Hang Seng Dips on Tech Selling
Hong Kong share prices dropped 0.6 percent yesterday in a technical correction, with stocks receiving little benefit from gains on Wall Street at the end of last week, dealers said.
The key Hang Seng index lost 57.76 points to close at 9,570.93, on turnover of HK$3.07 billion (US$394 million).
Dealers said trading was generally quiet ahead of the Christmas break.
Y.K. Chan, an analyst with CEF Brokerage, said the benchmark index fell in a technical correction, with investors generally ignoring the rise on Wall Street on Friday.
"Turnover was thin and the market was inactive. The movement of the index is quite meaningless," he said.
Chan said trading volume will continue to shrink in the half-day session tomorrow, with the Hang Seng index likely to stay at its current level ahead of the Christmas holiday.
Taiwan Stocks Close Down
Taiwan shares closed down 0.5 percent yesterday as late selling in the electronics sector due to year-end portfolio adjustments reversed earlier Wall Street-inspired gains, dealers said.
The weighted price index closed down 22.90 points at 4,572.77, off an early high of 4,627.72, on turnover of NT$65.37 billion (US$1.9 billion).
Dealers said lingering uncertainty over the outlook for business continued to pressure the bellwether electronics sector, while the transportation sector led non-electronic stocks higher on expectations of rising product prices.
Decliners led advancers 376 to 271 with 104 stocks unchanged. A total of 38 stocks closed limit-up and 17 limit-down.
Seoul Shares Lower 2.5 Percent
South Korean share prices closed 2.5 percent lower yesterday on retail selling as the growing possibility of a US-led war in Iraq sent the key index below 700 points, dealers said.
The composite index fell 18.06 points to 691.38.
Dealers said that investors, especially retail investors, took profits on dimming hopes of Christmas and year-end rallies.
"Fresh concerns about war with Iraq more than offset Wall Street's gains and hopes of a post-election rally," Woori Securities analyst Park Sung-hun said.
Park said yesterday's sharper-than-expected falls may set a weaker tone for the broader market for the remainder of the year.
(China Daily December 24, 2002)