Asian stock exchanges close lower
Asian stock exchanges close lower
HONG KONG (AP): Most Asian stock markets fell yesterday, with
shares slumping in Tokyo as investors remained nervous about the
Japanese government's ability to boost the country's faltering
economy.
Tokyo's 225-issue Nikkei Stock Average shed 254.49 points, or
1.66 percent, closing at 15,054.60. On Monday, the Nikkei had
gained 41.11 points, or 0.27 percent.
The Japanese government was expected to begin announcing soon
details of its plan to tackle the sagging economy by cleaning up
bad debt problems at banks.
Governing Liberal Democratic Party officials have said the
party will come up with a plan by July 8 for a "bridge bank" to
handle bad loans.
"People are still nervous about the Liberal Democratic Party's
ability to come up with a plan" to deal with the problem, said
Jon Yang, a salesman in the futures and options group at Jardine
Fleming Securities.
South Korean shares also tumbled, with the key index falling
2.6 percent on unconfirmed talk that the government will soon
list shares of state-owned Korea Telecom.
Analysts said a listing of the company's shares would be
expected to further hurt the bearish stock market because it
would sharply increase stock supply in an already oversupplied
market.
The Seoul Stock Exchange's Korea Composite Stock Price Index
fell 7.96 points to 303.31.
Share prices in Hong Kong closed slightly higher, a day after
the government announced a multibillion-dollar package to boost
the territory's sagging economy.
The Hang Seng Index, the market's key indicator of blue chips,
rose 15.46 points, or 0.1 percent, closing at 8,219.67. On
Monday, the index had slumped 387,70 points, or 4.5 percent.
Elsewhere:
In Singapore, share prices closed mostly lower, with brokers
saying that investors were gloomy about the region's economic
prospects. The key Straits Times Industrial Index fell 1.5
percent, or 16.20 points, to 1,082.25.
In Kuala Lumpur, Malaysian share prices closed lower in
cautious trading. The benchmark Composite Index slipped 0.36
points to 457.25.
In Taipei, share prices closed lower on continued profit-
taking. The market's key Weighted Stock Price Index fell 59.55
points, or 0.77 percent, to 7,633.36.
In Wellington, New Zealand share prices closed higher. The
NZSE-40 Capital Index rose 11.37 points, or 0.5 percent, to
1,953.68.
In Manila, shares closed mixed as investors remained cautious
in the absence of significant news to provide direction. The 30-
share Philippine Stock Exchange Index rose 6.17 points, or 0.4
percent, to 1,695.86, following Monday's 2.9 percent fall.
In Sydney, Australian share prices closed mostly lower, having
stagnated for much of the afternoon session. The All Ordinaries
Index fell 14.2 points, or 0.5 percent, to 2,582.60.
In Bangkok, Thai share prices closed lower in thin trading.
The Stock Exchange of Thailand index fell 1.84 points, or 0.6
percent, to 274.06.