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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (2585)	12/22/1998 8:30:00 AM
From: John Pitera	Respond to of 99985

Continued worries about soaring bond yields pounded shares in Tokyo, An INTERACTIVE JOURNAL News Roundup Continued worries about soaring bond yields pounded shares in Tokyo, while profit-taking dragged South Korean stocks lower. Equities closed mixed elsewhere across the Asian-Pacific region. Tokyo stocks dropped 2.64%, on fears that soaring government bond yields would hurt corporate activity and the domestic economy. Hong Kong shares followed the Nikkei to close moderately lower. Propelled by concern about a flood of new bond issues to fund the government's massive economic stimulus programs, the yield on the benchmark 10-year Japanese government bond rocketed to 1.900%, the first time it hit that level since September 1997, from 1.505% on Monday. Stocks plunged 3.1% on the Korea Stock Exchange on profit-taking following Monday's 7.7% rally. News that state-owned Korea Telecom will be listed on the Korea Stock Exchange Wednesday also weighed on the market Taiwan shares surged 3.4% as retail investors took their lead from the government's market stabilization fund and moved onto the market in search of blue-chip stocks. Australian shares were boosted by local corporate news, including the news that Telstra intends to sell its 10% stake in the WorldPartners Global Alliance. Monday's climb on Wall Street boosted shares in the Philippines. An increase in Japanese rates will have deleterious effects for global financial markets. Best Regards, John