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1991: Hong Kong led recovery of Asian shares
TOKYO, Dec 26 : Asian share prices in 1991 largely recovered from the prevous year's losses, led by sharp gains In Hong Kong where a Sino-Britlsh accord on a future airport made It one of te world's best-performing bourses, reports AFP.
The surge In Hong Kong, where prices Jumped more than two-thlrds from the end of last year, was mirrored in most of the other major markets tn the region. Share prices in Australia and Singapore rose by around a quarter while smaller gains of around 10 per cent were posted in Taiwan and Malaysia.
The big exception was Japan where prices fell almost 10 per cent as the economy slowed and corporate profits plunged. The South Korean market suffered a similar setback while share prices in Indonesia, one of the best-performing markets in 1990, tumbled more than two-thirds.
Japan : The market's malaise was accentuated by a series of scandals which dragged through the mud the names of many of the world's top stockbrokers and banks, prompting some overdue reforms in Japan's opaque securities laws.
The fall in Japanese share prices, on top of the previous year's collapse of almost 40 per cent, the steepest plunge since the war, was also accompanied by a sharp contraction In’ turnover on the Tokyo Stock Exchange.
But the volume decline was matched by an explosion in futures and options trading, leading to rumblings of "unfair price manipulation and new requirements forcing brokers to disclose their arbitrage po-
"Institutional investor* in particular have turned increasingly to the derivative markets," New Japan Securities Research Institute said, noth-
ing that futures and options trading was eight times trading in actual stocks in August.
But the luntitute also noted that the ratio of ntocks changing hands to the number of shares listed had since fallen below 30 per cent, a 35-year low and nimilar to low points in 1975 and in 1982 after previous stock market slumps.
"These precedents show that the bottom comes a year or two following a big historic plunge in the market,"It said, adding that the long-awaited recovery in Japanese stock Trices may now be just around the corner.
Australia : Share prices leapt 23 per cent although mining stocks were coming under pressure as the year drew to a close market following Japan’s success in securing lower prices for imports of Australian iron ore and coal.
News of a 50 per cent decline in the half year earnings of oil and mining giant Broken Hill Proprietary Ltd. Exerted further pressure on the sector ahead of the Christmas recess although Paul Keating's re-placecmnt of Bob Hawke as Prime Minister had little im-. pact on the market.
The lifting of almost 30 per cent of the government owned Commonwealth Bank of Australia one of the country’s four biggest banks proved to be i major highlight of the year with the stock rising 40 per ckent from its issue price.
Hong Kong : A 37 per cent surge In share prices helped the British colony's bourse to overtake South Korea and Taiwan to become the region's third biggest exchange in terms of market capltaliation.
The boom started in July when China an Britain reached agreement on a mammoth airport project, propelling the Hang Seng Index to a aerie* of all time highs, peaking at '4,271.34 points on November 16.
The government tightened controls after an ethics scandal erupted in May when the exchange's ruling council approved a controversial resolution allowing members to ac-Tept allotments of preference tharcs. Six former officials of the exchange meanwhile went to trial in October on corruption charges.
In December the exchange allowed Jardine Matheson to switch from a primary to a secondary listing putting an end to a year long dispute in which the colonial trading ho-sue threatened to delist its shares.
Taiwan : Prices rebounded 12 per cent after tumbling more than 50 per cent In 1990 although volume was halved to an average of 1.5 billion dollar a day and prices generally moved in a narrow range. It’s very boring to research tight fluctuations in share prices, said an analyst at Pacific Securities Co. Ltd.
Seventeen foreign institutions invested some 670 million dollar in local stocks after restrictions were lifted in January. Taiwan also had Its share of scandals authorities raided in a major crackdwon on under the table trading and indexllnked gambling.
South Korea : An export slowdown, rising inflation and high interest rates helped to depress slock prices by 10 per cent although analysts predict a modest improvement in the coming year.
Malaysia : Share prices rose 10 per cent and 31 companies were added to the main board of the Kuala Lumpur Stock Exchange, boosting the number of listed companie* to 323 some two years 4fter a split with Singapore.
