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.