Asian stocks lower on concerns about spread of SARS
Asian stocks lower on concerns about spread of SARS
Agence France-Presse, Tokyo
Asian stocks fell on Wednesday despite solid gains on Wall
Street as investors in the region showed concern about the
economic impact of the SARS virus.
Japanese share prices inched up fractionally on bargain
hunting after Wall Street's rebound, but lingering fears about
the economic impact of Severe Acute Respiratory Syndrome capped
overall gains.
The Nikkei-225 average of the Tokyo Stock Exchange advanced
2.92 points or 0.04 percent to end the day at 7,793.38. The
broader Topix index of all first section issues increased 1.86
points, or 0.24 percent, to 789.35.
"In order to stop the Nikkei-225 from falling to a new post-
bubble low, public funds seem to have stepped into the stock
market," said Masafumi Okamoto, a dealer at Jyujiya Securities.
"This speculation sparked some short-covering today," he said.
But Okamoto noted the stock market would remain under pressure
this week as concerns about the spread of SARS grew.
Share prices in Hong Kong closed 0.61 percent lower, led by
falls in some property and telecoms stocks as sentiment continued
to falter due to the killer SARS outbreak.
The key Hang Seng index lost 52.31 points to close at
8,519.60.
Share prices in Singapore closed lower as initial gains were
surrendered amid profit-taking and worries over the SARS
outbreak. The Straits Times Index dropped 8.29 points or 0.64
percent to 1,266.08 and the All-Singapore Equities index weakened
2.65 points to 341.27.
Worries over the economic fallout from the SARS viral outbreak
are keeping investors edgy, dealers said.
South Korean shares closed 0.87 percent lower as early gains
gave way to increased foreign selling amid concerns about the
spread of the SARS virus. The composite index fell 5.23 points to
598.09.
Malaysian stocks closed 0.53 percent lower amid heightened
concerns about the economic impact of the SARS crisis. The Kuala
Lumpur Stock Exchange composite index fell 3.37 points to finish
at 629.62.
Taiwan stocks rose marginally after lingering concerns about
the spread of SARS capped rises triggered by gains in US
technology stocks. The weighted index closed up 8.83 points or
0.19 percent at 4,564.93.
Indonesian share prices closed 1.12 percent higher on
speculative bargain-hunting underpinned by gains in Tokyo and on
Wall Street. The Jakarta Stock Exchange composite index closed up
4.949 points at 447.686.
Nuzirman, of Dongsuh Kolibindo Securities, said the gains on
Wall Street and some regional markets were the main factors
sparking interest in local stocks.
"Today's gain was only technical as yesterday's correction did
not break the strong support of 440 points in the benchmark
index," he said.
B-shares in Shanghai closed sharply lower in the fourth
straight day of losses, with the spread of the deadly SARS virus
continuing to undermine investor sentiment.
The Shanghai B-share index closed 2.88 points or 2.37 percent
lower at 121.76 while the Shanghai A-share index closed 27.80
points or 1.69 percent lower at 1,613.33.