Bourses around the world

Press, 10 February 1986, Page 32

Bourses around the world

Hong Kong The Hong Kong Stock Exchange ended the week firmer with most investors absent from the market before the Lunar New Year holiday this weekend, dealers said. Speculation about a rally after the holiday boosted sentiment and attracted some bargain-hunters on Friday. . The Hang Seng Index began the week slightly higher at 1702.38 but ended 14.37 points higher at 1734.04. Singapore The Singapore Stock Market crept slowly upward last week but finished lower with most dealers sidelined and unwilling to trade ahead of the Chinese New Year holiday, brokers said. They said investors were also uncertain about the market’s direction after the holiday because of continued nervousness over Malaysian businesman and politician. Tan Koon Swan’s case in connection with Pan-Electric Industries. The "Strait Times” Indus-

trial Index began the week slightly firmer at 614.5, reached a mid-week high of 619.20, before tapering off at 611.33 on Friday. Frankfurt West German share prices began and ended the week easier with profittaking and uncertainty about a softer dollar depressing the market. Dealers said there were fears that foreign markets in the U.S. and Switzerland might soon become more lucrative and some operators started taking profits. They said despite foreign interest mid-week, over all demand dwindled on Friday as operators left early to celebrate the pre-Lent carnival. Amsterdam Dutch share prices finished the week mainly lower, although above Monday’s levels, reflecting concern over lower oil prices on Dutch gas revenues, dealers said. They said although the marifet two weeks ago picked

up Wall Street’s bullish trend, last week’s record highs in New York did little to share the Dutch market. Interest in domestic issues remained limited in the light of worries over the oil price, and many dealers left early for the pre-Lent carnival and local holidays next week. Zurich The Zurich market opened the week higher with investors anticipating lower interest rates and higher dividends from major banks, but finished mixed with little investor confidence. Dealers said record highs on Wall Street had stimulated some investors which did not see reasonable alternatives in the financial markets. Although several banks reported good annual results, bank stocks did not scale high. Dealers said the market had expected bank profits to. rise and stock prices had recently advanced. Johannesburg Gold shares ended the week mixed as some tissues recovered from early’ week

declines, but no clear trend was evident as the gold price continued to hover below SUS34O an ounce, dealers said. A weaker gold price and currency factors pushed gold shares down early in the week but they staged a recovery to end mixed as bargain hunting emerged to help lift prices. Tokyo Share prices rose for the seventh consecutive day to end the week up 25.52 points, setting a new record high of 13,212.13, dealers said. The previous high, 13,199.79 was set on Thursday. Dealers said the market was pushed up on speculation of a further cut in Japan’s discount rate in the market due to the yen’s sharp appreciation against the dollar early in the week. They said the market was also fuelled by news that President Reagan had affirmed his commitment to cutting the Federal deficit and fighting protectionist legislation.