Tokyo share prices lead Asian sell-off

Tokyo share prices lead Asian sell-off

TOKYO (AFP): Japanese share prices tumbled 5.1 percent
yesterday and the bearish sentiment spilled over into other Asia-
Pacific markets following the collapse of giant Yamaichi
Securities Co. Ltd.

Stock markets across the region ended lower, following the
footsteps of U.S. and European markets overnight.

Japanese investors dumped financial issues on the first day of
trading following the collapse of Yamaichi after a public holiday
Monday.

A broker at Tokyo Securities blamed the debacle on the
"Yamaichi shock." "All companies related to Yamaichi Securities
were badly hit," he said.

The key Nikkei stock average of 225 selected issues on the
Tokyo Stock Exchange slumped 854.05 points from Friday's close to
end the session at 15, 867.53, dipping below the psychological
16,000 level.

The Topix index of all issues on the first section of the
market was also down 65.06 points at 1,207.37.

In Jakarta, share prices fell 3.5 percent, giving up most of
the previous day's gains amid concerns about the fallout of
financial market turmoil in Japan and South Korea.

Dealers said government support to shore up the market was
unlikely and could be counterproductive given that scarce
resources would have to be committed for a long time to bolster
sentiment.

The Jakarta Stock Exchange composite index closed down 14.527
points at 395.679.

In Hong Kong, share prices dropped 2.5 percent following a
global selloff on the collapse of Japanese brokerage Yamaichi
Securities.

"All markets in the world have been affected by the collapse
of Yamaichi Securities," said Howard Gorges, dealing director at
South China Brokerage.

The key Hang Seng Index lost 260.80 points to close at
10.325.56.

In Sydney, the Australian Stock Exchange's key indicator, the
All Ordinaries index, fell 27.7 points to 2,454.4.

In Singapore, benchmark stock index tumbled 2.1 percent in
line with the region following the overnight fall in Wall Street
and panic in Japan over the collapse of leading brokerage
Yamaichi Securities.

The Straits Times Industrials (STI) index of leading shares on
the Stock Exchange of Singapore ended 35.45 points or
1,681.85.The broader All Singapore Index fell 6.28 points to
433.31.

In Kuala Lumpur, Malaysia's key stock index closed 5.1 percent
lower in line with weaker regional markets amid concerns over the
collapse of Japanese giant Yamaichi Securities, dealers said.

The Kuala Lumpur Stock Exchange's 100-share weighted composite
index fell 29.00 points to 541.57, off an earlier low of 535.63.
The second board index fell 15.48 points, or 6.0 percent, to
243.35.

In Bangkok, Thai share prices plunged 3.8 percent to a new
eight-year low because of worries about the troubled Thai finance
sector and regional economic turmoil, analysts said.

The Stock Exchange of Thailand (SET) broad-based index was off
15.60 points to 396.58 points, while the SET-50 select index was
down 1.33 points at 27.95 points.

In Manila, the Philippine Stock Exchange composite index fell
36.62 points to close at 1,795.35 points.

In Seoul, the composite index closed down 11.05 points at
439.59, off a low of 423. 69.

In Taipei, Taiwan Stock Exchange weighted price index advanced
3.72 points -- or 0.04 percent -- to 7,759.97.

In Shanghai, the Shanghai Stock Exchange's B share index fell
1.36 points to 54.55 points while the A share index of locally-
traded stocks edged up 1.31 points, or 0.1 percent, to 1,185.34
points.

In Auckland, the NZSE-40 index fell 41.41 points to 2,282.82
on turnover of NZ$92.9 million (US$57.9 million).