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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: timroy who wrote (3168)	12/16/1998 2:17:00 PM
From: Tim Luke	Respond to of 90042

no

To: timroy who wrote (3168)	12/16/1998 11:23:00 PM
From: Tim Luke	Read Replies (2) \| Respond to of 90042

-------------------------------------------------------------------------------- Wednesday December 16, 11:04 pm Eastern Time Asian shares fall as Iraq conflict frays nerves (Updates with wider Asian reaction) By Andrew Morse TOKYO, Dec 17 (Reuters) - Most Asian stocks wilted in early trade on Thursday after a U.S. and British military strike on Iraq fueled worries of a full-fledged war and drove nervous investors out of the market. As of 0340 GMT, most major Asian indices were posting losses amid thin trade ''There is a general sell-out,'' said a dealing manager at a Singaporean brokerage. In Washington on Wednesday night, White House officials announced U.S. forces had launched a military strike against Iraq on President Bill Clinton's orders following Iraqi President Saddam Hussein's refusal to comply with United Nations weapons inspectors. Crude oil trading on the New York Mercantile Exchange (NYMEX) after-hours trade was disrupted by a shutdown in the ACCESS trading system which came shortly after the air strikes. After ACCESS trade resumed at 0300 GMT, January NYMEX crude prices were trading at around $12.49 per barrel, up 11 cents from the New York close. In Tokyo, the Nikkei average pared early losses and recovered the key 14,000-point level. The Nikkei was down 80.63 points, or 0.57 percent, at 14,015.67. The dollar came under downward pressure by midday in Tokyo after failing to sustain early gains made in reaction to the U.S. strikes. It was trading at around 116 yen after rising above 117 earlier. Hong Kong's Hang Seng index slipped 30.23 points, or 0.30 percent, to 9,909.16 as the international conflict spooked investors. But Australian shares were more than one percent higher, boosted by firmer metals prices and an oil price spike following the U.S-British strikes. In Singapore, the Straits Times Index had fallen 16.55 points, or 1.22 percent, to 1,342.55 as smaller investors fled the market. In neighbouring Malaysia, the KLSE Composite index crumpled 2.27 percent, to 530.65 as the joint air raids prompted individual investors to dump shares. ''It was a bit of a panic reaction at the open, but the market should steady itself soon,'' said a dealer at a Malaysian brokerage. In South Korea, the benchmark KOSPI recovered after falling nearly five percent at the open as the air strike compounded faltering sentiment after a sell-off on Wednesday. The KOSPI was down 13.26 points, or 2.43 percent, at 532.71. Indonesian stocks were also lower. In Manila, the PHS Composite reversed early losses to climb 19.54 points, or 1.05 percent, to 1,888.78 as traders took advantage of the slide to buy heavily-weighted index components like San Miguel Corp (Pacific:SMC - news) ahead of expected year-end window-dressing. U.S. Treasuries, the benchmark for interest rates around the world, were little changed. The benchmark 30-year bond traded with a yield of 5.01 percent -- unchanged from New York.