Followup Re: Crisis in Indonesia...
HONG KONG (Reuters) - Asian markets were stuck in crisis Monday despite soothing words from U.S. officials visiting Jakarta for high-level meetings that spurred hopes of a solution to economic chaos in Indonesia.
"It's horrendous, just horrendous," said one head trader at a major brokerage, referring to sentiment throughout the region.
Major stock markets in Hong Kong, Tokyo and Sydney were all weaker, while the yen fell against the U.S. dollar and the Thai baht hit fresh record lows.
But Jakarta bucked the regional trend, reflecting market hopes that renewed talks between senior officials from the United States and the International Monetary Fund (IMF) could find a solution to Indonesia's woes.
The outcome of talks between the IMF and President Suharto would not be made public until Thursday, officials in Jakarta said.
But IMF First Deputy Managing Director Stanley Fischer said the talks went well. "This was a very, very good meeting. We agreed on how to proceed," he told reporters.
Jakarta stocks were up 2.58 percent to 351.81 at the morning close while the rupiah was steady around Friday's close at 8,350/8,850.
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Good luck all, lets hope we don't get slaughtered today. With luck, things might let up by Thursday.
Len |
