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Asian markets rise hesitantly after U.S. rate cut.

SINGAPORE, Oct. 3 Kyodo

Asian stock markets reacted cautiously Wednesday to the U.S. Federal Reserve's 0.5 percentage point cut in a key short-term interest rate.

Key indices in Asian markets opened weaker or posted only modest gains.

Dealers said most investors had already discounted the 0.5 point rate cut announced by the Fed overnight -- its ninth rate cut in the last several months.

Investors remain concerned about corporate earnings warnings and the prospect of war as the United States prepares to retaliate for the Sept. 11 terrorist attacks on New York and Washington.

They said smaller markets such as Singapore took the cue from the Tokyo stock market, which did not show much jubilance in early trading.

Hong Kong's Hang Seng Index inched up 0.63% to 10,013.87 soon after the start of trading, while the Straits Times Index fell 0.26% but later managed to rise 0.28% to 1,354.10 from the previous day's close. The Taiwan Index climbed 0.15% to 3,497.32.
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Publication:Asian Economic News
Date:Oct 8, 2001
Words:173
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