AROUND THE WORLD'S MARKETS: KUALA LUMPUR

MALAYSIA'S STOCK market became the first victim of yesterday's dramatic surge by the yen. With Tokyo shut for a holiday, the composite index lost 11.31 points or 1.55 per cent to 717.74, its lowest level in more than a month.

Companies with high exposures to the yen were seen as suffering from the rise. Power utility Tenaga Nasional, which is expected to post a forex loss after swapping $990m into yen, fell almost 2 per cent. Importers of Japanese cars and heavy equipment also fell.

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