On the world bourses

Press, 19 August 1985, Page 30

On the world bourses

Amsterdam Dutch share prices put in a mixed performance for most of last week in generally quiet trading, with few major movements. Brokers said uncertain direction from Wall Street and a weak U.S. dollar discouraged investment and sidelined many traders. The market ended on a quiet note although banks attracted selling pressure after poorer-than-expected half year results and a weaker U.S. dollar. Frankfurt The market moved lower throughout last week in Frankfurt as investors floundered in the absence of fresh factors from abroad. Trading was thin as investors fled the market ahead of the Bundesbank meeting on Thursday and after sharp cuts in the U.S. dollar. A mid-week technical correction to the downturn restored some of the earlier losses but sellers predominated in the final sessions and the market ended the week on a pessimistic tone. Brokers said very thin turnover was the major factor responsible for any price movements on Friday. Johannesburg Gold shares gyrated wildly throughout the week in Johannesburg as investors reacted to fluctuating bullion prices and speculation ahead of President Botha’s speech on Thursday night. Brokers said many traders were sidelined ipaead

of the expected apartheid reform announcement and the thin turnovers accentuated stock price movements. Prices moved sharply higher on Thursday only to be discounted on Friday because of disappointment in the speech. But the falls were partially offset by stronger international bullion prices and a sharp drop in the rand. Zurich Stocks were mixed in dull trading early in the week in Zurich, but gained momentum on Thursday and Friday as speculation mounted about ah imminent cut in domestic interest rates. Some brokers reported signs of a fresh wave of Buying and the market finished the week on a stronger tone despite a reluctance to take major positions ahead of the week-end. Banking stocks attracted good support on the interest rate speculation with solid gains reported in selected industrials, financials and chemicals. Singapore A late wave of bargain hunting and short covering helped stocks recover over a broad front on Friday after easing throughout the week. A bleak forecast on the 1985 outlook for the Singaporean economy by the Prime Minister Lee, Mr Kuan Yew, on Monday created a bearish undertone in an already weak market. Widespread price falls

sparked stop-loss selling orders which continued unabated until late Wednesday. Limited buying on Thursday evaporated in late trading but emerged again on Friday. Tokyo Stocks rose sharply over a broad front in the final three days of trading in Tokyo last week as a buying spree gathered momentum on a general perception that the market had Been oversold. The Japan Air Lines crash and the failure of Sanko shipping had earlier depressed stocks, particularly in transport sectors. But strong demand for domestic-oriented shares spilled over into other sectors later in the week and stocks rose across a- broad front. The market finished the

week on a strong note as biotechnology related shares, pharmaceuticals, and non-fer-rous metals led the advance. Hong Kong Prices fluctuated in a wide range across the boards in moderate-to-active turnovers as technical considerations dominated trading. Brokers said rounds of profit taking were interspersed by bouts of bargain hunting and short covering with banking stocks attracting considerable attention. The market finished the week on an optimistic note as banking stocks recovered from heavy losses the previous day. Overseas institutions, which believed banking issues were oversold, were credited with most demand.