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Asian stock markets nurse New Year hangover
AFP
HONG KONG, January 2: Asian stock markets kicking off the new year failed to shake off their holiday hangover Friday. Trade in the regional bourses that opened was thin, with most investors yet to return from holidays. Stock markets in Tokyo, Seoul, Shanghai and Bangkok remained closed and will open next week. Sentiment was downbeat on the back of renewed weakness in regional currencies, which received a pounding in the first trading day of 1998 after Asian leaders warned their people to brace for economic hardship.The Malaysian ringgit, the Philippine peso and the Thai baht offshore all hit record lows.In Hong Kong, share prices fell 0.4 per cent on the first trading day of the new year amid an absence of fresh incentives to spur investors, dealers said. "In particular, as the Tokyo market remained closed for holidays, the Hong Kong market became very quiet with no leads," Frances Ng, an analyst with ASG Investment Service, said. The key Hang Seng Index lost 42.19 points to finish at 10,680.57.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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