Stock Watch
The Age
Friday August 21, 1998
AUCKLAND
The market surged after the central bank sanctioned a greater-than-expected easing in credit conditions, driving down interest rates and increasing the appeal of equities. The Top 40 Stock Index rose 62.37 points to 2031.65.
TOKYO
The market was little changed as declines by chip makers were offset by gains in the banking sector on signs the Government will support the consolidation of the financial industry. The Nikkei fell 14.93 points to 15,391.41.
HONG KONG
The Hang Seng Index rose for a second day as the Government traded blue-chip stocks to support the economy. The index rose 258.31 points to 7880.89.
MANILA
Stocks rose for a second day, bolstered by a stronger peso. The Philippine Stock Exchange Composite Index rose 26.34 points to 1390.93, taking its two-day gain to 5.1 per cent.
JAKARTA
The market fell to its lowest point in three months on concern that the phone company PT Telkom, the largest stock in the market, will post a record loss. The Jakarta Stock Market Composite Index finished 10.35 points lower at 395.53.
SINGAPORE
Shares were mixed as weaker July trade figures released by the Government dampened initial enthusiasm. The Straits Times Industrial Index rose 10.29 points to 933.43.
BANGKOK
The market was mixed. Banks fell on profit-taking but telecommunications companies rose. The SET Index fell 1.14 points at 242.23.
FRANKFURT
Stocks closed slightly higher on Wednesday despite some profit-taking in a recovered market. The DAX closed at 5596.41, up 27.53 points.
PARIS
Shares closed on Wednesday off their day highs, falling back from early levels late in the session as Wall Street relinquished early gains. The CAC-40 Index closed 2.47 points higher at 4125.72.
JOHANNESBURG
Stocks rose on Wednesday for a second consecutive day as surges in US and Asian markets renewed optimism about equities. The All-share Index rose 111 points to 6384.4.
LONDON
A lacklustre performance on Wall Street saw shares end the session firm on Wednesday, but off their day's highs. Information technology and retail stocks provided the most interest to investors. The FT-SE 100 Index closed up 46.1 points at 5694.3.
NEW YORK
Shares closed lower on Wednesday after profit-taking trimmed two sessions of strong gains. The Dow Jones closed down 21.37 points at 8693.28.
© 1998 The Age
