Asian stocks decline in reaction to Nasdag fall

Asian stocks decline in reaction to Nasdag fall

TOKYO (AFP): The record points fall on Nasdaq overnight
dominated most investors actions in Asia Tuesday as tumbling
technology stocks continued to drag down regional markets.

In Bombay, heavy selling prompted by Nasdaq's fall saw local
stocks sink 7.2 percent while other markets reacted more
sedately.

Tokyo eased 0.6 per cent due to Nasdaq, with dealers again
saying that Prime Minister Keizo Obuchi's grave illness was not
having any negative effect on the market, with economic policies
expected to carry on unchanged under his successor.

Markets in Hong Kong, Taiwan and Indonesia were closed for
public holidays.

The political crisis in Japan surrounding the stricken Prime
Minister Keizo Obuchi was less of a concern, they said.

The key Nikkei-225 index dropped 132.06 points to end at
20,594.93.

In Sydney, Australian shares eased 0.6 percent with strong
gains in bank and insurance stocks partly offsetting losses
triggered by falls in hi-tech stocks on Wall St, dealers said.

The benchmark Australian Stock Exchange All Ordinaries Index
was 19.7 points lower at 3,163.5.

In Singapore, Singapore share prices closed 0.6 percent lower
as technology stocks extended their losses following falls on
Nasdaq, dealers said.

The benchmark Straits Times Index fell 13.14 points to
2,058.54, while the broader All-Singapore Equities Index fell
6.38 points to 556.83.

In Kuala Lumpur, Malaysian shares closed 0.5 percent lower as
investors turned cautious and locked in profits in the absence of
fresh positive leads, dealers said.

The Kuala Lumpur Stock Exchange composite index ended down
4.78 points at 960.63.

In Seoul, South Korean share prices fell 1.9 percent on
Nasdaq's record fall and the ruling against Microsoft for anti-
competitive practices, dealers said.

The Korea Stock Exchange index closed down 16.28 points at
830.16.

In Manila, Philippine shares closed 0.3 percent lower in
reaction to the sharp fall in the Nasdaq composite index, an
analyst said.

The Philippine Stock Exchange composite index fell 5.79 points
to close at 1,682.53 points.

In Bangkok, Thai stocks dropped 1.8 percent as investors sold
electronics and telecommunications stocks after falls on Nasdaq
and regional markets.

Trading volume was thin due to the absence of fresh positive
leads locally or in other markets and because of public holidays
in several regional markets, said one dealer.

In Shanghai, Shanghai's B shares fell 1.98 percent in thin
trading, dealers said.

The Shanghai Stock Exchange's B-share index, which tracks
shares nominally reserved for foreigners, fell 0.84 points to end
at 41.63 points.

In Wellington, New Zealand shares gained 2.8 percent spurred
by the sale of Fletcher Paper to Norway's Norske Skog, dealers
said.

The benchmark NZSE-40 capital index gained 58.74 points to
2155.84.