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To: lorne who wrote (2906)	11/7/1997 7:03:00 AM
From: lorne	Respond to of 116822

ECONOMY AND MARKETS Asian Markets: Stocks Plunge in Japan, South Korea, Hong Kong By Jonathan Ferziger Hong Kong: Asian stocks plunged to new lows as Japan's Nikkei index dipped under 16,000 for the first time in almost 2 1/2 years and Korean shares suffered their biggest decline ever. The Tokyo stock market reacted to a report that the Bank of Yokohama Ltd. would liquidate its entire equity portfolio, stoking fears of a massive sell-off of bank shares. Seoul's KOSPI Index slid almost 7 percent as the won fell to 980 to the dollar, near an all-time low. The currency, down 13 percent this year, fell even as the central bank bought won in an effort to shore up the exchange rate. ''Everyday we witness the central bank unavoidably taking a step back,'' Lee Chang Young, a foreign exchange dealer at Kookmin Bank. ''The central bank's attempt to keep the 975-won level today miserably failed.'' In Hong Kong, the benchmark Hang Seng Index fell as much as 6 percent before closing down 2.96 on concern that the Hong Kong dollar's peg to the U.S. dollar may break. Japan's benchmark Nikkei average fell 697.51 points, or 4.2 percent, to 15,836.36 -- its lowest since July 6, 1995.