Shares in Hong Kong closed lower yesterday as traders dumped export companies and other blue chips following further weakness on Wall Street.

The Hang Seng Index fell 167.09 points, or 1.72 percent, to 9,548.65. On Tuesday, the index had risen 59.28 points, or 0.6 per cent.

Turnover was thin at HK$6.06 billion (US$777 million), up slightly from Tuesday's HK$5.97 billion (US$765 million).

Local sentiment was hurt by Tuesday's declines on Wall Street. Yesterday's losers in Hong Kong included micro-motor manufacturer Johnson Electric and the exporter Li & Fung, both dependent on revenues from the US market.

Taiwan Share Closes down After US Losses

Taiwan shares ended down for a seventh straight session yesterday as investor caution prevailed after overnight losses in US stock markets, dealers said.

Declining technology stocks outweighed better-performing banks, paper, transportation and cement issues.

The Weighted Price Index of the Taiwan Stock Exchange finished 9.69 points lower, or 0.2 percent, at 4535.93. It traded in a narrow 64-point range during the session.

Dealings were valued at NT$56.20 billion (US$1.61 billion). Decliners outpaced advancers 350 to 284, while 115 issues ended the day unchanged.

Nikkei Falls to 18-year Low

Tokyo stocks slumped nearly 2 percent yesterday, with a broad market index dipping to fresh 18-year lows as investors sold on Wall Street's decline overnight and reports a major US insurer may collapse.

The Tokyo Stock Price Index of all issues on the exchange's first section fell 16.18 points, or 1.94 percent, to close at 815.74 points. It was the lowest closing level for the TOPIX since November 2, 1984, when it was at 815.32.

The TOPIX rose 4.10 points, or 0.50 percent, to 831.92 points on Tuesday.

The benchmark 225-issue Nikkei Stock Average closed down 166.72 points, or 1.96 percent, to 8,344.01 points. On Tuesday, the Nikkei gained 59.79 points, or 0.71 per cent, to 8,510.73 points.

(Edited by china.org.cn from China Daily December 19, 2002)