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Most Asian stock markets close lower |
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April 12, 2000
HONG KONG, APR 11 (AP) - Most Asian stock markets closed lower Tuesday on the back of an overnight tumble in U.S. technology stocks.
In Hong Hong, the blue-chip Hang Seng Index fell 363.08 points, or 2.2 percent, to close at 16,487.66. On Monday, the index had lost 90.94 points, or 0.5 percent.
Brokers said investors continued to sell technology and telecom stocks following the slump in the Nasdaq composite index in New York.
The Nasdaq index fell 258.25 points, or 5.8 percent, at 4,188.20, its second largest point drop ever. The Dow Jones industrial average was up 75.08, or 0.7 percent, at 11,186.56.
Trading was light on the Hong Kong market as many investors stayed on the sidelines to await developments later Tuesday on Wall Street.
Philippine stocks fell sharply on profit-taking. The 30-company Philippine Stock Exchange Index slumped 39.21 points, or 2.2 percent, to 1,757.45, following Monday's 3.3 percent rise.
The Japanese benchmark 225-issue Nikkei Stock Average fell 96.54 points, or 0.47 percent, to close at 20,522.52. On Monday, the average closed up 366.25 points, or 1.81 percent.
Technology stocks pulled the Nikkei index down after Internet stocks fell following sharp losses on the U.S. Nasdaq market.
"The market is seeking to determine the future course of high-flying U.S. Internet stocks which have given U.S. investors rich gains and thereby helped them invest in Japanese stocks," said Hiroyuki Negishi, manager of equities at Marusan Securities.
In currency trading, the U.S. dollar was quoted at 106.96 yen, up 0.90 yen from late Monday in Tokyo and above its late New York level of 106.47 yen overnight.
Elsewhere:
TAIPEI: Share prices closed lower. The Weighted Stock Price Index fell 59.43 points, or 0.58 percent, to 10,068.05.
WELLINGTON: New Zealand share prices closed lower. The benchmark NZSE-40 Capital Index fell 19.05 points, or 0.88 percent, to 2,135.22.
SYDNEY: Australian shares closed lower as investors dumped shares in media and telecommunications in favor of bank and insurance stocks. The All Ordinaries Index fell 31.90 points, or 1.0 percent, to 3,155.40.
SEOUL: Share prices closed lower in reaction to the overnight plunge in U.S. technology stocks. The key Korea Composite Stock Price Index fell 15.12 points, or 1.7 percent, to 855.05.
KUALA LUMPUR: Malaysian share prices closed lower. The Composite Index of 100 blue-chip stocks fell 5.98 points, or 0.6 percent, to 933.57.
SINGAPORE: Singapore shares closed mixed. The benchmark Straits Times Index rose 4.45 points, or 0.2 percent, to 2,131.38.
JAKARTA: Indonesian stocks closed slightly higher after late buying in consumer shares. The Composite Index edged up 0.123 points at 569.74.
BANGKOK: Thai shares closed slightly lower on local selling in some banking and communications stocks. The Composite Index fell 2.58 points, or 0.6 percent, to 400.74.
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