Asian stock marts fall after Wall Street drop

Asian stock marts fall after Wall Street drop

TOKYO (AFP): Share prices on most major bourses in the Asia- Pacific region fell yesterday as sentiment was hurt by a drop on Wall Street, brokers said.

Japanese share prices fell with the key market barometer closing 1.2 percent lower following a steep setback on Wall Street and a rally by the dollar, brokers said.

"Unless worries about the downside of bank and other issues are removed, it is difficult for the whole market to see an upturn," said Kankaku Securities Co. manager Shigeru Okamoto.

The Nikkei Stock Average of 225 leading issues fell 220.10 points to finish at 17,689.36 following a 0.6 percent decline in the previous session.

The Dow Jones Industrial Average closed down 94.28 points at 6,755.75 after climbing above the 6,900-point barrier to 6,906.60 shortly after 2 p.m. (1900 GMT).

In Hong Kong, share prices fell 1.7 percent in cautious trading following a fall on Wall Street.

The Stock Exchange of Hong Kong's key Hang Seng Index fell 230.78 points to finish at 13,379.55.

In Singapore, blue-chip index closed 0.3 percent lower as index heavyweight Cycle and Carriage Ltd. pulled down the index and investors cashed in their gains ahead of the weekend.

The Straits Times Industrials index on the Stock Exchange of Singapore ended 5.63 points, or 0.3 percent, down at 2,242.71. The broader All-Singapore index was down 1.10 points to 550.10.

In Kuala Lumpur, key stock index closed 0.2 percent higher on selective buying of blue chips and smaller capitalised stocks.

The Kuala Lumpur Stock Exchange's 100-share weighted composite index rose 2.26 points to 1,244.13. The second board index advanced 8.18 points, or 1.3 percent, to 622.72.

In Bangkok, the broad-based Stock Exchange of Thailand (SET) index closed down 0.61 points at 848.56 points, while the selected SET 50 index gained 0.09 points to finish at 63.82 points.

In Seoul, share prices rose 0.4 percent on the Korea Stock Exchange, with banks hit by the collapse of two flagships of Hanbo Group but rumors of government support prompting late buying.

The composite index closed 2.65 points firmer at 679.56.

In Manila, share prices rose 0.1 percent on gains among some blue chips.

The Philippine Stock Exchange index rose 4.15 points to 3,332.53.

In Taipei, share prices finished 0.4 percent higher, boosted by good performance of electrical and textile issues.

The Taiwan Stock Exchange weighted price index rose 28.46 points to 7,248. 01.

In Shanghai, the composite index rose 8.11 points to close at 953.91 points and the selected SSE-30 index advanced 18.35 points, or 0.7 percent, to 2.571.89 points.

In Sydney, share prices fell 0.5 percent and leading stocks ended sharply lower after a fall on Wall Street led to a negative tone on the bourse.

The Australian Stock Exchange's main indicator, the all ordinaries index, fell 11.5 points to 2,423.0.

In Wellington, share prices on the New Zealand Stock Exchange (NZSE) fell 0.7 percent following a drop on Wall Street, brokers said.

The key NZSE-40 capital index closed 17.53 points lower at 2,400.27.