Major Asian stock markets close sharply lower, Tokyo up

Major Asian stock markets close sharply lower, Tokyo up

HONG KONG (AP): Most Asian stock markets ended sharply lower
Wednesday, although shares in Tokyo, the region's largest
exchange, edged up slightly.

Japan's benchmark 225-issue Nikkei Stock Average gained a
scant 9.07 points, or 0.05 percent, to 17,211.16. On Tuesday, the
average closed up 11.64 points, or 0.07 percent.

A rising futures market boosted sentiment in quiet trading as
many participants stayed on the sidelines as Japan headed into
the peak of the summer holiday season.

Hong Kong shares tumbled for a third straight session on
concerns over disintegrating China and Taiwan relations and
interest rate uncertainty.

The Hang Seng Index fell 1.3 percent, or 158.91 points, to
close at 12,437.80. On Tuesday, the index slumped 2.7 percent, or
348.76 points.

Unconfirmed news reports about Chinese military maneuvers have
rocked the stock markets in Hong Kong and Taiwan for the past
several weeks - amid a standoff between Beijing and Taipei over
Taiwanese President Lee Teng-hui's recent declaration of the
island's statehood.

Taiwan shares also ended lower on China worries.

The Taipei market's key Weighted Price Index fell 40.92
points, or 0.6 percent, to 7,228.68.

In currency dealings, the U.S. dollar was trading at 114.56
Japanese yen in late afternoon trading, down 0.32 yen from late
Tuesday in Tokyo and also below its late New York level of 114.81
yen overnight.

Indonesian shares plummeted for the third consecutive day on
panic-selling amid growing concerns the rupiah may further weaken
in coming days and jeopardize the country's economic recovery
program.

Jakarta's Composite Index ended down 3.8 percent, or 22.080
points, at 554.263.

In Singapore, shares closed lower ahead of a possible rise in
interest rates in the region. The Straits Times Index fell 35.03
points, or 1.7 percent, to 1,987.53.

In Manila, Philippine shares plunged to a four-month low amid
growing concerns that both U.S. and local interest rates are
headed higher. The 30-company Philippine Stock Exchange Index
dropped 3.3 percent, or 72.89 points, to 2,157.89,

In Bangkok, Thai prices closed sharply lower as banking issues
continued their nosedive amid pessimism over possible U.S.
interest rate hikes and the pace of debt restructuring. The SET
index fell 9.36 points, or 2.2 percent, to 421.49.

In Sydney, the Australian market closed at its lowest level
since early June, triggered by losses on Wall Street and
expectations of falling bond prices. The All Ordinaries Index
closed at 2,934.9, down 23.8 points, or 0.8 percent.

In Seoul, South Korean shares fell sharply on disappointment
over the delay in announcing reform plans for Daewoo Group. The
Korea Composite Stock Price Index rose fell 24.58 points, or 2.5
percent, to 944.08.

In Wellington, New Zealand shares closed lower on a drop in
the share price of Telecom Corp. of New Zealand Ltd. The
benchmark NZSE-40 Capital Index closed 14.82 points, or 0.7
percent, lower at 2,150.28.

In Kuala Lumpur, Malaysian shares in the benchmark index
closed higher on buying by local institutional funds. The
Composite Index rose 4.85 points, or 0.7 percent, to 688.50.