Hong Kong share prices closed 0.3 percent higher yesterday in rangebound trade, with most investors sidelined due to the lack of a firm lead from Wall Street, dealers said.

The key Hang Seng index gained 29.21 points to close at 9,813.78 on trade of HK$4.11 billion (US$528 million).

Conita Hung, head of research at Delta Asia Securities, said the Hang Seng Index lacked clear direction.

"Investors were sidelined... as there was an unclear direction in Wall Street last night," she said.

"Market sentiment was not poor, but investors were unwilling to buy, and market turnover was thin."

Taiwan Shares Down Slightly

Taiwan shares fell 0.6 percent yesterday led by electronics stocks after comments from Intel saying the semiconductor recovery was uncertain, dealers said.

The weighted index closed down 29.71 points at 4,669.70 on turnover of NT$81.60 billion (US$2.34 billion).

Non-electronics stocks benefited from window dressing by fund managers ahead of the year-end, the dealers said.

Losers led winners 443 to 198, with 104 stocks unchanged.

"Fund managers are in competition for performance before they close their books for the year and they have increased exposure to non-electronics stocks at a time when the electronics sector has failed to produce convincing leads," Grand Cathay Securities Corp vice-president Tu Jin-lung said.

Nikkei Plunges Selectively

Japanese share prices eased 0.2 percent yesterday in cautious trade a day before the release of a key business confidence survey, dealers said.

The Nikkei-225 average of the Tokyo Stock Exchange lost 18.97 points to end the day at 8,708.69. The broader Topix index of all first section issues shed 0.61 points to 8,51.32.

Decliners led gainers 804 to 498, with 192 stocks unchanged. Volume was estimated at a slim 544 million shares.

The Bank of Japan's quarterly Tankan survey is due out Friday morning. The headline index measuring the confidence of large manufacturers is expected to be unchanged from September, according to market consensus.

(China Daily December 13, 2002)