Most Asian stock markets lose ground, except Jakarta
Most Asian stock markets lose ground, except Jakarta
HONG KONG (AP): Most Asian stock markets slumped yesterday, but the key index in Jakarta soared nearly 5 percent after Indonesia's new president unveiled a reform cabinet following the resignation of Soeharto.
Brokers said trading on the Jakarta Stock Exchange was dominated by local brokerage houses, because most foreign companies remain closed following the departure of employees in the wake of last week's riots.
The benchmark JSX Composite Index rose 21.137 points, or 4.9 percent, to 445.143.
The Indonesian market was closed for a holiday on Thursday, when Soeharto relinquished the presidency to B.J. Habibie.
Popular support remains unclear for Habibie, who was handpicked by Soeharto to serve as Indonesia's third president since the country won independence from the Dutch in 1945.
In Kuala Lumpur, share prices tumbled following Thursday's sharp gains. The key Composite Index fell 16.39 points, or 2.7 percent, to 577.23.
Dealers said there was still a lot of concern in Malaysia about the long-term stability of Indonesia, fueled by the widespread belief that Habibie is little more than a caretaker president.
In Seoul, share prices also slumped on the Seoul Stock Exchange following Thursday's announcement that South Korea's gross domestic product contracted 3.8 percent in the first quarter of this year, the worst performance since late 1980.
The South Korean central bank said that in the same period last year, the economy grew 5.7 percent.
The Korea Composite Stock Price Index fell 8.63 points, or 2.4 percent, to 353.67.
In Tokyo, Japanese stocks fell slightly as investors tried to figure out what to make of Indonesia's new president.
The 225-issue Nikkei Stock Average slipped 43.60 points, or 0.28 percent, to close at 15,801.65. On Thursday, the average rose 192.30 points, or 1.23 percent.
Elsewhere:
In Hong Kong, share prices slumped after three straight sessions of gains. The Hang Seng Index fell 114.47 points, or 1.2 percent, closing at 9,555.98.
In Taipei, share prices closed slightly higher, buoyed by gains in stocks that have lagged behind in recent trading. The market's key Weighted Price Index rose 15.59 points, or 0.2 percent, to 8,384.91.
In Manila, Philippine shares closed lower on profit-taking following the euphoria which greeted the resignation Thursday of Indonesia's President Soeharto. The Philippine Stock Exchange Index of 30 selected issues fell 9.36 points, or 0.4 percent, to 2,139.25.
In Singapore, the market's benchmark index slipped on concerns over whether Indonesia's economic and political problems would be resolved under President B.J. Habibie's new cabinet. The Straits Times Industrials Index fell 5.98 points, or 0.4 percent, to 1,313.67.
In Bangkok, share prices closed lower in thin trading. The Stock Exchange of Thailand (SET) index slipped 0.09 point to 355.82.
In New Zealand, share prices closed higher. The NZSE-40 Capital Index rose 19.75 points, or 0.8 percent, to 2,237.71.
In Australia, share prices closed slightly lower in a quiet session. The All Ordinaries Index fell 7.6 points, or 0.27 percent, to 2,725.9.