Friday the 13th spooks Asian stock markets<\/p>\n
HONG KONG (AFP): Asian markets were hit hard with investors
\napparently frightened away by ill omens yesterday, the 13th, with
\nsharp falls in Hong Kong and Tokyo sparking profit-taking
\nthroughout the region, analysts said.<\/p>\n
Fears of further negative fallout from Indonesia's currency
\ncrisis hung like a black cloud over market sentiment despite talk
\nthat Jakarta was contemplating introducing a currency board
\nmechanism to stabilize its beleaguered rupiah.<\/p>\n
All Asian markets fell with the exception of Jakarta, which
\nwas up 1.3 percent on a technical rebound despite confusion over
\nplans for the peg.<\/p>\n
Hong Kong share prices plunged 3.3 percent on future-led
\nselling as concerns over interest rates resurfaced amid the
\nfinancial crisis in Indonesia, dealers said.<\/p>\n
The key Hang Seng index lost 45.43 points to close at a two-
\nweek low of 10, 274.60 after four consecutive sessions of losses.<\/p>\n
In Tokyo, Japanese share prices closed 2.2 percent lower,
\npressured by profit-taking on recent gains and selling in bank
\nshares, brokers said.<\/p>\n
The Nikkei index fell by over 400 points at one time, but the
\ndownside was supported well above the 16,500-point level thanks
\nto optimism that investors would remain buyers after ensuring
\nprofits, brokers said.<\/p>\n
In Sydney, Australian share prices fell 0.8 percent after
\nbeing dragged down by early trade on markets in Hong Kong and
\nTokyo, brokers said.<\/p>\n
The Australian Stock Exchange's key All Ordinaries index fell
\n21.3 points to 2,653.0. The All Industrials index fell 27.6
\npoints, or 0.61 percent, to 4, 532.4, while the All Resources
\nindex sank 17.5 points or 1.49 percent, to 1, 156.0.<\/p>\n
In Singapore, Singapore's benchmark stock index closed three
\npercent lower as regional financial markets underwent a further
\ncorrection triggered by currency volatility over Indonesia's
\nplans to peg the rupiah.<\/p>\n
The Straits Times Industrials index closed 47.60 points lower
\nat 1,552.69. The more broadly-based All-Singapore index fell 5.17
\npoints to 408.05.<\/p>\n
In Kuala Lumpur, Malaysia's key stock index closed 1.7 percent
\nlower on concerns over possible renewed weakness in the local
\ncurrency and political uncertainty in Indonesia.<\/p>\n
The Kuala Lumpur Stock Exchange's 100-share weighted composite
\nindex fell 11.93 points to finish at 685.50, but the second board
\ngained 6.64 points, or 3.4 percent, to 199.98.<\/p>\n
In Jakarta, Indonesian share prices closed 1.3 percent higher
\non a technical rebound despite renewed weakness in the rupiah and
\nconfusion over the implementation of an exchange-rate peg.<\/p>\n
Dealers said there was confusion over the implementation of a
\ncurrency-board system which would institute a fixed exchange-rate
\nfor the ailing rupiah.<\/p>\n
The Jakarta Stock Exchange composite index added 5.869 points
\nto finish at 448.158.<\/p>\n
In Manila, Philippine share prices fell 3.3 percent due to a
\ncombination of profit-taking, the weakening of the local currency
\nand negative developments concerning an index issue.<\/p>\n
The Philippine Stock Exchange composite index fell 71.47
\npoints to close at 2,094.98 points.<\/p>\n
In Seoul, Share prices closed 1.2 percent down on the Korea
\nStock Exchange with uncertainty over the financial and labor
\nmarkets offsetting opening gains on a canceled general strike,
\ndealers said.<\/p>\n
The composite index closed down 6.29 points at 506.20.<\/p>\n
In Shanghai, Shanghai's B shares, nominally reserved for
\nforeign investors, fell 4.2 percent, pulled down by weakness in
\nthe Hong Kong market, dealers said.<\/p>\n
The Shanghai Stock Exchange's B share index lost 2.33 points
\nto close at 53.06 points while the A share index of locally-
\ntraded stocks rose 0.67 point, or 0.05 percent, to 1,315.63
\npoints.<\/p>\n
In Taipei, Taiwan stocks dipped 1.1 percent as late selling
\nwiped out early gains. The Taiwan Stock Exchange weighted price
\nindex dropped 93.56 points to 8, 706.46.<\/p>\n
In Auckland, The New Zealand Stock Exchange ended barely
\nchanged. The NZSE-40 index moved up just 0.13 points to 2,313.01.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/friday-the-13th-spooks-asian-stock-markets-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}