Asian stocks close lower

Asian stocks close lower

Dow Jones, Singapore/Jakarta

Asian stock markets ended lower Wednesday as fresh losses on Wall Street added to the worries of investors already fretting over the U.S.-led military strikes in Afghanistan.

In Japan, stocks slipped on renewed concerns that poor corporate earnings would hurt the ability of banks to write off bad loans.

Tokyo's benchmark 225-issue Nikkei Stock Average lost 46.89 points, or 0.5 percent, to 9964.88. Tuesday, the average had fallen 1.9 percent.

In Hong Kong, the benchmark Hang Seng Index was down 60.69 points, or 0.6 percent, at 10298.24. Tuesday, the index had rallied 391.1 points, or 3.9 percent.

Thai stocks finished mixed as gains in property companies were offset by profit-taking in big-capitalization shares. The Stock Exchange of Thailand Index rose 0.12 point, or 0.04 percent, to 286.72, while the blue-chip SET 50 Index lost 0.05 point, or 0.3 percent, to 18.74.

Indonesian shares ended lower Wednesday on selling in select blue chips amid concerns over growing anti-U.S. demonstrations in the capital, dealers said.

The JSX Composite Index ended down 0.4 percent, or 1.500 points, at 368.297, off its intraday high off 371.143. The main index had opened 0.3 percent higher.

Volume was thin at 283 million shares valued at Rp 204 billion (US$ 20.3 million). Losers led gainers 59 to 37, while 61 stocks were unchanged.

Anti-U.S. protests in Jakarta went on for the third consecutive day Wednesday. Police fired tear gas to disperse some 300 Muslim students trying to break into Parliament protesting against the U.S.-led air strikes on Afghanistan, witnesses said.

"Market sentiment was hurt by such a clash," said a trader with a European brokerage firm, adding that fears such protests will turn violent discouraged investors from keeping their buying positions.

Malaysian shares fell, dragged lower by Telekom Malaysia and Malaysian Resources Corp. The weighted Composite Index closed down 5.76 points, or 0.9 percent, at 603.90, its intraday low.

Philippine shares plunged to a new 10-year low on heavy foreign selling in market heavyweights, including Philippine Long Distance Telephone Co. The Philippine Stock Exchange Index closed down 41.84 points, or 4.1 percent, at 991.35, its lowest level since Oct. 11, 1991, when it finished at 985.475.

The Straits Times Index lost 17 points, or 1.2 percent, to 1365.56.

South Korean stocks dipped following losses in the electronic sector. The Korea Composite Stock Price Index, or Kospi, slipped 4.15 points, or 0.8 percent, to 503.46.

Taiwan's stock market was closed Wednesday for a public holiday.