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Asian stocks slump on recent Wall Street losses |
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News |
May 5, 2000
HONG KONG, MAY 4 (AP) - Most Asian stock markets slumped on Thursday, triggered by the latest decline on Wall Street and growing concern about imminent interest-rate hikes across the region.
Markets in Tokyo were closed for a national holiday until Monday.
In Hong Kong, the blue chip Hang Seng Index slumped 263.40 points, or 1.7 percent, to 15,314.07 on Thursday. The index lost 1.5 percent on Wednesday.
Similarly, the Korea Composite Stock Price Index slipped 1.47 points, or 0.2 percent, to 751.29.
Shares in Singapore slid on recent losses on Wall Street, with the Straits Times Index shedding 24.43 points, or 1.1 percent, to 2,120.80.
U.S. stocks slid recently on expectations that the U.S. Federal Reserve will raise interest rates later this month to slow economic growth and keep inflation at bay.
The Dow Jones industrial average fell 250.99 points, or 2.3 percent, to close at 10,480.13 on Wednesday. The Nasdaq composite index lost 78.15 points, or 2.1 percent, to 3,707.30. |