Asian markets down on U.S. slump


Investors are keeping an eye on those companies due to release financial results

HONG KONG, China -- Asian markets were lower by midday Friday, taking their cue from Wall Street's slump last week that hit technology and export-oriented shares.

South Korea led the way with a 1.5 percent drop. Taiwan, Australia, Singapore and Hong Kong also dipped after U.S. markets notched up their worst weekly losses since the September 11 terror attacks.

Japanese markets are closed Monday for the Greenery Day national holiday, the start of Japan's Golden Week holiday season.

Trading will resume on Tuesday through Thursday, but will close again for Friday, May 3 and Monday, May 6.

On Friday in the U.S., the Dow Jones industrial average shed 1.24 percent to 9910.72, while the tech-heavy Nasdaq composite index dropped 2.9 percent to 1,663.89.

The benchmark Nikkei 225 average closed in Tokyo last week down 0.92 percent to 11,541.39. Top exporters such as automaker Toyota Motor fell on concerns about a stronger yen and U.S. stock weakness.

Hynix limit down

South Korean shares were sharply lower Monday, with chipmakers Samsung Electronics and Hynix Semiconductor among the heavy losers.

The main Kospi fell 1.6 percent to 855.75 by midday, while the over-the-counter Kosdaq declined 1.77 percent to 75.42.

Shares in Hynix Semiconductor were 15 percent limit-down at 900 won after creditors announced on Friday they were considering a capital write-down. Samsung Electronics fell 2.13 percent to 391,500 won.

Bucking the trend, KT Corp jumped 4.35 percent to 57,700 won ahead of its earnings announcement.

In Australia, the benchmark S&P/ASX 200 index shed 14.0 points, or 0.4 percent, to 3365.6 by noon, with several key issues losing ground.

Telstra, the country's dominant telco, lost six cents, or 1.2 percent, to A$4.94 on the government's plan to revamp competition laws.

Media giant News Corp eased 31 cents, or 2.5 percent, to A$12.35.

Resources leader BHP Billiton was down 1.77 percent, but gold stocks gained after prices rose to their highest levels in two years at around $310 per ounce.

Lihir Gold rose 2.3 percent to A$1.35, while Newcrest Mining rallied 3.9 percent to A$6.46.

Technology down

In Taiwan, tumbling technology shares saw the main Taiex fall 1.16 percent to 6233.52.

Chip foundry TSMC was down 2.72 percent to T$89.50. Rival United Microelectronics Corp fell 1.83 percent to T$53.50 ahead of its quarterly earnings release later in the day.

Hon Hai Precision was off 1.3 percent to T$151.

In Singapore, the key Straits Times Index was down 0.83 percent, or 14.35 points, at 1713.97.

Singapore Airlines tumbled 2.11 percent to S$13.90, after the release of an official report into a deadly crash in Taiwan in October 2000.

Banking giant DBS Group dropped 1.43 percent to S$13.80. It will unveil first quarter results after the market close.

In Hong Kong, blue chips and exporters pushed the main index lower, following a report that U.S. consumer confidence weakened in April.

The Hang Seng Index was down 0.78 percent at 11,296.36 in late morning trade.

Banking heavyweight HSBC was unchanged at HK$92, but mobile phone twins China Mobile and China Unicom were both easier.

Micro-motor market Johnson Electric shed 2.61 percent to HK$11.20, while supply chain manager Li & Fung fell 1.92 percent at HK$12.75.

Cathay Pacific was up 0.4 percent to HK$13.05.