.

The Nikkei average of 225 select issues on the Tokyo Stock Exchange gained 36.12 points to 13,773.89. The Topix of all issues on the stock exchange rose 5.86 points to 1,355.63.

Trading was sluggish with volume estimated at 576 million shares against 612.3 million the previous day.

"The market staged an upturn after sagging for five straight days amid a lack of fresh trading leads," Nomura Securities market analyst Tatsuo Kurokawa said.

"Stocks which had been under selling pressure recently firmed up, including the giant banks, NTT DoCoMo and Sony," he said.

Daiwa SB Capital Markets broker Kazunori Jinnai said the market saw only a technical rebound.

The rally was modest due to a series of weak economic data released early yesterday, Jinnai said.

The government said Japan's industrial output in April fell 1.7 per cent from the previous month, while the country's jobless rate rose to 4.8 per cent in April from 4.7 per cent in March.

Spending by Japan's salary-earning households in April fell 4.4 per cent from a year earlier, marking the first fall in five months.

The prospect of lower capital gains tax on share trading profits had little impact, brokers said.

Japanese Finance Minister Masajuro Shiokawa said on Monday he would like to cut the tax rate on capital gains but the remark had little impact on the market, Jinnai said.

The plan "still lacks a concrete direction," he said.

The key Nikkei index temporarily fell in late trading, but another wave of short-covering emerged just before the market closed, lifting the index above the previous day's level.