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.