Around the bourses

Press, 12 August 1985, Page 36

Around the bourses

Amsterdam Dutch share prices retreated over a broad front in generally thin trading as investors floundered in the absence of fresh signals from abroad. An uncertain dollar outlook and some poor performances on Wall Street did little to instil confidence, and stocks moved lower mid-week on an uncertain domestic interest rate outlook. Some disappointing company results heightened the pessimistic mood, and blue chips came under pressure. There was a slight recovery in late Friday trading as a lower interest rate trend emerged. Johannesburg Gold share prices were

erratic throughout the week as domestic bullion prices suffered from marked fluctuations in the rand. Domestic interests and bargain hunters provided some support after sharp falls in the past two weeks as international investors retreated in the.wake of continued political unrest and a state of emergency declaration. The market closed mixed, but brokers noted that a degree of confidence appeared to be returning. Frankfurt Stocks rose steadily over a broad front, although trading was light in the absence of fresh factors. Brokers said prices were well supported by a robust bond market and increasing speculation that the Bundesbank would shave one or both of its official interest rates next week. Banking stocks attracted support after recent falls on concern about Latin American debt repayments, while automobile stocks saw some large gains after strong results were forecast by a Munich based research institute.

End week booksquaring offset some earlier gains and trading ended quietly.

Hong Kong

Domestic corporate factors dominated trading as heavy mid-week selling eliminated earlier sharp price gains. Investors pushed the Hang Seng index above the psychologically important 1700 mark in early-week trading on speculation that Jardine Matheson would sell all or part of its 40 per cent stake in Hongkong Land. But an off-market sale of a 10 per cent in HK Electric later in the week at a price well below market sparked widespread profit-taking. The market closed slightly firmer in moderate trading dominated by bargain hunting. Singapore The market traded in a narrow range throughout the week dominated by local technical factors. Sporadic stop-loss selling and profit-taking was interspersed with bouts of bargain hunting. A lack of fresh buying orders pressured stocks over a broad front midweek, but bargain hunters restored prices towards the end of the week.

Zurich Share prices fluctuated in

narrow range in the absence of fresh international factors, although many stocks showed considerable resilience in the face of some poor performances on Wall Street.

Trading volumes were generally light and demand was selective with transport and banking shares attracting the bulk of support. The market closed higher as an improved tone on Wall Street encouraged investors, but brokers said trading was quiet in the absence of significant new factors from abroad. Tokyo Stocks drifted lower in thin trading as investors abandoned the market in the wake of some poor performances on Wall Street. Sporadic buying of domestic-oriented shares on Friday helped pare earlier losses, but trading was thin as most investors held off with the beginning of the main Japanese summer holidays. Construction, properties, non-life and some biotechnology related shares were selected but investors neglected blue chips. International populars were neglected throughout the week.