Tokyo, Taiwan down by midday


Tokyo fell on weaker than expected economic data released Friday morning

HONG KONG, China -- Tokyo shares were lower by midday due to disappointing economic data, while most other markets were closed for the observance of Good Friday.

Tokyo shares slipped after the weaker than expected data on jobs, industrial production and consumer prices triggered light selling.

The benchmark Nikkei average ended the morning down 90.34 points, or 0.80 percent, at 11,242.77, while the broader Topix slipped 4.37 points, or 0.40 percent, to 1,078.06.

Elsewhere in the region, Taiwan shares dropped on concerns over weak corporate sales, but the market in South Korea gained as techs tracked rises in their U.S. counterparts.

On Thursday, the Dow Jones Industrial average slipped 0.22 percent to 10,403.94, while the tech-heavy Nasdaq composite index added 1.02 percent to 1,845.35.

Australia, New Zealand, Singapore, the Philippines and Hong Kong are all closed for the Good Friday holiday.

Disappointing data

In Tokyo investors shied away from the market after the Japanese government announced industrial output rose a less than expected 1.3 percent in February from a month earlier.

There are hopes for a firm start to the next financial year, with fresh buying from pension funds and other institutions likely to follow Monday's key 'tankan' survey of corporate sentiment survey by the Bank of Japan, analysts said.

In the banking sector, Mizuho Holdings fell 2.53 percent to 308,000 yen and Sumitomo Mitsui Banking Corp dropped 2.72 percent to 537 yen.

Automaker Toyota Motor Co dropped 1.57 percent to 3,760 yen, Honda Motor declined 2.15 percent to 5,450 yen and Nissan fell half a percent to 953 yen.

Consumer electronics giant Sony Corp slipped 0.58 percent to 6,850 yen, while Kyocera Corp fell 1.42 percent to 9,040 yen.

Japan's leading mobile phone carrier, NTT DoCoMo, edged up 0.56 percent to 362,000 yen.

Tech shares up

Shares in Seoul moved higher early Friday as index heavyweight Samsung Electronics Co tracked U.S. chip shares.

The benchmark Kospi added 0.81 percent, or 7.21 points, to 899.88, while the over-the-counter Kosdaq gained 0.65 percent to 92.45.

Institutional investors also supported the market as some financial companies closing their books in March snapped up shares to boost asset values.

Samsung Electronics rose 2.5 percent to 366,500 won, tracking a 2.35 percent gain in the Philadelphia Stock Exchange semiconductor index. But Hynix Semiconductor slipped 6.1 percent to 1460 won.

Chohung Bank gained 200 won to 6,640 won after a local newspaper said U.S. financial giant Citibank and four other investors have been bidding for a credit card unit of the Korean bank.

Weak sales

Taiwan stocks drifted lower in early trade, with the main Taiex share index slipping 24 points, or 0.39 percent, to 6,185.92.

Taiwan manufacturing usually slumps in the first half of the year, after peaking in the run up to the Christmas holidays as exporters fill orders from the U.S. and Europe.

TSMC, the world's largest contract chipmaker, gained T$1.00, or 1.05 percent, to T$96.00. UMC was unchanged at T$53.00.

Taiwan bans any microchip investment by local firms in China, but the government is considering allowing investments in older eight-inch wafer technology. An announcement could come later in the day.