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.