Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (1599)	7/12/2001 12:17:18 PM
From: ms.smartest.person	Respond to of 2248

Asia licks its wounds after tech mauling;market report 2001-07-12 Terms and Conditions MARKETS in Asia convalesced today after yesterday's bloodletting but amid signs that the region's economies are suffering serious damage from the global technology slump. Overnight gains on Wall Street and Nas-daq sparked hopes among dealers that the bear run had bottomed, but there was little money being committed to the theory. Tokyo stocks wavered through the morning session, but the Nikkei 225 eventually managed to pull ahead, and after being down almost 80 points midmorning, recovered to close the day at 12,300.41, up 60.73. Hong Kong continued to give ground, although the fall of 29.44 points to 12,661.24 by the Hang Seng index at midday was modest compared with yesterday's fall of 308 points. China telecom stocks remained weak, and troubled internet and telephone group Pacific Century Cyberworks dropped by more than 1%. The group is launching a US$ 2.5 billion (£1.7 billion) bond issue, expected to need a punishing price to attract institutional attention. The impact of the technology recession on Asian economies has been driven home by a tumble into recession in the former tiger economy of Singapore. The Lion City's GDP fell by 0.8% in the second quarter. As the second quarter running of negative growth, this technically puts the economy in recession. On an annualised basis, Singapore's GDP fell by 10.1% and the government has revised its full-year growth forecast from between 3.5% and 5.5% to no more than 0.5% to 1.5%. Singapore's technology sector, on which the economy heavily depends, has been cruelly hit by falling demand from big US customers, and manufacturing output fell 67.6% year-on-year in the past three months. Although the GDP figures came in at well below consensus forecasts of 1.5%, the stock market stood up to the news as investors chased bank shares on takeover hopes. The Straits Times index inched up 14.91 points to 1669.49, ending a six-day run of falls, as bank stocks gained up to 1%. In Japan, also certain to reveal it is in recession when it publishes its second-quarter GDP figures, investors continue to be concerned about the political and economic implications of the planned reforms of Prime Minister Junichiro Koizumi. Economic pain is regarded as inevitable, but now Koizumi is having to deal with anti-reform elements in his own party, raising fears of a split that could force a snap election. The other heavy casualties of yesterday's slump, South Korea and Taiwan, both trod water as investors mulled whether the dumping of semiconductor stocks had been taken too far in yesterday's excitement. Seoul's Kospi index slipped 1.55 points to 558.45, and the Weighted Average in Taipei dropped 6.55 points to 4650.75. After a week of losses, Sydney stocks perked up as profit-taking on banks and mining groups halted, and the All Ordinaries closed 14.4 points up at 3304.2. Malaysia's recent climb up the mountain ran out of breath, leaving the Kuala Lumpur Composite down 4.72 points at 622.98, while Thailand's SET gained 2.05 points at 326.52 in mixed trading. Political jitters in Indonesia left the Jakarta Composite index down a marginal 0.47 points at 434.06. lPrices and indices in this section are supplied from various sources and calculated at different times and may not always match those listed in the tables. Terms and Conditions Copyright© 2000 LEXIS-NEXIS, a division of Reed Elsevier Inc. All rights Reserved.