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Most Asian markets close lower on slump in technology, telecom shares |
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April 6, 2000
HONG KONG, APR 5 (AP) - Asian stocks closed mostly lower Wednesday as investors sold telecom and technology-related stocks following losses by the U.S. Nasdaq composite index.
In Hong Kong, blue chips plunged 3.4 percent in the local market's first trading session since a judge in Washington ruled against U.S. software giant Microsoft in a major antitrust case late Monday - sending high-tech shares worldwide into a tailspin.
The Hang Seng Index fell 574.49 points to close at 16,318.44.
The market had been closed for a holiday on Tuesday, when other global markets responded to the Microsoft news with some big drops.
In Tokyo, the market fell slightly Wednesday, following the election of a new prime minister, Yoshiro Mori, who is replacing the gravely ill Keizo Obuchi.
The 225-issue Nikkei Stock Average fell 132.16 points, or 0.6 percent, to 20,462.77. On Tuesday, the Nikkei had lost 0.6 percent.
"It appears that he will continue Obuchi's policies, placing emphasis on economic measures," said Takeo Suzuki, assistant foreign exchange manager at Nomura Trust and Banking.
In currency dealings, the U.S. dollar edged higher against the Japanese yen. The dollar bought 105.10 yen in late trading, up 0.04 yen from late Tuesday in Tokyo and above its level of 104.66 yen late Tuesday in New York.
Elsewhere:
BANGKOK: Thai shares rose on the back of gains in most big banking stocks. The benchmark Composite Index gained 2.63 points, or 0.7 percent, to 395.33.
KUALA LUMPUR: Malaysian shares closed lower, dragged down by losses in technology stocks following the slide on the Nasdaq. The Composite Index, which tracks 100 blue chips, ended at down 5.57 points, or 0.6 percent, at 955.06.
JAKARTA: Indonesian prices ended lower on the weaker rupiah and speculation that President Abdurrahman Wahid may again reshuffle his cabinet. The JSX Composite Index ended down 1.2 percent, or 6.719 points, at 564.182.
MANILA: Philippine stocks closed higher. The benchmark 30-company Philippine Stock Exchange Index gained 8.52 points, or 0.5 percent, to end at 1,691.05.
SINGAPORE: Prices ended slightly lower as selling in technology shares continued following the Nasdaq's slump. The Straits Times Index finished down 3.24 points, or 0.2 percent, at 2,055.30.
SYDNEY: Australian shares fell, as losses in media and technology stocks outweighed gains in banking and resource issues. The benchmark All Ordinaries Index slipped 25.7 points, or 0.8 percent, to 3,137.8.
TAIPEI: Taiwanese shares ended near a 10-year high amid expectations of good corporate earnings. The Weighted Stock Price Index rose 135.74 points, or 1.35 percent, to 10,186.17.
WELLINGTON: New Zealand shares ended lower, tracking losses in regional markets. The benchmark NZSE-40 Capital Index fell 56.71 points, or 2.6 percent, to 2,099.13.
SEOUL: Markets were closed for a holiday.
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