U.S. stocks, local concerns pull Asian markets down
U.S. stocks, local concerns pull Asian markets down
SINGAPORE (Reuters): A holiday for Japan's depressed markets
gave the rest of Asia little respite yesterday as an overnight
fall in U.S. stocks and niggling domestic concerns pulled most
regional markets lower.
South Korean shares bucked the trend, shooting up over 3
percent on news the government was seeking an early end to limits
on foreign stockholdings. The rise broke a six-day losing streak
for Seoul stocks.
The picture was almost as bleak elsewhere as traders reacted
nervously to a second straight day of losses on Wall Street and
the yen's lingering weakness against the dollar.
The Dow Jones index fell 18.68 points on Tuesday, following
its 147-point slump the previous day.
Hong Kong's Hang Seng Index closed down 207.46 points, or 1.94
percent, at 10,471.15, after swinging through a 249-point range
during the day.
Taiwan's index closed down 86.32 points, 1.02 percent, at
8,348.35. The market's main barometer -- the electronics index --
fell a hefty 2.09 percent.
The Korea Stock Exchange composite stock price index surged
14.66 points, or 3.64 percent, to end at 417.05, as traders hoped
a lifting of the foreign stockholding ceiling would open up the
floodgates for foreign money coming into the crisis-hit economy.
Australia's All Ordinaries index dipped 32.2 points to
2,749.1, as the big news of the day -- March quarter inflation
data -- showed annual inflation of 1.5 percent.
Thai shares succumbed to selling pressure on large capitalized
stocks to end nearly 2 percent down, the lowest close for the SET
index since Jan. 16.
The index closed 7.30 points, or 1.74 percent, lower at
412.25.
Kuala Lumpur stocks eked out a two-point, 0.33 percent, gain
to end at 622.83 as dealers awaited news of a restructuring at
Malaysian Airlines, traders said.
Key Singapore shares made strong gains on selective buying,
pushing the Straits Times index up to 1,502.11, 1.37 percent
higher.
The Bombay exchange index dived 2.75 percent to 3,970.51,
crashing through the 4,000 mark.