Rioting in RI hits KL, Jakarta shares<\/p>\n
HONG KONG (AP): Most Asian stock markets closed lower
\nyesterday, with shares tumbling in Kuala Lumpur and Jakarta
\nfollowing rioting in Indonesia.<\/p>\n
News of the rioting in Indonesia caused a sell-off by
\nforeigners on the Kuala Lumpur Stock Exchange, where the
\nbenchmark Composite Index, which tracks 100 key stocks, fell
\n19.03 points, or 3 percent, to 608.40.<\/p>\n
Dealers said any political turmoil in Indonesia could hurt
\nMalaysia, which is host to more than 1 million Indonesian
\nworkers.<\/p>\n
The Jakarta Stock Exchange's Composite Index fell 10.834
\npoints to 435.160.<\/p>\n
The Hong Kong stock market's main index tumbled 2.7 percent
\nafter the government reported a sharp drop in the territory's
\neconomic growth in the fourth quarter of last year.<\/p>\n
The Hang Seng Index, the market's key indicator of blue chips,
\nfell 285.76 points, closing at 10,153.66. On Monday, the index
\nhad slumped 124.26 points.<\/p>\n
Brokers said investors were concerned over the prolonged
\neconomic downturn in the territory.<\/p>\n
The government said Monday that Hong Kong's economic growth
\nslowed to 2.7 percent in the fourth quarter of 1997 from 5.7
\npercent in the previous quarter.<\/p>\n
Financial Secretary Donald Tsang also said that he expected
\nbankruptcies and unemployment to rise in the near future.<\/p>\n
Going against the trend was the Philippines, where shares
\nclosed higher on expectations of a market rally after next week's
\npresidential elections.<\/p>\n
The Philippine Stock Exchange index of 30 selected stocks
\nsoared 59.06 points, or 2.7 percent, to 2,267.18 after Monday's
\n26.8-point gain.<\/p>\n
Markets were closed in Japan, South Korea and Thailand for
\nholidays.<\/p>\n
In Singapore, share prices closed largely lower as investors
\nwere wary of the region's economic and financial woes. The
\nStraits Times Industrials Index fell 7.13 points, or 0.4 percent,
\nto 1,469.27.<\/p>\n
In Taipei, share prices closed lower in the absence of any
\nupbeat news in the market. The market's key Weighted Stock Price
\nIndex fell 30.45 points, or 0.4 percent, to 8,330.15.<\/p>\n
In New Zealand, share prices closed higher, buoyed by a
\nstronger finish in the U.S. share market overnight and a better
\nperformance by most leading stocks. The NZSE-40 Capital Index
\nrose 10.40 points, or 0.4 percent, to 2,248.09.<\/p>\n
In Australia, share market closed lower, with brokers citing a
\nlack of investor buying interest at current price levels. The All
\nOrdinaries Index fell 8.8 points, or 0.3 percent, to 2,803.5.<\/p>",
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