HONG KONG. Dec 31: Most Asian stock markets on Thursday ended the year on a sour note, with share prices falling for a second consecutive session in Hong Kong, reports AP.

Bourses were closed for the New Year's holiday in Indonesia, Japan, the Philippines. South Korea and Thailand.

In Hong Kong, the Hang Seng Index fell 72.86 points, or 0.73 per cent to close at 10.048.58.

Turnover was thin as many investors were sidelined amid speculation that some fund managers might sell off US-dol-lar linked assets to put their money into the new European Union single currency — the euro — which begins trading on Monday.

It was a dismal year for Hong Kong as the territory's blue chips shed 6.3 per cent of their value despite a controversial government intervention that saved the market from even bigger losses.

The Hang Seng Index plunged from a nigh of 11,810.63 on March 25 to a low of 6,660.42 on Aug 13 — before the Hong Kong government launched an unprecedented US $15.1 billion stock-buying spree to fend off market specu-

The two-week intervention dismayed many proponents of free-market economies.

New Zealand share prices closed sharply lower, with brokers saying a hefty fall by Tele-

com Corp of New Zealand Ltd and weakness on wall street overnight weighed on the market.

The benchmark NZSE-40 Capital Index fell 40.26 points, or 1.9 per cent, to 2,064.97.

Shares in Taiwan closed down for the sixth straight session to another four-month low amid persistent fears about a weak economy and deteriorating corporate profits.

The Taipei market's key Weighted Stock Price Index fell 43.60 points, or 0.67 per cent, to 6,418.43.

Singapore shares ended 1998 with a whimper, barely changed in the last trading session of the year. The Straits Times Index slipped 1.97 points, or 0.14 per cent, to 1,392.73 in a holiday-shortened half session.

Malaysian share prices closed generally lower, but the key .index was propped up by local funds toward the end of trading through aggressive buying of heavy-weight blue chips.

The Kuala Lumpur Stock Exchange's Composite Index rose 11.57 points, or 2 per cent, to 586.13.

The Australian stock market ended a shortened trading session broadly higher.

The Sydney's All Ordinaries Index rose 29.2 points, or 1.1 per cent, to 2,813.4. The close represents a 7.5 per cent rise for the year.