Asia shares in market crash

Asian markets faced a similar technology-led downturn in the wake of yesterday's local market correction which saw the ASX drop below 3000 points for the first time since November last year.

In Hong Kong the Hang Seng index plunged 1163.28 points, or more than 7 per cent, at the start of trade. Telstra's potential Asian partner, Hong Kong-based Pacific Century CyberWorks, was down by 17 per cent shortly after the market opened.

Japan's Nikkei also suffered, falling a massive 1793.62 points, or 8.8 per cent, to 18,641.06 -- its lowest level since January.

The Singapore market also felt the brunt of the Wall Street crash, with its major index falling more than 8 per cent shortly after opening.

In Korea, early falls in the Composite Stock Price Index saw a 20-minute trading halt introduced after the market dropped almost 90 points, or 11 per cent, to 711.54. Regulations governing the Korean exchange mean that trading is halted after a fall of 10 per cent or greater.

Malaysia also suffered a downturn, as did New Zealand where the market closed almost 5 per cent, or 84 points, down.

Copyright © 2000 IDG Communications, Inc.

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