Asian markets end week down


Thai Prime Minister Thaksin Shinawatra and Japanese Prime Minister Junichiro Koizumi review the honor guard at government house in Bangkok

HONG KONG, China -- Asian markets ended the week down, due to concern over weak economic fundamentals, heavy competition, and a disappointing Wall Street performance.

Tokyo stocks sank for a fourth day ahead of a three-day holiday haunted by credit jitters as Japanese banks' bad loans problems remain unsolved.

The benchmark Nikkei average ended down 0.92 percent at 10,441.59, the first close below 10,500 since December 27.

The broader Topix index slid 1.01 percent to 999.94.

Stocks in South Korea, Hong Kong, China and Singapore all lost ground. Taiwan plummeted more than 3 percent.

Australia and New Zealand broke rank, with slight rises. But Indian stocks were trading down in afternoon.

Japanese financial markets are closed on Monday for the Coming of Age Day holiday.

Daiei down in Japan

Debt-ridden retailer Daiei dragged the index lower, dropping 10.91 percent to 98 yen after Standard & Poor's on Thursday cut the retailer's corporate credit rating.

UFJ Holdings, the smallest of Japan's four mega-banking groups, led the bank sector lower, dropped 7.88 percent to 269,000 yen.

UFJ is one of Daiei's main lenders. The bank lost a total of 14 percent in the past four sessions.

In Seoul, shares closed fractionally lower led by chipmakers.

The key Kospi finished 0.12 percent down at 727.36, while the over-the-counter Kosdaq fell 1.72 percent to 75.02

In Hong Kong, stocks extended losses to a fourth consecutive day giving up early gains as Chinese telecom operators came under renewed pressure on competition fears.

The Hang Seng Index was down 0.80 percent to 11,166.46

Shares in Taiwan ended down on profit taking after a lackluster performance in U.S. Semiconductor stocks.

The Taiex slipped 3.13 percent at 5,687.59.

Gold shines

But shares closed slightly firmer in Australia due to bargain hunting in banks and a continued thirst for gold.

The benchmark S&P/ASX 200 index ended up 0.25 percent at 3,417.6 points.

In New Zealand, gains made by Heavyweight Telecom New Zealand led the market to a positive finish.

The benchmark NZSE-40 index closed up 0.3 percent at 2,114.