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).