Asian stock markets skid as technology shares take a tumble<\/p>\n
SINGAPORE (Agencies): Asia stocks took a beating on Monday,
\nbattered by domestic factors, uncertainty ahead of a U.S. Federal
\nReserve meeting next week, as well as falls in once hotly-
\nfavored high tech stocks.<\/p>\n
Jakarta share prices closed 1.4 percent lower on regional
\nmarket falls and profit-taking after shares had risen in the past
\nthree days of trading, dealers said.<\/p>\n
The Jakarta Stock Exchange composite index closed down 8.606
\npoints at 587.576.<\/p>\n
The share prices fell amid sharp decline in Taiwan stocks
\nwhich put further pressure on other regional stocks, a dealer
\nwith PDFCI said.<\/p>\n
"I think the shares fall is already anticipated as the shares
\nhave gone up in the last three days. So this is healthy
\ncorrection," he said.<\/p>\n
Taiwan stocks had their biggest percentage drop in a decade,
\nby nearly seven percent to below the 9,000 support level, as
\ncautious investors dumped shares amid uncertainties ahead of
\nSaturday's presidential elections.<\/p>\n
The Weighted Price Index finished 617.65 points lower at
\n8,811.95 in its biggest fall in terms of points ever as investors
\ngrew nervous that opposition candidate Chen Shui-bian could win
\nSaturday's presidential election.<\/p>\n
Tokyo stocks ended just under three percent lower at the
\nmarket's close with the benchmark Nikkei average at 19,189.93,
\ndown 560.47 points.<\/p>\n
Hong Kong stocks also fell sharply, following other Asian
\nmarkets as investors dropped high-tech stocks ahead of Taiwan's
\npresidential election and possible U.S. interest rate hikes.<\/p>\n
The benchmark Hang Seng Index shed 4.12 percent or 735.18
\npoints to close at 17,096.68, erasing last week's gains. The
\nindex is now just slightly higher than its close on March 2.<\/p>\n
The Korea Composite Stock Price Index plunged 4.1 percent, or
\n36.70 points to 854.66, as investors grew nervous about Friday's
\ndecline in the Dow Jones Industrial Average and weakness in
\nregional markets.<\/p>\n
The over-the-counter Kosdaq market lost 3.99 points, or 1.4
\npercent, to 279.45.<\/p>\n
The Straits Times Index was down 53.58 points, or 2.6 percent,
\nto 2042.66.<\/p>\n
Australian shares slipped 0.3 percent as a result of weakness
\nin some blue chip stocks and negative indicators from Wall Street
\nlast Friday, brokers said.<\/p>\n
The benchmark all ordinaries index finished 9.2 points down at
\n3190.3.<\/p>\n
Malaysian shares closed 1.3 percent lower due to quick profit
\ntaking and in tandem with falls across the region, dealers said.<\/p>\n
The Kuala Lumpur Stock Exchange composite index fell 12.26
\npoints at 935.83.<\/p>\n
Philippine share prices fell 1.1 percent on negative
\nsentiment triggered by a new round of domestic oil price
\nincreases amid a securities scandal.<\/p>\n
Thai shares lost three percent as investors reduced high-risk
\npositions ahead of a bankruptcy judgement on Thailand's most
\nindebted firm, dealers said.<\/p>\n
The Stock Exchange of Thailand index was off 12.25 points, or
\n3.04 percent at 390.15, off a high of 402.22 and a low of 388.11.<\/p>\n
The Shanghai Stock Exchange's B-share index, which tracks
\nshares nominally reserved for foreigners, rose 0.25 points to
\n37.10. The A-share index of locally traded stocks ended up 25.46
\npoints, or 1.4 percent, at 1,840.81.<\/p>",
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