HONG KONG -- Stocks fell sharply across Asia in response to the nearly 6% slide in the
overnight, as the sell-off of technology stocks world-wide continued.
Japanese shares fell for the sixth consecutive trading day. The key
index fell 274.29 points, or 1.7%, to 16,044.44, and the
index, which includes all shares listed on the
Tokyo Stock Exchange's
first section, fell 14.91 points, or 1% to 1496.34. The
small-cap index lost 1.15 points to 77.04, while the Nikkei
index shed 39.65 points, or 2.3%, to 1657.26.
The market erased nearly all of its losses around midday, before bearishness again took hold. And, there may be further weakness ahead: The June
contract traded on the Osaka exchange stands at 15,390, a 4% discount to the cash market.
tumbled 510 yen, or 5.1%, to 9490, and
fell 110 or 3.7% to 2890. Internet investor
plunged 1300, or 8.4% to 14,100. The former star of the Japanese market is now some more than 75% off its February high.
Nippon Telegraph & Telephone
rose 40,000 to 1.27 million, but its mobile unit,
fell 130,000 to 2.67 million.
rose 10 to 5070.
In Hong Kong, the benchmark
index fell 269.95 points or 1.9% to 13,987.23. Conglomerate
lost HK$2.00 or 2.2% to 88.50, while index heavyweight
fell 2.35. or 4.7%, to 47.90.
The "A" Shares in real estate, aviation and soft drink conglomerate
rose 2.20 or 5.1% to 45.60, after gaining more than 8% yesterday. Swire has been a laggard on the market, but may be picking up support on the part of shareholders of
which has suffered since the announcement last week that it is being excluded from Morgan Stanley Capital's main Hong Kong index effective June 1. Swire remains in the index.
Cable & Wireless HKT
fell 0.20 to 17.75, despite an announcement of a partnership with
to develop electronic commerce in Asia. The company bidding to take over HKT partly or completely with stock,
Pacific Century CyberWorks,
fell 0.45, or 3%, to 13.95. HKT said it had received court approval to send the PCCW offer to shareholders, with a probable vote in early July.
Separately, Intel said it would be listing its stock on Hong Kong's second board at the end of this month, a move which promises to dwarf the handful of other issues there now. The second board, known as the Growth Enterprise Market, is supposed to be for young companies without sufficient earnings histories to list on the main exchange.
In Taiwan, the
index fell 170.60 points, or 2%, to 8500.41. Korea's
index fared better, losing 4.81 points to 674.95.
fell 9000 won, or 2.8%, to 310,000.
In currency trading, the dollar was little changed, and recently fetched 106.63 yen.