Seoul stocks hit 27-month low in Asian downturn
Seoul stocks hit 27-month low in Asian downturn
HONG KONG (Reuter): Asian share markets finished sharply down
yesterday with Seoul's composite index falling to a 27-month low,
but in Taipei shares rebounded after two straight sessions in the
doldrums.
Bourses in Tokyo, Hong Kong, Sydney, Seoul, Manila, Singapore
and Jakarta posted overall losses of more than one percent.
Of the major indices in the region, only Taipei finished in
the black on what brokers called government support against a
backdrop of Chinese missile tests to be held just off the island
from today.
The weighted index closed up 24.93 points, or 0.53 percent, to
4,750.74.
The 8.84-point fall by the composite index in Seoul prompted
an appeal by the chairman of the Korea Stock Exchange for
government measures, including tax breaks, to revive the market.
The index ended at 842.22, down 1.04 percent, the lowest since
Dec. 8, 1993, when it was 836.71, the Korea Stock Exchange said.
Tokyo's 225-share Nikkei average finished at 19,957.15, down
284.03 points, or 1.40 percent, with many investors retreating to
the sidelines after sharp falls in early trade.
Hong Kong's blue-chip Hang Seng Index tumbled 184.25 points,
or 1.62 percent, to 11,194.48 with heavy losses following the
continued slide by index futures, players said.
The SET index in Bangkok finished 2.02 points lower at
1,316.19.
Leading index-linked shares finished lower at close on the
Bombay Stock Exchange (BSE) triggered by late speculative
selling, brokers said.
The 30-share BSE index dropped 40.73 points, or 1.19 percent,
to a provisional 3,383.92 at close, the day's lowest.
Jakarta share prices ended lower at close, with profit-taking
and speculative trading accounting for most of the volume,
brokers said.
The composite index fell 6.33 points, or 1.08 percent, to
close at 581.54 points, with losers leading gainers by 54 to 52
and 31 issues unchanged.
The Kuala Lumpur Stock Exchange Composite Index ended down
3.64 points to 1,132.50.
The Manila equities market closed sharply lower with the
composite index falling 35.55 points, or 1.22 percent, to settle
at 2,883.34, off its day's low of 2,868.84.
Singapore stocks ended sharply lower, with the key index
closing barely above the psychological 2,400 support level.
The Straits Times Industrials Index (STII) fell 27.31 points,
or 1.12 percent, to 2,402.43, off the low of 2,394.58.
The All Ordinaries index in Sydney was 31.9 points lower at
2,269.2.
The Financial Times-Stock Exchange index of 100 leading
British shares had risen 9.0 points to 3,767.9.
In Paris, the CAC-40 share index gained 8.18 to 2,014.07.
The 30-share DAX index in Frankfurt was up 16.97 at 2,483.01.