May 23, 2006	Tuesday	Rabi-us-Sani 24, 1427

HONG KONG, May 22: Asian stocks extended sharp losses on Monday, with India crashing out to a halt following another tumble in commodity prices on fears that inflation will inevitably lead to higher interest rates.

A steadier performance by Wall Street and a stronger US dollar had initially supported trade around the region but by early afternoon any lingering positive sentiment had abated and sellers again dominated trade.

It recovered somewhat to close down 4.18 per cent. Tokyo slumped 1.84 per cent, Taipei lost 1.92 per cent and Seoul was down 2.46 per cent while Hong Kong was down 3.11 per cent.

Elsewhere Bangkok was down 2.93 per cent, Singapore down 2.5 per cent, Jakarta by 6.03 per cent and Kuala Lumpur fell by 2.1 per cent. Sydney performed only slightly better with a 1.37 per cent drop while Wellington eased 0.70 per cent.

TOKYO: Share prices fell sharply, with the benchmark Nikkei index ending below 16,000 points for the first time in over two months on concerns about higher US interest rates.

The Nikkei-225 index dropped 297.58 points or 1.84 per cent to 15,857.87. Volume was 1.91 billion shares, almost unchanged from 1.90 billion Friday.

HONG KONG: Share prices fell 3.11 per cent, with the main index plunging below the key 16,000 points level as jitters over sharp falls in the region prompted investors to step up selling in the afternoon session.

The Hang Seng Index closed down 507.84 points at 15,805.52. Turnover was 39.94 billion Hong Kong dollars (5.12 billion US).

SYDNEY: Share prices slumped 1.37 per cent as investors sold resource stocks following sharp falls in commodity markets on Friday.

SINGAPORE: Share prices plunged 3.1 per cent after fears of rising US interest rates sparked massive sell-offs in global markets, dealers said.

KUALA LUMPUR: Share prices closed 2.0 per cent lower in line with losses in other regional markets and a sell-off in commodities.

JAKARTA: Share prices slumped 6.03 per cent on another massive profit-taking binge by foreign investors amid a weakening rupiah and tumbling regional markets.

WELLINGTON: Share prices closed 0.70 per cent lower as markets worldwide remain concerned by inflation and interest rate risks.

The NZSX-50 gross index dropped 25.66 points to 3,653.53 on turnover worth 123.08 million New Zealand dollars (75.48 million US).

MUMBAI: Share prices recovered from a 10 per cent plunge that halted trading for an hour to close down 4.18 per cent as domestic funds helped prop the market.—AFP