Stocks Fall Across Asia
Sep. 07, 2001
HONG KONG (AP) _ Stock prices sank throughout Asia and in early trading in Europe on Friday weighed down by sluggish economic prospects and losses a day earlier on Wall Street.
Key market indicators lost 2.6 percent in Hong Kong and 1.25 percent in Japan, and dropped 1.5 percent by midday trading in London.
``There's nothing positive coming out of the United States,'' said Simon Flint, global currency strategist at Bank of America in Singapore.
In New York on Thursday, the Dow Jones industrial average shed 1.9 percent and the Nasdaq composite index sank 3 percent.
In Friday's trading, Japanese shares fell after the government reported that the economy shrank 0.8 percent in the April-June quarter in another sign of the impact of the global slowdown.
The benchmark 225-issue Nikkei Stock Average closed down 133.54 points at 10,516.79 after losing as much as 2 percent earlier in the session.
``This is an extraordinary period when you have extreme economic weakness combined with policy disappointment and financial sector weakness,'' said Ron Bevacqua, senior economist at Commerz Securities in Tokyo.
Hong Kong shares fell to their lowest level since March 1999, spooked by the losses on Wall Street and negative economic data.
The key market index in Taiwan fell 0.8 percent in its third straight day of losses. Electronics shares, which account for about 60 percent of market capitalization, were hit hard.
Elsewhere in the region, losses were posted in Australia, Thailand, Indonesia, Singapore and New Zealand. Bargain hunting helped boost prices in Malaysia and the Philippines.
After initially dipping 1.3 percent, South Korean shares rebounded to edge slightly higher, with the Korea Composite Stock Price Index gaining 0.5 percent.