Rupiah's freefall spooks Asian bourses<\/p>\n
TOKYO (AFP): Asia-Pacific stock markets dipped yesterday,
\nspooked by the freefall of the Indonesian rupiah which deepened
\nregional economic gloom and worries over corporate health.<\/p>\n
Stock indices in Tokyo, Hong Kong, Singapore, Kuala Lumpur,
\nSydney, Bangkok, Jakarta, Manila, Seoul and Taipei, Shanghai and
\nAuckland closed lower in sympathy with fresh weakness assailing
\nregional currencies.<\/p>\n
A dollar-buying spree by Indonesian corporates saw the rupiah
\nhit a new record intra-day low of 16,500 to the US dollar,
\nmarking a 43.5-percent gain for the greenback from its close
\nWednesday of 11,500 to the U.S. dollar.<\/p>\n
The rupiah recovered as selling pressure on it eased with
\nreported central Bank Indonesia intervention. The rupiah ended
\nits rollercoaster ride at 12, 000 to the dollar.<\/p>\n
But sentiment in Indonesian markets -- and elsewhere in Asia
\n-- was still fragile amid worries over corporate debt repayments
\nand a successor to long-reigning Indonesian President Soeharto,
\n76.<\/p>\n
In Tokyo, share prices fell 1.7 percent, hit by profit taking
\nafter a six-day rising streak and late selling on concerns over
\nthe fallout from the Asian crisis, brokers said.<\/p>\n
\"Active profit-taking on the day was a natural consequence,
\ntaking into account the fact that the Nikkei 225 index gained
\nmore than 2,000 points in just (the past) six days of trade,\" a
\nYamamaru Securities broker said.<\/p>\n
The key Nikkei stock average of 225 selected issues on the
\nTokyo Stock Exchange fell 278.73 points to end at 16,405.69.<\/p>\n
In Hong Kong, shares fell 3.9 percent as Indonesia's economic
\nmess worsened and fears rose over the health of local finance
\nfirms, dealers said.<\/p>\n
\"Concerns over regional problems are escalating. I even see
\nthe market testing the 8,500-point level in the near term,\" said
\nNikko Securities analyst Steven Thompson.<\/p>\n
The key Hang Seng index fell 363.07 points to 8,883.73.<\/p>\n
In Singapore, blue-chip stock index dropped 3.2 percent on
\nworries over a persistent plunge in the Indonesian rupiah which
\ntook its toll on other regional currencies as well.<\/p>\n
The Straits Times Industrials index of the Stock Exchange of
\nSingapore fell 41.91 points to end at 1,269.49 while the broader
\nAll-Singapore index slipped 10.34 points to 375.77.<\/p>\n
In Kuala Lumpur, Malaysia's key stock index closed 2.6 percent
\nlower, weighed down by falls in regional bourses and currencies,
\nbut ended off its lows on light local buying, dealers said.<\/p>\n
The Kuala Lumpur Stock Exchange's 100-share weighted composite
\nindex fell 15.34 points to end at 575.21, off an earlier low of
\n565.71.<\/p>\n
In Sydney, Australian share prices fell 0.9 percent, amid
\ndisappointing quarterly profit results and renewed turmoil in
\nAsian markets as investors eased off ahead of a bank holiday,
\nbrokers said.<\/p>\n
The Australian Stock Exchange's main indicator, the All
\nOrdinaries index, fell 23.4 points to 2,599.4.<\/p>\n
In Bangkok, Thai share prices closed 2.8 percent lower in
\nactive trading following the sharp fall of the rupiah, with most
\ninvestors selling banking and finance stocks, dealers said.<\/p>\n
The Stock Exchange of Thailand (SET) composite index finished
\n12.06 points weaker at 420.80, off a low of 419.63 points and a
\nhigh of 441.63. The SET 50 index lost 1.29 points at 31.29 by the
\nbell.<\/p>\n
In Manila, Philippine share prices fell 2.7 percent amid a
\nweakening peso, analysts said.<\/p>\n
The Philippine Stock Exchange composite index shed 47.66
\npoints to close at 1,707.61 points.<\/p>\n
In Seoul, share prices closed 4.5 percent lower on the Korea
\nStock Exchange Tas foreign investors sold blue chips in afternoon
\ntrade, dealers said.<\/p>\n
The composite index closed down 22.67 points, or 4.5 percent,
\nat 483.99.<\/p>\n
In Taipei, Taiwan stocks slid 0.2 percent ahead of the Chinese
\nNew Year holiday as investors took to the sidelines awaiting an
\nexpected post-holiday rally, dealers said.<\/p>\n
The Taiwan Stock Exchange weighted price index moved down
\n13.18 points to 8,085.47.<\/p>\n
In Shanghai, the B shares, nominally reserved for foreign
\ninvestors, plunged 4.5 percent in line with a drop in Hong Kong's
\nHang Seng index, dealers said.<\/p>\n
The Shanghai Stock Exchange's B share index lost 2.15 points
\nto close at 45.50 points while the A share index of locally-
\ntraded stocks rose 5.57 points, or 0.4 percent, to 1,274.56
\npoints.<\/p>\n
In Auckland, New Zealand shares closed down 0.4 percent in
\nthin and lackluster trade amid worries about the impact of Asia's
\nfinancial turmoil.<\/p>\n
The NZSE-40 capital index fell 9.22 points to 2,244.92 on a
\nturnover of NZ$42. 92 million (US$24.8 million).<\/p>",
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