NTT slide weighs on Tokyo stocks

By Staff and wire reports

TOKYO, Japan (CNN) -- A slide in shares of NTT weighed on Tokyo stock prices midday on Monday, amid news Japan's economics minister is pushing for a complete break-up of the telecom giant.

The benchmark Nikkei average ended the morning down 0.98 percent at 12,916.32. The capital-weighted TOPIX index was down 0.87 percent to 1,293.75.

Elsewhere in the region, South Korean shares inched up by noon on Monday, led by index heavyweight Samsung Electronics. Australian stocks, however, showed continued weakness.

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Japan's NTT fell 4.95 percent to 653,000 yen, losing more than a quarter of its value since May 7. Its mobile subsidiary NTT DoCoMo, Japan's largest issue by market capitalization, lost 3.7 percent to 2.08 million yen.

Major tech stocks in Tokyo moved lower, following a 1.16 percent fall on the U.S. Nasdaq market.

Sony lost 3.34 percent to 8,400 yen and chip and computer maker Fujitsu slipped 3.01 percent to 1,319 yen.

Korea shares inch higher

In Korea, Samsung was up 1.3 percent to hit a morning high of 196,000 won by noon. The Korea Composite Stock Price Index (KOSPI) was up 0.47 percent of 2.81 points to 601.89.

The over-the-counter Kosdaq also recouped early losses and remained in the positive territory by noon. It was up 0.05 percent at 78.64.

In Australia, retailer Coles Myer joined the ranks of companies suffering a double-dose of earnings downgrades on Monday in a slightly weaker overall market preoccupied with rate cut prospects.

A profit warning sent shares in the retailer down 90 cents before they clawed back a little ground to trade down 87 cents or 12.2 percent at A$6.28 by early afternoon.

The benchmark S&P/ASX 200 index eased 2.9 points to 3,425.4 by midday.

The Hong Kong market will reopen on Tuesday after Monday's Dragon Boat festival holiday.

Reuters contributed to this report.