Friday the 13th spooks Asian stock markets
Friday the 13th spooks Asian stock markets
HONG KONG (AFP): Asian markets were hit hard with investors
apparently frightened away by ill omens yesterday, the 13th, with
sharp falls in Hong Kong and Tokyo sparking profit-taking
throughout the region, analysts said.
Fears of further negative fallout from Indonesia's currency
crisis hung like a black cloud over market sentiment despite talk
that Jakarta was contemplating introducing a currency board
mechanism to stabilize its beleaguered rupiah.
All Asian markets fell with the exception of Jakarta, which
was up 1.3 percent on a technical rebound despite confusion over
plans for the peg.
Hong Kong share prices plunged 3.3 percent on future-led
selling as concerns over interest rates resurfaced amid the
financial crisis in Indonesia, dealers said.
The key Hang Seng index lost 45.43 points to close at a two-
week low of 10, 274.60 after four consecutive sessions of losses.
In Tokyo, Japanese share prices closed 2.2 percent lower,
pressured by profit-taking on recent gains and selling in bank
shares, brokers said.
The Nikkei index fell by over 400 points at one time, but the
downside was supported well above the 16,500-point level thanks
to optimism that investors would remain buyers after ensuring
profits, brokers said.
In Sydney, Australian share prices fell 0.8 percent after
being dragged down by early trade on markets in Hong Kong and
Tokyo, brokers said.
The Australian Stock Exchange's key All Ordinaries index fell
21.3 points to 2,653.0. The All Industrials index fell 27.6
points, or 0.61 percent, to 4, 532.4, while the All Resources
index sank 17.5 points or 1.49 percent, to 1, 156.0.
In Singapore, Singapore's benchmark stock index closed three
percent lower as regional financial markets underwent a further
correction triggered by currency volatility over Indonesia's
plans to peg the rupiah.
The Straits Times Industrials index closed 47.60 points lower
at 1,552.69. The more broadly-based All-Singapore index fell 5.17
points to 408.05.
In Kuala Lumpur, Malaysia's key stock index closed 1.7 percent
lower on concerns over possible renewed weakness in the local
currency and political uncertainty in Indonesia.
The Kuala Lumpur Stock Exchange's 100-share weighted composite
index fell 11.93 points to finish at 685.50, but the second board
gained 6.64 points, or 3.4 percent, to 199.98.
In Jakarta, Indonesian share prices closed 1.3 percent higher
on a technical rebound despite renewed weakness in the rupiah and
confusion over the implementation of an exchange-rate peg.
Dealers said there was confusion over the implementation of a
currency-board system which would institute a fixed exchange-rate
for the ailing rupiah.
The Jakarta Stock Exchange composite index added 5.869 points
to finish at 448.158.
In Manila, Philippine share prices fell 3.3 percent due to a
combination of profit-taking, the weakening of the local currency
and negative developments concerning an index issue.
The Philippine Stock Exchange composite index fell 71.47
points to close at 2,094.98 points.
In Seoul, Share prices closed 1.2 percent down on the Korea
Stock Exchange with uncertainty over the financial and labor
markets offsetting opening gains on a canceled general strike,
dealers said.
The composite index closed down 6.29 points at 506.20.
In Shanghai, Shanghai's B shares, nominally reserved for
foreign investors, fell 4.2 percent, pulled down by weakness in
the Hong Kong market, dealers said.
The Shanghai Stock Exchange's B share index lost 2.33 points
to close at 53.06 points while the A share index of locally-
traded stocks rose 0.67 point, or 0.05 percent, to 1,315.63
points.
In Taipei, Taiwan stocks dipped 1.1 percent as late selling
wiped out early gains. The Taiwan Stock Exchange weighted price
index dropped 93.56 points to 8, 706.46.
In Auckland, The New Zealand Stock Exchange ended barely
changed. The NZSE-40 index moved up just 0.13 points to 2,313.01.