Asian stocks close mostly down

Published November 16, 2007

HONG KONG, Nov 15: Asian stocks closed mostly down on Thursday with investors taking profits as concerns about US economic prospects loomed once again.

Hong Kong stocks slipped 1.42 per cent, Singapore fell 1.34 per cent and Seoul dipped 1.3 per cent as investors cashed in gains made when Asian markets surged Wednesday.

Lacklustre performance on Wall Street amid disappointing US retail sales data darkened the mood by highlighting persistent concerns that the US economy is heading for a sharp slowdown.

The US has been hit by a credit crunch and a housing market slowdown triggered by a default crisis in its subprime mortgage sector, comprising loans made to riskier borrowers.

Two bourses bucked the weakness elsewhere in Asia, with Indonesia rising 0.5 per cent and Malaysia up 0.4 per cent.

TOKYO: Japanese share prices ended mixed with the Nikkei index losing ground as investors locked in some of Wednesday’s strong gains after Wall Street retreated overnight, dealers said.

The Tokyo Stock Exchange’s Nikkei-225 index dropped 103.26 points or 0.67 per cent to 15,396.30. The broader Topix index of all first-section shares edged up 1.15 points or 0.08 per cent to 1,498.86.

Gainers outnumbered decliners 939 to 691, with 86 issues unchanged.

Volume dipped to 1.93 billion shares from 2.07 billion on Wednesday.

HONG KONG: Hong Kong share prices closed down 1.42 per cent as investors locked in profits after the market’s near five per cent surge a day earlier, dealers said.

The Hang Seng index closed down 414.80 points at 28,751.21. Turnover was 119.7 billion Hong Kong dollars (15.4 billion US).

SYDNEY: Australian share prices closed down 1.1 per cent, amid profit-taking in the financial and resources sectors, dealers said.

The benchmark S&P/ASX 200 index closed down 70 points at 6,528.6, while the broader All Ordinaries was down 0.8 per cent or 55.6 points at 6,594.4.

A total of 2.03 billion shares worth about 7.4 billion Australian dollars (6.7 billion US) changed hands, with 606 stocks closing up, 661 closing down and 374 stocks unchanged.

SINGAPORE: Singapore share prices closed 1.34 per cent lower on continued worries that a crisis in the US subprime mortgage sector will hurt Asian economies and markets, dealers said.

The main Straits Times Index fell 47.32 points to 3,477.59.

KUALA LUMPUR: Malaysian share prices rose 0.4 per cent with the index supported by palm oil producer IOI Corp. and cellphone operator DiGi.com, dealers said.

The Kuala Lumpur Composite Index (KLCI) closed up 5.42 points at 1,390.00

Trading volume was 1.14 billion shares, valued at 1.73 billion ringgit (524 million dollars).

JAKARTA: Indonesian share prices closed 0.5 per cent higher, with the mood brightened by faster-than-expected economic growth for the third quarter to September, dealers said.

The Jakarta Stock Exchange composite index closed up 13.95 points at 2,705.82, off a low of 2,678.77 and a high of 2,716.70, on volume of 4.34 billion shares valued at 6.06 trillion rupiah (649.87 million dollars).

WELLINGTON: New Zealand share prices closed 0.67 per cent lower amid weakness in other Asian markets, dealers said.

The benchmark NZX-50 index dropped 27.60 points to 4,113.05 on turnover worth 103.04 million dollars (78.26 million US).

Obviously we were lower as expected, on moderate volume, said Stephen Wright of ASB Securities.

MUMBAI: Indian share prices fell 0.72 per cent as sentiment turned cautious and investors locked-in gains, dealers said.

The benchmark 30-share Sensex index fell 144.17 points to 19,784.89, after rising a record 893.58 points or 4.69 per cent on Wednesday.

There are still global concerns which could keep the markets volatile,said Advait Date, a dealer with broker BHH Securities.

—AFP

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