Tokyo up, Asian markets mixed


Japanese college students raise their fists into the air during a ceremony to kick off their job hunting in Tokyo

HONG KONG, China -- Tokyo was higher but other Asian markets were mixed by midday Wednesday, as Nasdaq's overnight retreat weighed on local tech shares.

In Tokyo, firmness in major exporters such as automakers capped the effects of profit taking in tech shares.

The benchmark Nikkei average ended the morning up 14.13 points, or 0.12 percent at 11,621.46, but the broader Topix index fell 5.78 points, or 0.53 percent, at 1,092.78.

In Seoul, the Kospi moved in and out of the red, while a similar scene prevailed in Taiwan and Hong Kong.

Investors in Taipei switched to recent well-performing shares while those in Hong Kong looked forward to huge fund inflows from China.

The Australian market was dragged down by a weak News Corp, while Singapore was lower on a dull Wall Street performance.

The blue chip Dow Jones industrial average rose 0.2 percent on Tuesday, but the tech-laden Nasdaq index slipped 1.68 percent as sales warnings from Lucent and Nokia dampened tech recovery hopes.

Chips down

In Japan, chipmaker Toshiba dropped 4.5 percent to 524 yen, Hitachi lost 1.8 perent to 913 yen and Fujitsu eased 1.4 percent to 1030 yen. NEC Corp lost 3.11 percent to 1,090.

Banks were also weaker, led by UFJ Holdings, which dropped 4.03 percent to 357,000 yen. Sumitomo Mitsui lost 3.28 percent to 590 yen, while banking giant Mizuho Holdings shed 2.79 percent to 348,000 yen.

But Toyota Motor Corp, Japan's top automaker, firmed 1.34 percent to 3,780 yen, bolstered by a weakening yen. Its rival Honda Motor rose 1.27 percent to 5,570 yen. Nissan was up 2.2 percent to 882 yen.

Shares in South Korea were lower in early trade, dragged down by technology shares, which fell in line with their U.S. counterparts.

The Kospi slipped 0.17 percent to 844.63, while the over-the-counter Kosdaq was down 0.01 percent at 86.59.

Samsung Electronics, the world's largest memory chipmaker, eased 1.27 percent to 348,000 won.

South Korea's top mobile carrier, SK Telecom, declined 1.61 percent to 275,000 won, and state-run KT Corp fell 1.5 percent to 59,100 won.

Power monopoly Korea Electric Power (KEPCO) slipped 0.4 percent to 22,600 won after its president tendered his resignation over a protracted strike.

News Corp

Australian stocks were slightly lower by midday as a weaker News Corp offset a firmer banking sector. The S&P/ASX 200 index shed 8.4 points, or 0.2 percent, to 3,453.9.

Index heavyweight News Corp fell 28 cents, or 2.0 percent, to A$13.62 after its ADRs shed 3.3 percent in New York on Tuesday.

But Australia's second largest television broadcaster Seven Network soared more than four percent to A$7.61 after it unveiled interim net profit of A$54.4 million, four times higher than its A$13.13 million profit a year ago.

The banking sector recovered some losses with the return of investors from cyclical plays. National Australia Bank added 19 cents, or 0.5 percent, to A$34.68.

In Taiwan, stocks edged higher in early trade as investors chased selected shares of technology companies.

The benchmark Taiex shares index rose 73.37 points, or 1.20 percent, to 6,195.91, but fell back into the red by midday.

Larges display panel maker AU Optronics jumped T$0.50, or 0.92 percent, to T$55.00, and rival Chunghwa Picture Tubes was up T$0.50, or 1.23 percent to T$41.30.

In Singapore, the key index was flat in early trade due to Nasdaq-led losses. The bellwether Straits Times Index was down about half a percent to 1,774.42 by late morning.

Singapore Press Holdings was down 1.3 percent to S$22.80, while Singapore Airlines lost 1.4 percent to S$14.10.

But banks were higher. United Overseas Bank and DBS Group Holdings were both up 1.4 percent to S$14.50 and S$14.60 respectively.

In Hong Kong, blue chips were steady in early trade as shares of China plays listed in the territory outperformed the market.

The benchmark Hang Seng Index was down about 0.4 percent at 11,229.85 near midday.

Investors took to heart the possibility of having a fund from China invest some of its US$86 billion in personal foreign exchange savings in Hong Kong stocks.

Micro motor maker Johnson Electric rose 1.83 percent to HK$11.15.

But Nasdaq's losses dragged down key technology and telecoms stocks.

China Unicom, the mainland's number two cellular phone operator, lost 1.27 percent, while Legend Holdings, China's top personal computer maker, dropped 1.38 percent.