Asian stock markets dip at the end of bruising week

Asian stock markets dip at the end of bruising week

HONG KONG (AFP): Most Asia-Pacific stock markets closed lower
yesterday at the end of a bruising week spent under the shadow of
South Korea's deepening financial turmoil.

South Korean and Indonesian stock markets led Friday's sell-
off with declines of 7.1 percent and 7.6 percent respectively,
with Indonesian investors jittery about the health of 76-year-old
President Soeharto.

News that Soeharto had canceled plans to attend a regional
summit in Malaysia on doctors' orders came as another worrying
factor for regional markets, battered by fears of being infected
by the sliding Korean won.

The Tokyo stock market dipped 0.9 percent, Singapore 1.9
percent, Sydney 0. 9 percent, Kuala Lumpur 2.4 percent, Bangkok
0.8 percent, Manila 1.1 percent and Shanghai 3.0 percent.
Exceptions were Hong Kong and Taipei.

Hong Kong shares posted a modest rebound after three
successive losing sessions, with the key Hang Seng index gaining
194.44 points or 1.9 percent Friday, to 10,614.66 on steadier
money market rates.

In Tokyo, Japanese share prices closed 0.9 percent lower, with
the Nikkei stock average falling below 16,000 on the South Korean
won's slide and pessimism over a planned economic package,
brokers said.

The key indicator of 225 selected issues on the Tokyo Stock
Exchange fell 145.85 points to end the session at 15,904.30. The
broader Topix index of all first section issues shed 16.90 points
to 1,198.84.

In Singapore, the benchmark index closed 1.9 percent lower on
heavy selling of electronics issues as regional markets tumbled
on concerns over South Korea and the health of Indonesian
President Soeharto.

The Straits Times Industrials index closed 31.30 points lower
at 1,632.98 while the broadly-based All-Singapore Index was down
2.37 points at 429.42.

In Sydney, Australian share prices slipped percent 0.9 as
resource stocks plummeted and weaker world markets weighed on
investor sentiment.

The Australian Stock Exchange's main indicator, the All
Ordinaries index, fell 22.8 points to 2,494.0.

In Kuala Lumpur, Malaysia's key stock index closed 2.4 percent
lower due to renewed weakness in the ringgit and uncertainties
surrounding the domestic economy as banks tighten credit.

The Kuala Lumpur Stock Exchange's 100-share weighted composite
index fell 14.26 points to 574.92. The second board index tumbled
6.3 percent or 14.45 points to 214.62.

In Bangkok, Thai stocks ended 0.8 percent down at the close of
a turbulent week which saw the bourse take a beating on the back
of regional currency turmoil sparked by South Korea's financial
woes.

The Stock Exchange of Thailand composite index ended the day
3.12 points down at 368.39, off the intra-day lows forced by the
record collapse of the baht. The SET 50 index finished 0.23
points down at 25.18.

In Manila, Philippine share prices fell 1.1 percent, taking
the cue from Wall Street, neighboring Asian markets and the
skidding peso which hit a new record low.

The Philippine Stock Exchange index shed 20.89 points to
1,854.74.

In Seoul, share prices plunged 7.1 percent to a ten-year low
on the Korea Stock Exchange, dragged down by relentless pressure
on the won and ceaseless financial market turmoil, dealers said.

The composite index closed down 26.69 points at 350.68, the
lowest since April 29, 1987 when it was 349.49, the exchange
said.

In Taipei, Taiwanese share prices finished 1.5 percent higher,
led by plastics and chemicals, in volatile trade as investors
stepped in at the lows to pick up bargain stocks.

The Taiwan Stock Exchange weighted price index advanced 127.69
points to 8, 398.27.

In Shanghai, the B shares, nominally reserved for foreign
investors, fell 3.0 percent as sentiment was undermined by
further weaknesses in regional currencies and equity market.

The Shanghai Stock Exchange's B share index shed 2.11 points
to end at 55. 98 while the A share index of locally traded stocks
dropped 4.70 points, or 0. 38 percent, to close at the day's high
of 1,215.07.

In Auckland, New Zealand stocks fell 1.5 percent, but closed
off earlier lows as the modest gain in Hong Kong lifted the
confidence of institutional investors.

The key NZSE-40 capital index closed 35.15 points lower at
2,330.92, having earlier gone as low as 2321.64.