HONG KONG, February 23: Asian markets ended trading on Monday with mixed results on a general lack of leads and continued confusion over Jakarta's plans to adopt a currency board system for its beleaguered currency, analysts said.While most markets made slight gains, Kuala Lumpur share prices were down amid ringgit worries linked to uncertainty over the rupiah and the currency board system. Indonesian finance minister Mar'IE Muhammad said that president Suharto had decided to go ahead with the currency board plan but no timing had been disclosed.
Hong Kong share prices rose 0.8 per cent despite profit-taking after the market breached the 10,800-points level on expectations of good annual results from HSBC Holdings Plc, dealers said.
``The market is moving in a trading range as it is trying to stabilize from gains (after) high expectations of good annual results from HSBC Holdings Plc,'' said Sean Li, associate director of Amsteel Securities. The key Hang Seng index gained 85.42 points to close at10,685.21.
HSBC's results were not released until after the market closed on Monday. However, Tai Fook Securities analyst Tony Yung said HSBC's expected results were already been digested by the market. ``We need more refreshment to lift the index further,'' said Yung.
John Schofield, an analyst with Nava SE Securities, said there was some profit-taking after the index breached the 10,800-points level, but added that the selling pressure was not intolerably heavy.
``The sentiment is not bad so far after recent gains. I expect the market will try to challenge the 10,800 point level again soon,'' said Schofield. Japanese share prices ended 0.9 per cent lower in lacklustre trading, pressured by profit-taking following the weekend Group of Seven (G7) meeting, brokers said.
Foreign investors were the main profit-takers as the yen was sold in the foreign exchange market on the lack of Japan's pledge at the London G7 meeting to put together new economic measures to boost domestic demand, brokers said.
Thekey Nikkei stock average on the Tokyo Stock Exchange fell 146.75 points to 16,609.49. The Topix index of all first-section issues declined 6.11 points to 1,254.58. In Australia, share prices rose by 0.4 per cent with renewed buying support for newly listed telecommunications giant Telstra a bright point in another wise lacklustre trade.
"Some of the participants were waiting for Asian markets to do more than they have and there is still the situation in Iraq which could be a cautionary aspect," on E broker said.
The Australian Stock Exchange's main indicator, the All Ordinaries index, rose by 10.0 points to 2,655.1. The All Industrials index gained 19.5 points to 4,556.1 and the All Resources index rose 2.2 points to 1,138.1.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
