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Asia slips on Nasdaq woes
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May 3, 2000: 5:25 a.m. ET
Tech concerns strike Hong Kong, Singapore; chip stocks weaken in Taipei
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LONDON (CNNfn) - Markets in Asia closed lower Wednesday, with Hong Kong's leading index shedding 1.5 percent, as declines for high-tech issues followed a slide for the U.S. Nasdaq composite and credit concerns for a key blue chip.
Hong Kong's Hang Seng index fell 240.29 points to 15,577.47. Real estate, shipping and telecommunications company Hutchison Whampoa shed 3.5 percent after ratings agency Standard & Poor's placed the company on credit watch, as it faces demands for funds to buy mobile-phone licenses in Europe.
The Straits Times index in Singapore shed 0.9 percent, accelerating its decline late in the session. Tokyo's stock market, the biggest in Asia, was closed for a three-day "Golden Week" holiday and is set to reopen Monday. 
The S&P/ASX index in Australia dropped 0.8 percent after monetary policy makers there raised interest rates by a quarter percentage point to 6 percent. Media powerhouse News Corp. fell 1.8 percent.
The Taiwan Weighted index in Taipei closed down 2.5 percent, falling sharply for a second day amid lingering concerns about Taiwan's relations with China and weakness for semiconductor stocks.
Elsewhere, the KLSE composite index in Malaysia rose 0.2 percent, Bangkok's SET fell 1.2 percent, and Manila's PHS composite shed 0.8 percent. The KOSPI in South Korea was little changed from its previous close.
On Wall Street Tuesday, the Nasdaq fell more than 4 percent, reversing a three-day winning streak. The Dow Jones industrial average shed 80.66 points to 10,731.12, depressed by AT&T Corp. (T: Research, Estimates), which warned of lower-than-expected earnings for the rest of the year.
Telecom, chip stocks soften
Concerns surrounding Hutchison Whampoa's credit rating Wednesday weighed on its parent Cheung Kong (Holdings), which fell 0.8 percent, narrowing its loss late in the session.
In Asia's telecom sector, China Telecom dropped 3.2 percent and Straits Times index heavyweight Singapore Telecommunications fell 0.8 percent.
Chip stocks across the region were battered. In Taipei Taiwan Semiconductor fell 2.6 percent and rival United Microelectronics shed 4.7 percent. Singapore's Chartered Semiconductor dropped 5.8 percent after announcing a large share sale.
On the upside, Internet play Hongkong.com rose 6.2 percent.
In Australia, mining company Rio Tinto added 2.1 percent as resources stocks mostly advanced.
In the currency markets Wednesday, the Japanese yen strengthened to ¥108.52 against the dollar from ¥108.71 in late U.S. trading Tuesday. Still, the dollar remained within striking distance of its two-month high of ¥109.01. 
-- from staff and wire reports
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