Most Asian stock markets lose ground, except Jakarta<\/p>\n
HONG KONG (AP): Most Asian stock markets slumped yesterday,
\nbut the key index in Jakarta soared nearly 5 percent after
\nIndonesia's new president unveiled a reform cabinet following the
\nresignation of Soeharto.<\/p>\n
Brokers said trading on the Jakarta Stock Exchange was
\ndominated by local brokerage houses, because most foreign
\ncompanies remain closed following the departure of employees in
\nthe wake of last week's riots.<\/p>\n
The benchmark JSX Composite Index rose 21.137 points, or 4.9
\npercent, to 445.143.<\/p>\n
The Indonesian market was closed for a holiday on Thursday,
\nwhen Soeharto relinquished the presidency to B.J. Habibie.<\/p>\n
Popular support remains unclear for Habibie, who was
\nhandpicked by Soeharto to serve as Indonesia's third president
\nsince the country won independence from the Dutch in 1945.<\/p>\n
In Kuala Lumpur, share prices tumbled following Thursday's
\nsharp gains. The key Composite Index fell 16.39 points, or 2.7
\npercent, to 577.23.<\/p>\n
Dealers said there was still a lot of concern in Malaysia
\nabout the long-term stability of Indonesia, fueled by the
\nwidespread belief that Habibie is little more than a caretaker
\npresident.<\/p>\n
In Seoul, share prices also slumped on the Seoul Stock
\nExchange following Thursday's announcement that South Korea's
\ngross domestic product contracted 3.8 percent in the first
\nquarter of this year, the worst performance since late 1980.<\/p>\n
The South Korean central bank said that in the same period
\nlast year, the economy grew 5.7 percent.<\/p>\n
The Korea Composite Stock Price Index fell 8.63 points, or 2.4
\npercent, to 353.67.<\/p>\n
In Tokyo, Japanese stocks fell slightly as investors tried to
\nfigure out what to make of Indonesia's new president.<\/p>\n
The 225-issue Nikkei Stock Average slipped 43.60 points, or
\n0.28 percent, to close at 15,801.65. On Thursday, the average
\nrose 192.30 points, or 1.23 percent.<\/p>\n
Elsewhere:<\/p>\n
In Hong Kong, share prices slumped after three straight
\nsessions of gains. The Hang Seng Index fell 114.47 points, or 1.2
\npercent, closing at 9,555.98.<\/p>\n
In Taipei, share prices closed slightly higher, buoyed by
\ngains in stocks that have lagged behind in recent trading. The
\nmarket's key Weighted Price Index rose 15.59 points, or 0.2
\npercent, to 8,384.91.<\/p>\n
In Manila, Philippine shares closed lower on profit-taking
\nfollowing the euphoria which greeted the resignation Thursday of
\nIndonesia's President Soeharto. The Philippine Stock Exchange
\nIndex of 30 selected issues fell 9.36 points, or 0.4 percent, to
\n2,139.25.<\/p>\n
In Singapore, the market's benchmark index slipped on concerns
\nover whether Indonesia's economic and political problems would be
\nresolved under President B.J. Habibie's new cabinet. The Straits
\nTimes Industrials Index fell 5.98 points, or 0.4 percent, to
\n1,313.67.<\/p>\n
In Bangkok, share prices closed lower in thin trading. The
\nStock Exchange of Thailand (SET) index slipped 0.09 point to
\n355.82.<\/p>\n
In New Zealand, share prices closed higher. The NZSE-40
\nCapital Index rose 19.75 points, or 0.8 percent, to 2,237.71.<\/p>\n
In Australia, share prices closed slightly lower in a quiet
\nsession. The All Ordinaries Index fell 7.6 points, or 0.27
\npercent, to 2,725.9.<\/p>",
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