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.