Asian markets mixed on tech, oil


Japanese shares were mixed as techs followed Nasdaq's decline and energy stocks rose on supply concerns

HONG KONG, China -- Asian markets were mixed by midday Wednesday after Nasdaq's overnight slump dragged tech shares down, while escalating violence in the Middle East lifted petrochemical stocks.

In Tokyo, the benchmark Nikkei 225 average dipped 27.94 points or 0.25 percent to 11,176.55. But the broader capital-weighted Topix index put on 2.09 points to 1070.78, for a gain of 0.2 percent.

Australia, Singapore and Hong Kong were all lower after investors sold off tech shares.

South Korea continued to make gains after the Kospi closed Tuesday at its highest level in more than two years. By midday Wednesday it was up 7.93 points or 0.88 percent to 913.27.

Taiwan also was higher after losses in tech shares were capped by surging petrochemical shares.

On Wall Street Tuesday, earnings worries and oil price concerns drove the Nasdaq composite index down 3.13 percent to 1804.40, while the Dow Jones industrial average fell 0.47 percent to 10,313.71.

Crude prices hit $28 per barrel in U.S. trade on Tuesday on worries about possible supply disruptions. That pushed aviation stocks lower on fears about rising jet fuel costs.

Singapore Airlines slumped 2.55 percent to S$13.60, while Cathay Pacific Airways tumbled 4.78 percent to HK$10.95.

Tech shares down

In Tokyo, top computer chip testing device maker, Advantest lost 3.25 percent to 9520 yen.

Top banks also lost ground ahead of the results of the Financial Services Agency's inspection on bank lending, due within two weeks.

Mizuho Holdings fell 4.18 percent to 275,000 yen, while UFJ Holdings dropped 4.83 percent to 276,000 yen.

Arabian Oil Co Ltd, Japan's largest oil producer, rose 4.14 percent to 729 yen, while Teikoku Oil Co surged 6.09 percent to 575 yen.

In the auto sector, Toyota Motor rose 0.54 percent to 3730 yen, but rival Honda Motor slipped 0.55 percent to 5440 yen.

Consumer electronics giant Sony lost 0.29 percent to 6910 yen and Kyocera fell 1.97 percent to 8980 yen.

Heavy buying

In Seoul, the LG Group said it had to offload its stockholdings in some of its units to focus on core businesses.

LG Cable surged 6.7 percent to 20,600 won, and LG Construction added 0.7 percent to 15,900 won. LG-Caltex Gas rose 1.7 percent to 17,500 won.

Financial shares also rose. Chohung Bank rose 3.4 percent to 6940 won, Korea Electric Bank jumped 6.2 percent to 7180 won and Kookmin Bank firmed 2.4 percent to 55,7000 won.

Market heavyweight and chip giant Samsung Electronics fell 1.13 percent to 394,000 won.

SK Telecom dropped 3.41 percent to 269,000 won, after the government ordered the nation's top mobile carrier to cut interconnection fees.

But top refiner SK Corp surged eight percent to 20,100 won.

News Corp down

Australian stocks edged lower in early trade, dragged down by market heavyweight News Corp, which lost 3 percent to A$12.50.

The benchmark S&P/ASX 200 index was down 2.7 points, or 0.1 percent, at 3,384.6.

Banks were slightly higher after the Reserve Bank left the official cash rate unchanged at 4.25 percent.

National Australia bank rose 0.20 percent to A$33.52 and Commonwealth Bank added 0.03 percent at A$31.45.

But Qantas Airways fell four percent to A$4.42 after it announced late Tuesday it would launch international flights on a new low cost carrier in October.

In Taiwan, the benchmark Taiex rose 16.14 points, or 0.26 percent, to 6,259.60.

Grand Petrochemical reached the seven percent trading limit to T$20, while rival China Petrochemical added T$0.30 to T$7.40.

TSMC fell T$1 to T$92, and rival UMC dropped T$0.50 to T$54.

Tracking Nasdaq

In Singapore the key Straits Times Index was down 1.18 percent to 1776.10.

DBS Group Holdings lost 1.36 percent to S$14.50, while United Overseas Bank dropped 1.33 percent to S$14.80. OCBC Bank slid 1.45 percent to S$13.60.

In Hong Kong, stocks slipped in early trade as investors were unnerved by a weak performance on Wall Street.

The Hang Seng Index was down 0.69 percent, or 74.91 points, at 10,803.13.

Bank leader HSBC lost 0.84 percent to HK$88.50. But Chinese offshore oil producer CNOOC hit a record high of HK$10.25.