Share prices mostly lower in Asia

TOKYO (Agencies): Stock prices closed substantially lower here yesterday in quiet trading amid renewed concern over a further tumble on Wall Street and higher long-term interest rates.

Massive arbitrage-linked selling pulled down stock prices amid a strong wait-and-see mood, momentarily beating down the 225- issue Nikkei Stock Average below the 19,000 line, traders said.

The Nikkei index ended the day down 154.94 points, or 0.8 percent, at 19,122.22.

The first-section composite Tokyo Stock Price Index (Topix) lost 10.80 points to 1,560.38.

An estimated 230 million shares changed hands, up slightly from Friday's volume of 228.67 million shares.

Singapore and Kuala Lumpur shares continued to suffer from last week's fall in U.S. bond prices on Wall Street. The 30-share Straits Times Industrials index ended at 2,039.12, down 41.78 points, while the Kuala Lumpur Stock Exchange composite index ended 31.61 points lower at 928.33.

In Bangkok, stocks lost ground throughout the day on political uncertainty. The SET Index closed 35.94 points lower, or 2.92 percent, at 1,196.59 on wafer-thin turnover. Stocks fell across the board in every sector.

In Seoul, the composite index of the Korea Stock Exchange gained 5.10 points to finish at 860.47 points. Declines, however, outpaced advances 448 to 324 issues while prices marked time for 76 others.

Volume stood at 29,520,000 units which compared with 36,579,000 shares posted Friday, the last full-day session.

In Manila, share prices closed lower as the market reacted to New York's decline, which investors took as a chance to take profits. The composite index ended at 2,653.70 points against last week's 2,711.50 close.

Markets in Hong Kong, Sydney and Wellington, meanwhile, remained closed for Easter holiday.