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.