Wall Street snag hits Asian stocks

Wall Street snag hits Asian stocks

TOKYO (AFP): Most Asia-Pacific stock markets ended lower
Friday, with sentiment hit by declines in Tokyo and New York, in
the climax to another volatile week's trading.

Uncertainty following the election of opposition veteran Kim
Dae-jung as South Korea's new president was another dampener.

Tokyo fell 5.2 percent, Seoul 5.1 percent, Hong Kong 3.2
percent, Singapore 1.2 percent, Sydney 1.4 percent and Taipei 2.0
percent.

Japanese share prices dived amid growing pessimism over the
likely impact of the long awaited government economic package,
brokers said.

The key Nikkei stock average of 225 selected issues on the
Tokyo Stock Exchange dropped 846.75 points to end the session at
15,314.89 while the Topix index of all issues on the first
section was down 45.55 points at 1,167. 38.

In Hong Kong, share prices dropped 3.2 percent on profit-
taking after two days of gains, as investors turned jittery
following declines in New York and Tokyo, dealers said.

The key Hang Seng Index lost 348.30 points to close at
10,405.81, amid continued gloom over the region's economic
outlook.

"Investors stayed out of the (Hong Kong) market as there were
wide perception that most regional markets will not see a
recovery in short term," said Alex Tang, research head of
Yamaichi International.

In Singapore, stock prices ended 1.2 percent lower in reaction
to a slide on Wall Street and weakness in regional currencies.

The blue-chip Straits Times Industrials index of the Stock
Exchange of Singapore fell 18.80 points to 1,572.61 while the
broader All-Singapore index was 1.63 points higher to 426.75.

In Sydney, Australian share prices slipped 1.4 percent, sapped
by a slide in the Japanese stock market, brokers said.

The Australian Stock Exchange's main indicator, the All
Ordinaries index, fell 35 points to 2,528.1.

In Kuala Lumpur, Malaysia's key stock index closed 0.2 percent
higher as buying support for bluechips led by Telekom Malaysia
Bhd. reversed earlier losses.

The Kuala Lumpur Stock Exchange's 100-share weighted composite
index rose 1.18 points to end at 578.76, off the day's low of
565.36 points. The lesser second board index fell 1.6 percent or
3.10 points to 185.79.

In Bangkok, Thai share prices fell 0.5 percent as the baht and
regional currencies dropped and prevailing tight liquidity
handicapped any buying interest, analysts said.

The Stock Exchange of Thailand (SET) broad-based index fell
2.13 points closing at 385.25, while the SET 50 select index
closed down 0.29 points at 27.45 points.

In Manila, Philippine share prices rose 0.7 percent on Friday
in response to continued moves to stabilize the local currency,
analysts said.

The Philippine Stock Exchange composite index rose 12.13
points to close at 1,858.22 points.

In Seoul, share prices closed 5.1 percent lower on the Korea
Stock Exchange on concerns that tough restructuring programs
could be introduced now that a new president had been elected,
dealers said.

"The fall can't be blamed only on the election but investors
are somewhat uneasy and worried about how the change of
government will affect them and the markets," said a dealer at
Daewoo Securities.

The composite index closed down 21.47 points at 397.02, off a
low of 396. 59.

In Shanghai, the B shares, nominally reserved for foreign
investors, closed 0.8 percent lower in line with losses in Hong
Kong and regional markets, analysts said.

The Shanghai Stock Exchange's B share index closed 0.46 points
down at 54. 51 points while the A share index of locally-traded
stocks rose 7.34 points, or 0.6 percent, to 1,223.25 points.

In Taipei, Taiwan stocks dipped 2.0 percent led by technology
shares as market sentiment went bearish on the back of the
overnight fall on Wall Street, brokers said.

The Taiwan Stock Exchange weighted price index dipped 162.47
points to 8, 092.58.

In Auckland, New Zealand stocks closed down 0.8 percent with
stocks exposed to Asia hit hard, with the NZSE-40 falling 17.56
points to 2300.95.

In London, the FT-SE 100 index of leading shares fell by 73.2
points, or 1.4 percent, to 5,095.1 points.

In Paris, the CAC 40 index opened 1.67 percent lower at
2,846.08 points.

In Frankfurt, the DAX 30 index opened 0.96 percent lower at
4,126.33 points.