HONG KONG

Hang Seng drifts lower

Prices on the Hong Kong Stock Exchange closed slightly lower yesterday on profit-taking.

The key Hang Seng Index slipped 10.29 points, or 0.10 per cent, to 10,753.93. On Monday, the index edged up 3.49 points, or 0.03 per cent.

The market was hit by selective profit-taking following three straight sessions of gains, brokers said. Sentiment was also dampened by Monday’s declines on Wall Street.

Turnover in Hong Kong fell to HK$12.84 billion (US$1.64 billion), down from Monday’s HK$14.74 billion (US$1.88 billion).

In the real estate sector, Sun Hung Kai Properties fell HK$1.00 to HK$55.50, and Cheung Kong Holdings fell 50 cents to HK$59.75. Among banking stocks, HSBC Holdings fell 25 cents to HK$99.75, and Hang Seng Bank was unchanged at HK$85.75.

TAIPEI

Benchmark index falls 2.3 per cent

Taiwan’s shares ended down yesterday on disappointing financial results from two key technology companies and news that a government fund was selling off its assets.

The benchmark index of the Taiwan Stock Exchange fell 128.60 points, or 2.3 per cent, to end at 5558.25 on a trading volume of NT$93.6 billion (US$2.73 billion). Decliners led advancers 627 to 107, with 63 unchanged.

Rex Lin, an analyst of ING Financial Markets, said there was heavy selling pressure on technology issues, pulling the sector down 3 per cent, although it wasn’t enough to push the key index through the psychologically significant 5,550 barrier.

Traders attributed the weak sentiment toward technology stocks to disappointing first-half results on Monday from two major manufacturers.

TOKYO

Nikkei rises modestly

Tokyo’s benchmark share index rose modestly yesterday – its first advance in three sessions – on late gains by technology shares. The US dollar was higher against the Japanese yen.

The Nikkei Stock Average of 225 selected issues on the Tokyo Stock Exchange rose 55.93 points, or 0.54 per cent, to end at 10,332.57. On Tuesday, the index fell 4.53 points, or 0.04 per cent.

The Nikkei drifted lower during the morning following a pullback on Wall Street. But the blue-chip index moved into positive territory during the last hour of trading as global hedge funds snapped up technology shares, traders said.

Foreign institutional investors were apparently influenced by a recent brokerage report suggesting earnings prospects may be brightening for chipmakers and their suppliers, they said.

NEW YORK

Wall Street continues to dip

Investors sold stocks for a second straight day on Monday, collecting profits in the absence of major economic and earnings news. Brokerage house downgrades accounted for most of the market’s more notable activity in an otherwise mundane session.

Trading was light and lackluster, with analysts predicting a quiet week as many traders and investors wrap up their summer vacations. The Dow Jones industrial average closed down 31.23, or 0.6 per cent, at 9,317.64.

The NASDAQ composite index fell 1.01, or 0.1 per cent, to 1,764.31, following a win of 3.7 per cent. Last week, the NASDAQ closed at levels not achieved in 16 months.