Currency turmoil tempers regional markets

Currency turmoil tempers regional markets

HONG KONG (AFP): Steep falls among Southeast Asian currencies against the US dollar tempered regional markets yesterday despite government efforts to shore up share prices.

Nearly all Southeast Asian currencies led by the Malaysian ringgit dived to record lows against the greenback despite frantic government efforts to calm financial chaos.

Uncertainty over the fate of Southeast Asian markets in the near term even spilled over to Hong Kong, where share prices fell 3.5 percent on profit-taking and the absence of fresh incentives, dealers said.

The Stock Exchange of Hong Kong's key Hang Seng Index lost 514.82 points to finish at 14,199.17.

In Tokyo, Japanese share prices closed 0.6 percent lower after profit-taking centered on selected blue chips following two days of gains, brokers said.

The Nikkei Stock Average of 225 leading issues fell 120.11 points to finish at 18,615.06 while the Topix index of all issues on the first section of the Tokyo Stock Exchange was down 3.22 points at 1,446.63.

In Kuala Lumpur, Malaysia's key stock index regained some ground on local institutional support to close 2.6 percent lower, after having plunged by almost ten percent in early trade.

The Kuala Lumpur Stock Exchange 100-share weighted composite index dipped 19.64 points to end at 731.12, after earlier crossing the 700-support level to touch an intra-day low of 675.15.

In Singapore, blue-chip stock prices ended marginally higher on bargain hunting, with attention focused on neighboring Malaysia's troubled bourse, dealers said.

The Straits Times Industrials index of leading shares on the Stock Exchange of Singapore closed 6.43 points, or 0.4 percent, higher at 1,826.61.

In Sydney, the all ordinaries index, fell 10.5 points to 2,608.5. The all resources index fell 10.3 points to 1, 354.4 while the all industrials fell dropped 11.8 points to 4,213.9 .

In Bangkok, Thai share prices rose 1.6 percent in a technical rebound following weeks of dramatic losses, as parliament debated a new constitution and analysts projected several years of slow growth.

The composite Stock Exchange of Thailand (SET) index added 8.13 points to finish at 522.20 points, while the selected SET 50 gained 1.02 points to finish at 38.21.

In Manila, Philippine share prices rose 4.2 percent due to the central bank's announcement of a cut in reserve requirements, allowing interest rates to go down.

The Philippine Stock Exchange composite index rose 83.55 points to close at 2,077.68 points.

In Seoul, the composite index closed down 0.64 points at 687.99.

In Shanghai, the B share index dropped 0.55 points to close at 80.35 points. The A share index rose 11.51 points, or 0.9 percent, to close at 1,308.37 points.

In Taipei, the Taiwan Stock Exchange weighted price index slid 312.91 points to 9,147. 85.

In Auckland, the NZSE-40 was down 8.36 points at 2,471.06.

In London, the FTSE 100 index was down 2.0 points or 0.04 percent at 4,974.9.

In Frankfurt, the DAX floor trading index was down 17.49 points or 0.43 percent at 4,086.16.

In Paris, the CAC-40 index was 11.05 points or 0.38 percent firmer at 2,928.97.