Hong Kong share prices closed 2.3 percent lower yesterday with the Hang Seng index falling below 10,000 points on profit-taking in telecoms and property stocks, dealers said.

The key Hang Seng index lost 231.28 points to close at 9,995.73 on turnover of HK$7.4 billion (US$950 million).

"The local bourse extended its losses further in the afternoon, led by falls in property and telecom counters amid a mediocre outlook in those sectors," said Fulbright Securities General Manager Francis Lun.

The index was likely to see support around 9,920 points, Prudential Brokerage Senior Investment Manager Kingston Lin said.

However, Lin said underlying sentiment remained favorable ahead of the expected window-dressing activities towards the end of the year.

Taiwan Shares Close Down

Taiwan share prices closed 1.4 percent lower yesterday, led by electronics stocks after downbeat comments from AOL Time Warner and Nokia undermined Wall Street, dealers said.

The weighted index closed down 66.44 points at 4,727.49 on turnover of NT$71.4 billion (US$2.1 billion).

Nikkei Falls 2.2 Percent

Japanese share prices fell 2.2 percent yesterday due to fears Wall Street's rally may be over and worries over the lack of action on domestic economic reforms, dealers said.

The Nikkei-225 average of the Tokyo Stock Exchange declined 198.38 points to end the day at 9,006.73. The broader Topix index of all first section issues tumbled 16.10 points to 874.66.

Decliners led gainers 1,026 to 329, with 138 stocks unchanged. Volume was estimated at 768 million shares.

Investors were concerned a multi-week rally in US stocks would again fizzle out after declines on Wall Street in recent sessions, along with a resumption of weak economic data and earnings numbers, dealers said.

(China Daily December 5, 2002)