Around the bourses

Press, 15 July 1985, Page 32

Around the bourses

Amsterdam Dutch share prices were mixed as profit takers took the edge off record highs throughout the week.

A weak dollar tipped the delicate balance on Friday, and the market headed lower as international investors retreated to the sidelines. Local investors ignored strong performances on Wall Street as uncertainty over US interest rates and the health of the US economy took hold on the market.

Many brokers said the bourse was waiting for direction from US economic indicators due out after the market Friday close. Zurich

Investors paused after a recent string of record highs and heavy profit taking was interspersed with bouts of intermittent bargain hunting. Brokers said the market was receptive to positive news,

howver, and a positive midweek tone on Wall Street inspired good demand for blue chips. Banks, financials and selected industrial stocks led the recovery after showing heavy losses earlier and the market finished the week on a steady tone. A substantial gain in the Swiss franc against the dollar and favourable company news was also well received by domestic investors. Frankfurt

German stocks took a battering throughout the week as the market easily breached support levels. A partial recovery on Thursday was transformed into a minor technical correction as international investors fled behind a weaker US dollar on Friday. Some brokers described Friday trading as a vacuum adding that the downturn could no longer simply be regarded as a technical correction to recent strong gains. Losses were widespread as support evaporated and the market finished the week on a pessimistic note. Johannesburg

Gold shares headed lower as Investors became disenchanted with a lacklustre performance by bullion prices against a sharply lower US dollar. Industrials, however, advanced strongly amid good demand for a shortage of scrip and shrugged off the pessimistic tone evident in end week trading. Heavyweight gold shares bore the brunt of selling with mining financials, diamonds and platinums partially recovering from earlier lows. Tokyo

Pessimism took hold of investors early in the week and

the bullish undertone that was providing some support to waves of profit taking col-

lapsed. The decline was exacerbated by speculation that Japanese semi-conductor production would decline for the first time in a decade as the market took one of its biggest plunges this year. International populars came under heavy pressure and major electronics firms ended at their lowest levels this year on news that the US Government would investigate Japanese microchip manufacturer trade practices. Their performance dragged the market average down for the fifth consecutive session. Hong Kong

Strong buying interest in the property sector on Friday pusned stocks sharply higher after a week of dull trading. Brokers said the rise followed rumours linked to several property firms and speculation about a cut in interest rates. But for most of the week, investors floundered in the absence of fresh factors from abroad. Moderate bouts of profit taking in earlier trading, particularly among export oriented stocks, were offset by rises in domestic oriented snares but movements were generally scattered. Singapore

Prices headed lower over a broad front as selling pressure continued unabated throughout the week.

Stop loss orders were activated on Friday on news that a local afternoon newspaper would cease publication after suffering heavy losses. A shortage of fresh international factors also weighed the market down and commodities, properties and hotels joined in the slide.