Asian bourses shaken by S. Korean crisis

Asian bourses shaken by S. Korean crisis

HONG KONG (AFP): Stock markets across Asia plummeted yesterday as already shaky investors cashed out on South Korea's deepening financial turmoil and fresh weakness in regional currencies.

Analysts warned that the Korean crisis could set off a new wave of sharp declines on regional markets.

Stocks in Hong Kong fell 5.5 percent, Tokyo 2.6 percent, Singapore 2.3 percent, Sydney 1.5 percent, Kuala Lumpur 7.4 percent, Bangkok 4.9 percent, Jakarta 4.8 percent, Manila 4.9 percent, Seoul 5.6 percent, Shanghai 3.0 percent and Taipei 2.7 percent.

Hong Kong shares closed off their lows, with the key Hang Seng index tumbling 602.19 points to 10,420.22 on the South Korean crisis.

In Tokyo, Japanese share prices ended 2.6 percent lower, as selling pressure rose on the deepening crisis in Asian markets sparked by the financial turmoil in South Korea, brokers said.

The key Nikkei stock average of 225 select issues plunged 427.97 points to close at 16,050.15, off the day's low of 16,025.27 touched in the last minutes of trading. The high was 16,396.70 points at the open.

In Singapore, the benchmark index plunged 2.3 percent as regional panic triggered by South Korea's deepening crisis drove the local dollar to its lowest level in four and a half years.

The Straits Times Industrials index closed 39.24 points lower at 1,664.28. The more broadly-based All-Singapore index was down 10.86 points at 431.79.

In Sydney, Australian share prices fell 1.5 percent in reaction to Wall Street's apprehension over the deepening Asian economic crisis.

The Australian Stock Exchange's main indicator, the All Ordinaries index, fell 37.9 points to 2,516.8, after US blue- chips posted a 0.9-percent decline overnight as investors fretted over the Asian crisis.

In Kuala Lumpur, Malaysia's key stock index slumped 7.4 percent amid fears that some local banks may go bust and aggravated by news of short-selling charges against two brokerages.

The Kuala Lumpur Stock Exchange's 100-share weighted composite index tumbled 47.18 points to end at 589.18. The second board index lost 2.3 percent or 5.46 points to 229.07.

In Bangkok, Thai stocks plunged, ending the turbulent day 4.9 percent down as the country's currency collapsed amid a currency storm wreaking havoc across the region, dealers said.

The Stock Exchange of Thailand composite index fell 19.16 points to close at 371.51 after crashing through a string of nine-year lows as the baht lurched downward in line with regional currencies.

In Manila, Philippine share prices plunged 4.9 percent on profit-taking and in line with the weakness in Asian bourses due to deepening currency turmoil, analysts said.

The Philippine Stock Exchange index shed 97.21 points to 1,875.63.

In Seoul, share prices closed 5.6 percent down on the Korea Stock Exchange on worries that foreign investors will remain sidelined due to the persistent fall of the won.

The composite index closed down 22.48 points at 377.37, off a low of 376. 19.

In Shanghai, the B shares, nominally reserved for foreign investors, fell 3.0 percent in line with sharp declines in New York, Hong Kong and other regional bourses, dealers said.

The Shanghai Stock Exchange's B share index shed 1.82 points to end at 58. 09 while the A share index of locally traded stocks gained 2.32 points, or 0. 2 percent, to close at the day's high of 1,219.77.

In Taipei, Taiwan share prices closed 2.7 percent lower, led by technology shares, as investor sentiment was battered by an overnight dip on Wall Street and the deepening crisis in South Korea.

The Taiwan Stock Exchange weighted price index fell 232.97 points to 8,270. 58.

In Auckland, New Zealand stocks closed down 1.3 percent as buying dried up following overnight weakness on Wall Street.

The key NZSE-40 index fell 30.05 points to 2,366.07.

In London, the FT-SE 100 index of leading shares fell by 69.7 points, or 1.3 percent, in early trading to 5,061 points.

In Paris, the CAC 40 index fell by 65.66 points, or 2.24 percent, at the start of trade to 2,866.52 points. The French market had closed 0.92 percent lower on Wednesday.

In Frankfurt, the DAX 30 index opened 58.51 points, or 1.4 percent, lower at 4,058.76 points.