Asian stocks close sharply lower
Sunday, 29 July 2007
HONG KONG, July 28 (AFP): Asian stocks closed sharply lower Friday, hit badly in a global sell-off sparked by heavy Wall Street losses on concerns growing problems in the US housing sector could spark a credit crunch, dealers said.
The downturn was substantial - 2.36 per cent in Tokyo, 2.76 per cent in Hong Kong and 2.8 per cent in Sydney - with investors nervous that there could be more bad news on the US sub-prime mortgage sector.
Hong Kong share prices closed 2.76 per cent lower, falling heavily after Wall Street losses overnight amid growing concerns about the US housing sector sparked a sell-off in Asia, dealers said. The Hang Seng Index closed down 641.28 points at 22,570.41, off a low of 22,443.10 and a high of 22,854.54.
TOKYO: Japanese stocks slumped 2.36 per cent to a near three-month low, hit by sharp losses on Wall Street where fresh signs of trouble in the US housing market spooked investors, dealers said. The Tokyo Stock Exchange's benchmark Nikkei-225 index of leading shares fell 418.28 points to 17,283.81, the lowest closing level since May 1.
SEOUL: South Korean share prices fell sharply following Wall Street's heavy overnight losses as foreign investors sold off massively to take their profits on recent record gains, dealers said. The KOSPI index closed down 80.32 points or 4.1 per cent at 1,883.22, the largest single day loss since June 3, 2004, when it dropped 4.27 per cent.
Shanghai: Chinese share prices were mixed, with the main Shanghai index slightly lower as the market adjusted after hitting record highs the previous day, dealers said. The benchmark Shanghai Composite Index, which covers both A and B shares listed on the Shanghai Stock Exchange, closed down 1.10 points at 4,345.36 on turnover of 137.56 billion yuan ($18.10 billion).
KUALA LUMPUR: Malaysian share prices closed sharply lower, falling 1.9 per cent after Wall Street's tumble overnight sent global stock markets plunging on worries over the state of the US economy, dealers said. The Kuala Lumpur Composite Index lost 26.12 points to 1,355.38, off an intraday high of 1,361.70 and a low 1,347.95. Volume was 2.0 billion shares worth 3.45 billion ringgit (998 million dollars) while losers outnumbered gainers 883 to 144 and 149 stocks were unchanged.
BANGKOK: Thai share prices closed 2.33 per cent lower as investors dumped shares in line with a regional sell-off following Wall Street's tumble overnight, dealers said. The Stock Exchange of Thailand (SET) composite index dropped 20.58 points to 863.58 and the blue chip SET 50 shed 16.89 points to 621.67.
JAKARTA: Indonesian share prices closed 2.8 per cent lower as investors sold off across the board in a knee-jerk reaction to the sharp fall on Wall Street overnight, dealers said. The Jakarta Stock Exchange composite index fell 66.85 points at 2,298.41 on volume of 7.19 billion shares worth 6.3 trillion rupiah ($691.70 million). Declines led gains 197 to 44, with 30 stocks unchanged.
MANILA: Philippine share prices closed 3.8 per cent lower, falling sharply as investors reacted with alarm to a massive overnight sell-off on Wall Street driven by US housing and credit market concerns, dealers said. The composite index lost 140.92 points to 3,518.76, its lowest finish since June 7, when it settled at 3,528.79. Declines led gains 141 to 8, with 24 stocks unchanged. Turnover was of 5.4 billion shares worth 6.6 billion pesos ($144.48 million).
Sydney: Australian share prices fell sharply, tumbling 2.8 per cent amid growing unease over the health of the US housing market and its impact on the world's largest economy, dealers said. The benchmark S&P 200 tumbled 175.6 points to close at its low for the day of 6,082.9.
Taipei: Taiwan share prices closed sharply lower, falling 4.22 per cent in a global sell-off triggered by Wall Street's slump overnight amid worries over US mortgage problems and fears of a credit squeeze on corporates, deals said.
The downturn was substantial - 2.36 per cent in Tokyo, 2.76 per cent in Hong Kong and 2.8 per cent in Sydney - with investors nervous that there could be more bad news on the US sub-prime mortgage sector.
Hong Kong share prices closed 2.76 per cent lower, falling heavily after Wall Street losses overnight amid growing concerns about the US housing sector sparked a sell-off in Asia, dealers said. The Hang Seng Index closed down 641.28 points at 22,570.41, off a low of 22,443.10 and a high of 22,854.54.
TOKYO: Japanese stocks slumped 2.36 per cent to a near three-month low, hit by sharp losses on Wall Street where fresh signs of trouble in the US housing market spooked investors, dealers said. The Tokyo Stock Exchange's benchmark Nikkei-225 index of leading shares fell 418.28 points to 17,283.81, the lowest closing level since May 1.
SEOUL: South Korean share prices fell sharply following Wall Street's heavy overnight losses as foreign investors sold off massively to take their profits on recent record gains, dealers said. The KOSPI index closed down 80.32 points or 4.1 per cent at 1,883.22, the largest single day loss since June 3, 2004, when it dropped 4.27 per cent.
Shanghai: Chinese share prices were mixed, with the main Shanghai index slightly lower as the market adjusted after hitting record highs the previous day, dealers said. The benchmark Shanghai Composite Index, which covers both A and B shares listed on the Shanghai Stock Exchange, closed down 1.10 points at 4,345.36 on turnover of 137.56 billion yuan ($18.10 billion).
KUALA LUMPUR: Malaysian share prices closed sharply lower, falling 1.9 per cent after Wall Street's tumble overnight sent global stock markets plunging on worries over the state of the US economy, dealers said. The Kuala Lumpur Composite Index lost 26.12 points to 1,355.38, off an intraday high of 1,361.70 and a low 1,347.95. Volume was 2.0 billion shares worth 3.45 billion ringgit (998 million dollars) while losers outnumbered gainers 883 to 144 and 149 stocks were unchanged.
BANGKOK: Thai share prices closed 2.33 per cent lower as investors dumped shares in line with a regional sell-off following Wall Street's tumble overnight, dealers said. The Stock Exchange of Thailand (SET) composite index dropped 20.58 points to 863.58 and the blue chip SET 50 shed 16.89 points to 621.67.
JAKARTA: Indonesian share prices closed 2.8 per cent lower as investors sold off across the board in a knee-jerk reaction to the sharp fall on Wall Street overnight, dealers said. The Jakarta Stock Exchange composite index fell 66.85 points at 2,298.41 on volume of 7.19 billion shares worth 6.3 trillion rupiah ($691.70 million). Declines led gains 197 to 44, with 30 stocks unchanged.
MANILA: Philippine share prices closed 3.8 per cent lower, falling sharply as investors reacted with alarm to a massive overnight sell-off on Wall Street driven by US housing and credit market concerns, dealers said. The composite index lost 140.92 points to 3,518.76, its lowest finish since June 7, when it settled at 3,528.79. Declines led gains 141 to 8, with 24 stocks unchanged. Turnover was of 5.4 billion shares worth 6.6 billion pesos ($144.48 million).
Sydney: Australian share prices fell sharply, tumbling 2.8 per cent amid growing unease over the health of the US housing market and its impact on the world's largest economy, dealers said. The benchmark S&P 200 tumbled 175.6 points to close at its low for the day of 6,082.9.
Taipei: Taiwan share prices closed sharply lower, falling 4.22 per cent in a global sell-off triggered by Wall Street's slump overnight amid worries over US mortgage problems and fears of a credit squeeze on corporates, deals said.