HK, Taiwan stocks slide, Jakarta shares climb

HK, Taiwan stocks slide, Jakarta shares climb

SINGAPORE (Reuters): A hefty fall in U.S. stocks overnight
forced some key Asian markets into retreat yesterday, but the
overall picture was mixed as investors drew breath after recent
heavy losses.

Shares in Hong Kong and Taiwan fared worst in the wake of Wall
Street's one percent slide, each falling nearly three percent.

But Tokyo shares edged up and Indonesian stocks bathed in some
rare good news, climbing over three percent after Germany's
Deutsche Bank said a framework deal on rescheduling Indonesia's
private debt had been agreed.

Other markets continued to take comfort from the yen's grip
above 139 to the dollar, and crude oil prices roared higher on
prospects that the oil ministers of key producing countries would
meet to discuss a possible cut in global output.

The dollar was trading at 138.20/30 yen in early Europe as
traders remained wary that an expected meeting of G-7 ministers
next week could agree to boost the feeble Japanese currency.

Hong Kong stocks surrendered the previous day's sharp gains,
fulfilling analysts' predictions that the rebound had been a
correction rather than a return of confidence.

The Hang Seng index dropped 260.79 points, or 2.96 percent, to
8,558.43 after jumping 2.57 percent on Wednesday.

Taiwan stocks, always sensitive to movements in U.S.
technology shares, also took a beating.

The main index ended 2.84 percent down at 7,425.96 as
disappointment at the government's lack of action to boost the
market also took its toll.

Tokyo's Nikkei index rose 0.52 percent to end at 15,426.47, as
investors sifted through the corporate debris and picked up some
stocks seen as relatively safe, dealers said.

Shares in Singapore and Malaysia were on poor form again.

Singapore's Straits Times Index shed 2.63 percent to close at
1,187.74. Dealers said selling orders came thick and fast after
the index broke through the 1,200-level and as gloom over the
local property sector returned.

Kuala Lumpur's Composite Index fell 1.47 percent to close at
518.61 after details of a special agency set up to take over the
non-performing loans in Malaysia's banking system, announced in
the afternoon, disappointed the market.

Thailand's SET Index gained 1.79 percent on bargain-hunting,
ending at 318.18, while Manila shares ended 1.29 percent higher
to leave the main index at 1,953.88.