. But rising Interest rate*, concern about the country's current account deficit and global economic uncertainties are clouding the market's outlook.
Investors should be defensive and selective tn their Investments in view of these uncertainties, "said KN Kenang Senior Research Manager Lum Min Jang. .
Singapore : Prices climbed 24 per cent although Barclays de Zoete Wcdd (Asia) Ltd. a unit of Britain's Barclays Bank, reckons they are still "substantially underpriced" offering" excellent value to longer-term investors.
The Stock Exchange of Singapore censored trading company United Industrial Corp, during the year for failing to disclose fully a major transfer of shares to an Indonesian group- The exchange also announced new regulations in December requiring companies to disclose details of their directors and senior managers.
India : The Bombay Stock Exchange's main index soared more than 80 per cent as the new government Initiated the most radical economic policy changes since independence tn 1947. Foreign Investors were allowed to hold controlling stakes in Indian companies, almost all areas of the economy were opened to the private sector and steps toward privatising the mammoth public sector were taken.
Will the boom last? "the effects of the current restructuring will become visible in the coming months and that might not be something that the bull* are really looking forward to," warned Bombay broker Vallabh Bhansah.
Thailand : Share price* rose 14 per cent despite political uncertainties and declining corporate profitability. The Stock Exchange of Thailand companies from selling shares In their company for up to 12 months.
A securities and exchange commission bill was meanwhile submitted to parliament. The bill, designed to protect
investors and paving the way for futures trading, Is expected to become law in the new year.
Philippines : Prices surged almost 80 per cent, recovering swiftly from unfavourable dc-zclopments such as the crup-.ion on Mount Pinatubo in June, the rejection -of a US bases treaty in September and several devastating typhoons.
The listing of 96 million shares in real estate giant Ayala Land was the the year's main new offering. The long-delayed prospect of unifying the Manila and Makati stock exchanges meanwhile remains remote.
New Zealand : Stock prices , advanced 20 per cent despite a continued recession. Improved investor confidence enabled a surge of new issues including the float of the former government telecommunications concern privatised two years ago.
Market support faded towards the end of the year, however, amid signs that the recession will last longer than .•xpcctcd. "Equities have been waiting to go up but they lack the encouragement needed from the domestic economy," said Don Turkington, a partner in Cavil! White Securities.
Indonesia : Prices plunged 70 per cent ahead of the privatisation of the Jakarta Stock Exchange. BAPEPAM, the capital market executive agency, imposed new capital requirements qn brokerage*, cutting their numbers from 283 to 175.
The public * bad perception of tie market could only be changed by concrete actions on the part of BAPEPAM ta_carry oul stronger law enforcement," economist Kwlk Kian G1e said
Pakistan : The Karachi Stock Exchange experienced a boom with the main index doubling jvvr the year, boosted oy government privatisation policies and the opening of the market to foreign Investors In
February.
Some 50 new companies were listed during the year, helping to treble market capitalisation to six billion dollar*.
Sri Lanka : Prices soared almost 60 per cent and several new issbes came to the market as the government continued Its ambitious privatisation programme.
Hong Kong Investment funds were active and the year’s largest deal took place in December when Hong Kong's Asia Investment Management Services acquired 51 per cent of the Colombo Oberoi Hotel operator for 15 million dollars.
China : The new market tn Shenzhen and Shanghai seem to be popular one issue in Shanghai turned into a fiasco as thousands raced to buy shares, snarling traffic and forcing police to restore order. Similar scenes took place in Shenzhen, prompting the adoption of a lottery system.
The Shenzhen market is now capitalised at more than one billion dollars with the exchange's index up 1.1 per cent since its launch. The Shanghai Exchange, about a third of the size, has been its index soar 180 per cent.
Other market* : The tiny Dhaka Stock Exchange hopes trading will pick up if the Bangladesh government's privatisation programme succeeds, while the Nepal Securities Exchange Is considering its own liberalisation steps.
Vietnam is meanwhile planning to issue shares in regional state- owned companies In the coming year although an actual exchange looks a long way off.
If successful, officials *ay, ■uch Issues could be expanded to other firms, generally in light Industry, although strategic sectors such as steel are expected to remain under state control.