Asian stock exchanges close lower<\/p>\n
HONG KONG (AP): Most Asian stock markets fell yesterday, with
\nshares slumping in Tokyo as investors remained nervous about the
\nJapanese government's ability to boost the country's faltering
\neconomy.<\/p>\n
Tokyo's 225-issue Nikkei Stock Average shed 254.49 points, or
\n1.66 percent, closing at 15,054.60. On Monday, the Nikkei had
\ngained 41.11 points, or 0.27 percent.<\/p>\n
The Japanese government was expected to begin announcing soon
\ndetails of its plan to tackle the sagging economy by cleaning up
\nbad debt problems at banks.<\/p>\n
Governing Liberal Democratic Party officials have said the
\nparty will come up with a plan by July 8 for a \"bridge bank\" to
\nhandle bad loans.<\/p>\n
\"People are still nervous about the Liberal Democratic Party's
\nability to come up with a plan\" to deal with the problem, said
\nJon Yang, a salesman in the futures and options group at Jardine
\nFleming Securities.<\/p>\n
South Korean shares also tumbled, with the key index falling
\n2.6 percent on unconfirmed talk that the government will soon
\nlist shares of state-owned Korea Telecom.<\/p>\n
Analysts said a listing of the company's shares would be
\nexpected to further hurt the bearish stock market because it
\nwould sharply increase stock supply in an already oversupplied
\nmarket.<\/p>\n
The Seoul Stock Exchange's Korea Composite Stock Price Index
\nfell 7.96 points to 303.31.<\/p>\n
Share prices in Hong Kong closed slightly higher, a day after
\nthe government announced a multibillion-dollar package to boost
\nthe territory's sagging economy.<\/p>\n
The Hang Seng Index, the market's key indicator of blue chips,
\nrose 15.46 points, or 0.1 percent, closing at 8,219.67. On
\nMonday, the index had slumped 387,70 points, or 4.5 percent.
\nElsewhere:<\/p>\n
In Singapore, share prices closed mostly lower, with brokers
\nsaying that investors were gloomy about the region's economic
\nprospects. The key Straits Times Industrial Index fell 1.5
\npercent, or 16.20 points, to 1,082.25.<\/p>\n
In Kuala Lumpur, Malaysian share prices closed lower in
\ncautious trading. The benchmark Composite Index slipped 0.36
\npoints to 457.25.<\/p>\n
In Taipei, share prices closed lower on continued profit-
\ntaking. The market's key Weighted Stock Price Index fell 59.55
\npoints, or 0.77 percent, to 7,633.36.<\/p>\n
In Wellington, New Zealand share prices closed higher. The
\nNZSE-40 Capital Index rose 11.37 points, or 0.5 percent, to
\n1,953.68.<\/p>\n
In Manila, shares closed mixed as investors remained cautious
\nin the absence of significant news to provide direction. The 30-
\nshare Philippine Stock Exchange Index rose 6.17 points, or 0.4
\npercent, to 1,695.86, following Monday's 2.9 percent fall.<\/p>\n
In Sydney, Australian share prices closed mostly lower, having
\nstagnated for much of the afternoon session. The All Ordinaries
\nIndex fell 14.2 points, or 0.5 percent, to 2,582.60.<\/p>\n
In Bangkok, Thai share prices closed lower in thin trading.
\nThe Stock Exchange of Thailand index fell 1.84 points, or 0.6
\npercent, to 274.06.<\/p>",
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