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Most Asian markets fall on Nasdaq drop |
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April 14, 2000
HONG KONG, APR 13 (AP) - Most Asian markets tumbled Thursday as investors sold technology issues following a steep plunge by the U.S. Nasdaq composite index.
In Tokyo, the benchmark 225-issue Nikkei Stock Average fell 306.79 points, or 1.5 percent, to finish at 20,526.42. On Wednesday, the average closed up 310.69 points, or 1.5 percent.
Electronics and telecommunications shares led a list of losers that included Sony Corp., Fujitsu Ltd. and Japan Telecom Co.
The technology-heavy Nasdaq on Wednesday plunged 7.1 percent, or 286.27 points, its second-biggest point drop.
Hong Kong shares fell - with some technology-related issues taking a beating - although buying in some so-called old economy stocks partially reversed steep early losses.
The blue-chip Hang Seng Index fell 224.53 points, or 1.4 percent, to close at 16,352.56. Earlier, the index had slumped more than 3 percent.
In Singapore, shares ended higher amid buying by European funds.The benchmark Straits Times Index rose 28.51 points, or 1.3 percent, to 2,163.90.
In currency dealings, the U.S. dollar strengthened against the Japanese yen. The dollar bought 105.76 yen late Thursday, up 0.48 yen from late Wednesday but below its level of 105.80 yen from late Wednesday in New York.
Markets in Bangkok and Seoul were closed Thursday for holidays.
Elsewhere: JAKARTA: Indonesian shares ended marginally higher on buying in blue-chip stocks, in particular cigarette concern Gudang Garam. The JSX Composite index rose 0.370 point, or 0.07 percent, to 565.107.
KUALA LUMPUR: Malaysian prices slipped following losses on Wall Street and on regional bourses. The Composite Index of 100 blue-chip stocks shed 6.75 points, or 0.7 percent, to close at 933.85.
MANILA: Philippine stocks fell as investors cashed in following recent gains and sold technology stocks following the Nasdaq's overnight plunge. The 30-company Philippine Stock Exchange Index fell 18.59 points, or 1.1 percent, to 1,725.98.
SYDNEY: Australian shares closed lower as investors sold technology, telecommunication and media stocks seen as having risen too fast, too soon. The All Ordinaries Index fell 48.7 points, or 1.6 percent, to 3,084.7.
TAIPEI: Taiwanese shares plummeted following the sharp fall on the Nasdaq. The Weighted Stock Price Index slumped 248.79 points, or 2.5 percent, to finish at 9,662.60.
WELLINGTON: New Zealand shares slid in line with declines in regional markets. The benchmark NZSE-40 Capital Index fell 34.74 points, or 1.6 percent, to 2,084.28.
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