Regional markets hit by currency weakness<\/p>\n
HONG KONG (AFP): Most Asian bourses plummeted yesterday as
\nregional currencies were sold down to historic new lows,
\ndeepening the gloom over regional financial markets.<\/p>\n
Hong Kong shares fell 1.6 percent, Tokyo 0.4 percent,
\nSingapore and Kuala Lumpur 3.8 percent, Jakarta 1.9 percent,
\nManila 2.8 percent, Taipei 0.8 percent and Shanghai 3.6 percent.<\/p>\n
Markets were hit by jitters as the Indonesia rupiah, the Thai
\nbaht, the Malaysian ringgit and the Philippine peso maintained
\ntheir freefall against the US dollar, seen as a haven from the
\nregional crisis of confidence.<\/p>\n
In Hong Kong, share prices dipped on an increase in interbank
\ninterest rates, fixed higher amid the renewed weakness in
\nregional currencies to ward off any pressure on the local dollar,
\ndealers said.<\/p>\n
The key Hang Seng index shed 168.03 points to close at
\n10,135.51, after dropping 3.5 percent in Monday's trading.<\/p>\n
In Tokyo, Japanese share prices closed 0.4 percent lower,
\npressured by lingering concerns over economic prospects and the
\nyen's decline in foreign exchange trading, brokers said.<\/p>\n
The Nikkei stock average of 225 selected issues on the Tokyo
\nStock Exchange fell 60.44 points to end at 14,896.40. The broader
\nTopix index of all first-section issues lost 5.98 points to
\n1,160.65.<\/p>\n
In Sydney, the Australian Stock Exchange's key All Ordinaries
\nindex closed up 41 points at 2,685.3. The All Industrials index
\nrose 92.5 points to 4616. 4, but the All Resources index was down
\n3.2 points at 1142.9.<\/p>\n
In Singapore, Singapore's benchmark stock index plunged 3.8
\npercent as Southeast Asian currencies received another beating
\nand fears of more interest rate hikes spooked the local market.<\/p>\n
The Straits Times Industrials index closed 56.83 points lower
\nto 1,439.12. The more broadly-based All-Singapore index was 14.43
\npoints down at 402.99.<\/p>\n
In Kuala Lumpur, Malaysia's key stock index closed 3.8 percent
\nlower, extending the previous day's losses amid sharp plunges in
\nthe ringgit and other regional currencies.<\/p>\n
The Kuala Lumpur Stock Exchange's 100-share weighted composite
\nindex tumbled 21.05 points to end at 525.74. The lesser second
\nboard index fell 3.8 percent, or 5.61 points, at 143.52.
\nElsewhere in the Asia-Pacific:<\/p>\n
In Bangkok, Thai shares staged a slight rally in late
\nafternoon trade, finishing the day 1.1 percent higher, despite
\ncontinuing turmoil in regional currency markets.<\/p>\n
The Stock Exchange of Thailand (SET) broad based index closed
\n4.09 points stronger at 370.27, while the SET 50 index gained
\nO.56 points to close at 26. 12, on thin trade of 1,257,162 lots
\nworth 1.74 billion baht (34 million dollars).<\/p>\n
In Manila, Philippine share prices fell 2.8 percent as the
\nlocal currency plunged to new record lows.<\/p>\n
The Philippine Stock Exchange index dropped 52.24 points to
\n1,820.60.<\/p>\n
In Seoul, share prices closed 2.5 percent higher on the Korea
\nStock Exchange on active foreign buying and revived interest in
\nsecond and third-liners, dealers said.<\/p>\n
The composite index broke through the 400 point mark to close
\nup 9.85 points at 406.34, off a high of 406.39.<\/p>\n
In Taipei, Taiwanese stocks dropped 0.8 percent in volatile
\ntrading amid fears of a further depreciation in the local
\ncurrency, dealers said.<\/p>\n
The Taiwan Stock Exchange weighted price index dropped 62.45
\npoints to 7, 966.18.<\/p>\n
In Shanghai, the B share index fell 1.98 points to 52.71
\npoints while the A share index of locally-traded stocks rose
\n15.08 points, or 1.2 percent, to 1,302.53 points.<\/p>\n
In Auckland, New Zealand stocks gained 1.1 percent on a strong
\nperformance by paper and pulp issues.<\/p>\n
The NZSE-40 index was up 24.81 points at 2,340.55 on a
\nturnover or NZ$67.84 million (US$38 million).<\/p>",
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