Asian stock markets skid as technology shares take a tumble
Asian stock markets skid as technology shares take a tumble
SINGAPORE (Agencies): Asia stocks took a beating on Monday,
battered by domestic factors, uncertainty ahead of a U.S. Federal
Reserve meeting next week, as well as falls in once hotly-
favored high tech stocks.
Jakarta share prices closed 1.4 percent lower on regional
market falls and profit-taking after shares had risen in the past
three days of trading, dealers said.
The Jakarta Stock Exchange composite index closed down 8.606
points at 587.576.
The share prices fell amid sharp decline in Taiwan stocks
which put further pressure on other regional stocks, a dealer
with PDFCI said.
"I think the shares fall is already anticipated as the shares
have gone up in the last three days. So this is healthy
correction," he said.
Taiwan stocks had their biggest percentage drop in a decade,
by nearly seven percent to below the 9,000 support level, as
cautious investors dumped shares amid uncertainties ahead of
Saturday's presidential elections.
The Weighted Price Index finished 617.65 points lower at
8,811.95 in its biggest fall in terms of points ever as investors
grew nervous that opposition candidate Chen Shui-bian could win
Saturday's presidential election.
Tokyo stocks ended just under three percent lower at the
market's close with the benchmark Nikkei average at 19,189.93,
down 560.47 points.
Hong Kong stocks also fell sharply, following other Asian
markets as investors dropped high-tech stocks ahead of Taiwan's
presidential election and possible U.S. interest rate hikes.
The benchmark Hang Seng Index shed 4.12 percent or 735.18
points to close at 17,096.68, erasing last week's gains. The
index is now just slightly higher than its close on March 2.
The Korea Composite Stock Price Index plunged 4.1 percent, or
36.70 points to 854.66, as investors grew nervous about Friday's
decline in the Dow Jones Industrial Average and weakness in
regional markets.
The over-the-counter Kosdaq market lost 3.99 points, or 1.4
percent, to 279.45.
The Straits Times Index was down 53.58 points, or 2.6 percent,
to 2042.66.
Australian shares slipped 0.3 percent as a result of weakness
in some blue chip stocks and negative indicators from Wall Street
last Friday, brokers said.
The benchmark all ordinaries index finished 9.2 points down at
3190.3.
Malaysian shares closed 1.3 percent lower due to quick profit
taking and in tandem with falls across the region, dealers said.
The Kuala Lumpur Stock Exchange composite index fell 12.26
points at 935.83.
Philippine share prices fell 1.1 percent on negative
sentiment triggered by a new round of domestic oil price
increases amid a securities scandal.
Thai shares lost three percent as investors reduced high-risk
positions ahead of a bankruptcy judgement on Thailand's most
indebted firm, dealers said.
The Stock Exchange of Thailand index was off 12.25 points, or
3.04 percent at 390.15, off a high of 402.22 and a low of 388.11.
The Shanghai Stock Exchange's B-share index, which tracks
shares nominally reserved for foreigners, rose 0.25 points to
37.10. The A-share index of locally traded stocks ended up 25.46
points, or 1.4 percent, at 1,840.81.