Asian stocks open down on Intel fallout

TOKYO, Japan (Reuters) -- Asian markets opened lower in early Wednesday trade, battered by a drop in U.S. tech issues in after-the-bell trade following Intel Corp's disappointing quarterly earnings.

Tokyo stocks opened weaker Wednesday, with investors bracing for a rush of U.S. quarterly earnings reports.

The tech-sensitive Nikkei average fell 0.8 percent to 10,126.88.

The TOPIX index dropped below the post-bubble closing low of 980.11 after several high-tech issues including Sony Corp extended recent losses.

The capital-weighted TOPIX was down 0.32 percent at 977.16, while electronics titan Sony slipped 0.83 percent to 6,000 yen.

Adding to the pressure, shares in U.S. semiconductor giant Intel Corp took a beating in after-hours trade after it reported sharply lower quarterly earnings.

Intel's report sent U.S. technology issues down in after-the-bell trade, which dragged down tech shares in Seoul.

The Korea Composite Stock Price Index dipped 0.42 percent at 716.65, while the over-the-counter Kosdaq rose 0.08 percent to 73.25.

Memory chip giant Samsung electronics eased 1.28 percent to 308,000. The company is set to release its fourth quarter and 2001 earnings today.

Strong performance

In other markets, Australian shares clawed its way into positive territory, buoyed by a strong Wall Street performance overnight.

The benchmark S&P/ASX200 index was up 0.1 percent at 3,409.6.

Wall Street broke a six-day losing streak as positive retail sales data diverted attention from an expected flat earning seasons.

The blue chip Dow Jones Industrial Average gained 0.33 percent, while the tech-heavy Nasdaq gained 0.51 percent.

Shares in Australia's largest gold producer, Normandy Mining touched A$1.99 after shares in U.S. bidder Newmont Mining jumped 3.3 percent overnight.

But shares in New Zealand opened weaker as improved annual result of restaurant brands failed to lift the market.

The benchmark NZSE-40 shed 0.4 percent at 2,086.