Asian markets mostly down ahead of G-7 meeting<\/p>\n
HONG KONG (AP): Most Asian markets closed lower yesterday
\nprior to a meeting of world finance ministers, with Malaysia's
\nkey index tumbling three percent on company liquidation fears.<\/p>\n
Kuala Lumpur's benchmark Composite Index fell 20.22 points to
\nfinish at 644.62, slightly below a key psychological support
\nlevel of 650 points.<\/p>\n
The fall came a day after it emerged that Multi-Purpose Bank
\nBhd. has sought to wind up construction company Bescorp
\nIndustries Bhd., and SCK Group Bhd., another construction
\ncompany, also has been placed under receivership. Investors worry
\nthat more companies could soon join them.<\/p>\n
Some suggested the index could fall back to early January's
\n480-level.<\/p>\n
Despite the share prices decline, the ringgit traded higher
\nagainst the dollar late Wednesday, trailing the stronger yen.<\/p>\n
In late trading, the dollar was quoted at a mid-rate of 3.7025
\nringgit, compared to 3.7150 late Tuesday.<\/p>\n
But other Southeast Asian currencies slipped lower against the
\nU.S. dollar in subdued Asian trading as the market awaited
\nsignals on the strength of the yen from the Group of Seven
\nmeeting.<\/p>\n
Finance ministers and central bankers from the G-7 - the
\nUnited States, Japan, Germany, Britain, Italy, France and Canada
\n- will discuss global finance issues, including Japan's weak
\neconomy.<\/p>\n
There are rumors that the U.S. Federal Reserve and other G-7
\ncentral banks may help the Bank of Japan support the yen through
\njoint intervention, traders said.<\/p>\n
The dollar slipped against the yen on the rumors.<\/p>\n
In late trading, the dollar bought 129.28 yen, down 0.54 yen
\nfrom late Tuesday in Tokyo and also below its late New York level
\novernight of 129.55 yen.<\/p>\n
Share prices in Japan bucked the regional trend and rebounded
\nslightly.<\/p>\n
The benchmark Nikkei Stock Average gained 0.14 percent,
\nfinishing at 16,299.30. It lost a total of 259.34 points in the
\nprevious three days.<\/p>\n
Buying of some blue chips helped push the Nikkei higher,
\ntraders said.<\/p>\n
In Singapore, share prices also closed sharply lower on
\ntumbling regional currencies and rating downgrades on several
\nlocal banks, dealers said.<\/p>\n
The benchmark Straits Times Industrials Index fell 1.1 percent
\nto 1,543.94 points.<\/p>\n
In Hong Kong, a three-day rally in share prices was snapped as
\ninvestors took profits on the territory's biggest stocks.<\/p>\n
The blue-chip Hang Seng Index closed down 0.4 percent at
\n11,371.06, having gained 0.6 percent on Tuesday.<\/p>\n
Bangkok's markets were closed for Thai New Year holidays.<\/p>\n
Elsewhere<\/p>\n
In Manila, Philippine shares closed lower on the back of
\nprofit-taking rekindled by growing concerns over the country's
\npolitical prospects after elections next month. It retreated 0.5
\npercent to 2,210.57 points.<\/p>\n
In Seoul, South Korea's key index ended slightly up on what
\nanalysts see as a rebound from Tuesday's sharp falls. It closed
\nup 0.24 points at 467.87.<\/p>\n
In Taipei, Taiwan's shares ended higher for the first time in
\na week, buoyed by gains in U.S. markets. The main index rose 0.48
\npercent to 8,807.31.<\/p>\n
In Australia, share index posted its fourth record high close
\nof the month, as gains across nearly every industry group
\npropelled the key index another 1.0 percent higher to 2,870.5
\npoints.<\/p>\n
In New Zealand, the stock index finished higher on the back of
\ngains in forestry stocks, closing up 13.58 points at 2,328.00.<\/p>",
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