On the bourses

Press, 1 April 1985, Page 32

On the bourses

Tokyo Investors eventually grew wary of the Tokyo market’s fast pace under which the market average topped the 12,000 mark for the first time on Thursday, mainly reflecting the yen’s renewed strength. An early rally before the close, which saw the average at a further record of 12,622.62, failed to sustain itself and the average closed 23.26 points down at 12,580.76. Popular international stocks softened on concern about American trade relations, while some automobile stocks lost ground on the news that Japan will voluntarily restrict exports to the United States. Others to slip included financials and some export-oriented shares. Some drugs, non-ferrous metals and utilities advanced. Zurich

Domestic prices < slipped marginally in moderate trading and closed mixed with Wall Street’s encouragement offset by hesitation about the dollar. Shares of export-oriented companies which benefit from a higher dollar drifted lower. Financials and insurances edged lower as investors kept to the sidelines ahead of the week-end. In banks, bearer shares of the “big three” fell: ÜBS was down 15 to 3685, CS 20 to 2420, and Bank Corp 3 to 374.

Singapore Bargain hunting and short covering helped prices rise over a broad front later in the week but gave way to a mixed close as buying support alternated with profit taking. The “Straits Times” industrial index lost 1.62 points to 820.49 while the SE all shares index eased 0.54 points to 291/05. Sigma Metal, which resumed trading after suspension since February, was the most active counter on a turnover of 1.3 M shares and closed 4c higher at 244. National Iron and Steel lost 18c to 300 after lower profit and dividend figures, and United Overseas Bank, which released lower results and an unchanged dividend, also declined 18c to 434.

Hong Kong The market was mainly steady to easier during the week in Hong Kong, investors waiting to react to Jardine Matheson’s 1984 results on Friday. The group’s shares closed 35c up at 935, mainly because of short covering despite JM’s attributable loss of SHK9IBM. However, general buying interest helped the market to close sharply higher on a broad base with quarter-end window dressing by other major institutions the main factor. The Hang Seng index rose 29.14 points to 1382.04 with sentiment slightly improved after recent as-expected corporate results. Frankfurt

The falling U.S. dollar continued to moderate expectations of export earn-

ings in West Germany and shares closed the week generally lower in quiet trading in Frankfurt. Exportoriented companies which had benefited most from the recent dollar surge were most hit with the carmaker, Porsche, singled out for heavy selling orders. In its wake, Daimler fell 6, VW eased 1.50, and BMW was down 6 at the close. Bank shares and those sought for reasons of strong dividend yield held best against the trend, but there was little foreign participation on either side. Commerzbank dipped 0.10 after news its 1984 dividend was unchanged.

Johannesburg Gold shares held .their firmness during the week but closed mainly off their highs as the bullion price failed to extend its earlier sharp gains. The heavyweight, Vaal Reefs, closed 2 rand firmer at 189 after reaching 190. The cheaper issue, Unisel, ended 95c up at 1860, and a new listing, Beatrix, was up 20c at 690. Other mining and financial

stocks held their earlier r;, the diamond share, Beers, adding 12c to 1015. Rustenburg Platinum was up 15, the copper issue, Palamin, was 25c higher, and Anglos was 60c ahead at 25.25. Industrials followed the firmer trend. Amsterdam

Investors waiting for news from several company annual reports due shortly caused a lack of buying interest in the week in Amsterdam while the weaker U.S. dollar forced prices lower as the market failed to absorb increased selling. Dealers said the annual reports could affect the market but were not certain they would have any impact Market undertone remains good but the absence of domestic as well as foreign demand is depressing sentiment. Among major companies, Akzo closed 1.80 guilders down at 108.70, despite expectations that it will match last year’s profit level. Royal Dutch suffered most from the U.S. dollar’s fall losing 2.10 to 195.60 at the close.