Asian stocks close down amid US woes

Published November 17, 2007

HONG KONG, Nov 16: Asian stocks closed down on Friday with Hong Kong sliding 4.0 per cent after shares tumbled in the US over concerns about the health of the world’s biggest economy.

Hong Kong was also hit by fears of an imminent Chinese interest rate hike in the wake of strong economic data, and by a reported move to curb the illegal flow of money from the mainland into the city’s bourse.

The slide in Hong Kong was the day’s worst in Asia. But other markets suffered too, including Tokyo, which fell by 1.57 per cent.

US woes hit the mood in Asia after a slide on Wall Street.

There are concerns the US is headed for a sharp slowdown and even recession after a mortgage default crisis in its subprime sector comprising loans to riskier borrowers.

TOKYO: Japanese share prices closed down 1.57 per cent Friday after a fall on Wall Street and a spike in the yen which hurts domestic exporters, dealers said.

The Tokyo Stock Exchange’s Nikkei-225 index dropped 241.69 points to close at 15,154.61. The broader Topix index of all first-section shares fell 27.19 points or 1.81 percent to 1,471.67.

Declining shares far outnumbered gainers 1,409 to 253, with 55 issues unchanged.

Volume traded reached an estimated 1.83 billion shares, down from 1.93 billion on Thursday.

HONG KONG: Hong Kong share prices closed down 4.0 per cent, tumbling due to concerns about the US economy and new restrictions on cash flowing in from mainland China, dealers said.

China’s state media reported that commercial banks in Shenzhen have been ordered to limit cash withdrawals in a bid to cut off sources of unauthorised investment in Hong Kong stocks.

The Hang Seng index closed down 1,136.78 points at 27,614.43, off a low of 27,496.15 and a high of 28,120.42. Turnover was 138.30 billion Hong Kong dollars (17.76 billion US).

SINGAPORE: Singapore share prices closed 1.05 per cent lower as worries deepened about a crisis in the US subprime mortgage sector, dealers said.

The key Straits Times Index closed 36.63 points lower at 3,440.96 on volume of 1.82 billion shares worth 2.11 billion dollars (1.45 billion US).

KUALA LUMPUR: Malaysian share prices closed down 0.2 per cent after a fall on Wall Street overnight, dealers said.

The Kuala Lumpur Composite Index (KLCI) closed down 3.36 points at 1,386.64.

Trading volume was 1.01 billion shares worth 1.82 billion ringgit (538 million dollars).

JAKARTA: Indonesian share prices closed 1.4 per cent lower as renewed selling on Wall Street and on regional markets sparked profit-taking, dealers said.

The Jakarta Stock Exchange composite index closed down 37.12 points percent at 2,668.70, on volume of 2.74 billion shares worth 4.81 trillion rupiah (519,270,000 dollars).

WELLINGTON: New Zealand share prices closed little changed, shrugging off weakness in overseas markets, dealers said.

The benchmark NZX-50 index rose 1.13 points to 4,114.18 on turnover worth 138.5 million dollars (104.5 million US).

Auckland International Airport fell three cents to 3.01 dollars, after the Canada Pension Plan Investment Board (CPP) submitted its formal cash bid for a 40 percent stake at 3.6555 dollars a share.

MUMBAI: Indian share prices closed down 0.44 per cent in choppy trade as global markets retreated amid uncertainty about US economic prospects, dealers said.

They said investors chose not to build up positions ahead of the weekend amid losses for other Asian markets on Friday.

The benchmark 30-share Sensex index fell 86.53 points to 19,698.36, recovering from a day’s low of 19,472.51.—AFP

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