Global woes weaken most Asian markets

Global woes weaken most Asian markets

HONG KONG (AP): Most Asian stock markets ended the week lower Friday on the back of an overnight plunge on Wall Street. Bucking the trend was the Tokyo Stock Exchange, where the key index rebounded after falling to a 12-year low a day earlier.

Philippine shares tumbled nearly 8 percent on profit-taking sparked by a steep fall in the stock of Philippine Long Distance Telephone Co.

After takeover rumors ignited a 25 percent jump in PLDT's share price Thursday, the stock plunged 17 percent on a technical correction.

The Philippine Stock Exchange index of 30 selected stocks slumped 94.63 points, or 7.5 percent, to 1,174.61.

In Tokyo, the benchmark 225-issue Nikkei Stock Average rose 123.98 points, or 0.89 percent, closing the day's trading at 13,983.12. The rise followed a 2.38 percent decline on Thursday, when the Nikkei closed at 13,859.14, down 338.56 points.

Traders said investors were hopeful Japan's ruling and opposition parties would reach a compromise on banking reform in time for Prime Minister Keizo Obuchi's visit to the United States next week.

Meanwhile, the U.S. dollar was quoted at 132.10, down 2.20 yen from late Thursday in Tokyo and also below its rate of 132.18 late in New York overnight.

Singapore closed sharply lower, dragged down by the overnight plunge on Wall Street. The benchmark Straits Times Index slid 3 percent, or 28.68 points, to 912.74.

Share prices in Hong Kong slumped for the second straight session.

The Hang Seng Index, the Hong Kong market's key indicator of blue chips, fell 130.61 points, or 1.7 percent, closing at 7,445.96. On Thursday, the index had tumbled 284.11 points.

Brokers attributed the slump largely to the tumble on Wall Street, where the Dow Jones Industrial Average shed 216.01, points, or 2.7 percent, to close at 7873.77.

"The market was bullish" earlier this week amid hopes of a U.S. interest rate cut, said Philip Niem, an analyst with HSBC Securities. But these hopes have been dashed by U.S. Federal Reserve Chairman Alan Greenspan's recent comments.

In Taipei, share prices closed lower, dragged down by losses overnight on Wall Street. The market's key Weighted Stock Price Index fell 38.76 points, or 0.5 percent, to 6,961.76.

In Wellington, New Zealand share prices closed as the plunge on Wall Street fueled a slide on the local market. The NZSE-40 Capital Index fell 27.69 points, or 1.5 percent, to 1,734.67.

In Sydney, Australian share prices closed slightly lower. The All Ordinaries Index fell 2.9 points, or 0.1 percent, to 2,539.9.

In Seoul, share prices closed lower on a selling spree by local institutional investors. The Korea Composite Stock Price Index fell 8.67 points, or 2.8 percent, to 302.21.

In Kuala Lumpur, share prices closed higher, with short-term retail investors continuing to play the market, dealers said. The benchmark Composite Index rose 6.75 points, or 1.7 percent, to 393.30.

In Bangkok, Thai stock prices closed higher. The Stock Exchange of Thailand index rose 1.80 points, or 0.8 percent, to 221.85.