HK stock prices slip due to dollar

HK stock prices slip due to dollar

HONG KONG (AFP): Hong Kong stock prices slipped 1.11 percent yesterday due to the weakness of the U.S. dollar, with the key blue-chip benchmark Hang Seng Index losing 91.24 points to close at a two-week low of 8,093.91.

Turnover thinned to HK$1.898 billion (US$246 million) from Friday's HK$2.402 billion.

"The outstanding concern is the slide in the U.S. dollar," said Chris Malpass of Peregrine Brokerage.

In Tokyo, Japanese share prices moved narrowly with key market indices closing mixed as many investors sat on the sidelines to watch the yen's surge to new highs against the dollar.

The 225-issue Nikkei Stock Average finished 1.10 points higher at 17,040.72 while the Topix index of all issues on the first section of the Tokyo Stock Exchange slipped back 0.69 points to 1,361.65.

In Singapore, share prices were dragged down on market concern over the direction of the U.S. dollar, which hit a new low against the yen, dealers said.

The Stock Exchange of Singapore (SES) blue chip barometer Straits Times Industrials (STI) index shed 6.01 points to 2,126.99 from 2,133 on Thursday. The Singapore market was closed for the Moslem Idul Fitri on Friday.

In Bangkok, a falling dollar and rising local interest rates sheered 2.11 percent off the Stock Exchange of Thailand (SET), with the index closing 26.6 points down, to 1,235.73 points, brokers said.

In Kuala Lumpur, Malaysian share prices closed sharply lower after players took profits and refrained from taking major positions following the slide of the U.S. dollar.

The Kuala Lumpur Stock Exchange's 86-stock weighted composite index fell 26.24 points to 953.40 from 979.64 at the early end of last week's trading. The market was closed Wednesday through Friday for Moslem holidays.

In Manila, Philippine share prices declined 1.28 percent in thin trading as a bearish sentiment continued to chase the bulls away, analysts said.

The Philippine Stock Exchange composite index fell 31.98 points to settle at 2,456.54. It had been falling for the past three weeks.

In Seoul, share prices rallied on the Korea Stock Exchange for the fourth consecutive day. The Composite Price Index soared 14.29 points to settle at 933.44 points with 25.41 million shares worth 459.39 billion won (US$581 million) changing hands.

In Taipei, the bourse declined across the board in slow trading, with all eight major categories of shares posting losses, dealers said.

The 422-issue weighted price index on the Taiwan Stock Exchange lost 55.8 points, or 0.85 percent, to finish at 6,474.94 points, wiping out a 13.91-point advance the previous session Saturday.

In Sydney, the main market indicator, the All Ordinaries index, finished 10.8 points, or 0.5 percent, down at 1,891.6 while the All Industrials fell 15 points to 2,837.7 and the All Resources dipped 7.6 points, finishing at 1,176.6.

In London, share prices fell here early yesterday as sentiment was hit by the ongoing turmoil in the currency markets following the weekend devaluation of the peseta and the escudo and the continued slide of the dollar, dealers said.

At 10:00 GMT, the FT-SE 100 index was down 11 points at 3,014.1. In Paris, the CAC-40 index opened 1.14 points lower at 1,794.10.