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Asian stocks end higher
AFP
HONG KONG, March 16: Asia's stock markets ended mixed on Monday amid lingering concerns over the situation in Indonesia, where a new cabinet assumed office under president Suharto. Hong Kong, Singapore, Jakarta, Manila and Taipei were among the gainers. Tokyo, Kuala Lumpur and Bangkok ended lower. Concerns over the Indonesian situation, amid an impasse stemming from the suspension of International Monetary Fund (IMF) bailout funds to Jakarta, overhung South-east Asian markets which also reacted to domestic factors.The suspension was ordered after Jakarta dragged its feet on economic reforms, a key ingredient in the IMF-led US$ 40 billion global aid package. Analysts said the markets remained unconvinced about the new Indonesian cabinet, filled largely with bureaucrats and friends of president Suharto who are seen as opponents of economic reforms. The cabinet sworn in on Monday includes Suharto's golfing friend Muhammad "Bob" Hasan as Trade and Industry Minister and the president's eldest daughter Siti"Tutut" Hardiyanti Rukmana as Social Affairs Minister. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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