Asian stocks dip but Taiwan jumps


A passer-by in Japan sports a promotional hat for the soccer World Cup, due to start in Korea on Friday

HONG KONG, China -- Asian markets drifted on Thursday, with Japan ending lower on tech and telecom selling.

South Korea saw a fall of more than 2 percent, making it the region's biggest loser. But Australia mustered a gain, as did New Zealand.

Taiwan's main index gained 2 percent, by far the strongest Asian market on the day.

Hong Kong closed lower, with Singapore slightly up heading into the close. In Indonesia, the market is also flat, despite the likelihood of a delay in a key privatization sale.

ANZ Bank of Australia told CNN on Thursday afternoon that its Indonesian partner had no plans to increase its bid for Bank Niaga (full story).

Nikkei hurt more than Topix

In Japan, the Nikkei index closed 0.7 percent lower at 11,770.03, drifting after Nasdaq fell 1.7 percent on Wednesday.


Soccer likely means a short-term boost to South Korea, where college students practice for an opening-ceremony event

But the broader market did not sell off as much, the Topix index closing down 0.4 percent at 1,121.30 for Thursday.

The market got proof overseas investors have been net buyers of stock (full story).

Chip stocks felt the pain of techs worldwide. Toshiba Corp. dropped 2.55 percent to 535 yen.

Bank stocks, still moving after reporting full-year earnings last Friday, were mixed. Mizuho Holdings jumped 4 percent to 309,000 yen. The yen strengthened slightly but is steady at 124.00 against the U.S. dollar in early trade out of Europe.

Big caps off in Seoul

In Seoul, South Korean stocks suffered heavy selling again, sinking to a three-month low.

SK Telecom Co., the largest cell-phone company and a favorite of overseas funds, fell 5 percent to 275,500 won.

Memory chipmaker Samsung Electronics, the market leader both in its industry and in Seoul, fell 1.9 percent to 355,000 won after its rivals outside Korea fell.

Most financial stocks were also down as the market moved broadly lower.

China Airlines arrests its run

In Taiwan, the Taiex roared ahead 2.01 percent to 5,736.19. Banks were the main gainers, First Commercial Bank closing up 4.94 percent at T$25.50. Chinatrust put on 3.3 percent to T$31.20.

Chip stocks, the other main driver, were mixed. But chip foundry Taiwan Semiconductor Manufacturing Co., lifted 1.2 percent to T$86.50.

China Airlines arrested its run of "limit down" days, but still lost 1.52 percent to T$13.00.

Competitive pressures have bid up stock in Eva Airways, up 2.3 percent to T$13.00, with it expected to gain valuable new flights to Hong Kong.

Sydney boosted by mining

The main Sydney index, the ASX/S&P 200, put on 0.17 percent to 3,387.1.

That was a strong showing given losses in its two largest components, News Corp. and Telstra Corp. News fell 1.4 percent to A$13.28 and Telstra ended down 0.2 percent at A$4.74.

Mining companies BHP Billiton and Rio Tinto propped the market with gains. Gold stocks eased after the commodity hit almost a five-year high in London on Wednesday.

Gold miner AurionGold saw its shares fall 2.7 percent to A$4.64, as it said the market expects a higher price from Canada's Placer Dome.

In New Zealand, the Top 40 gained 0.82 percent to 2,140.21. Telecom New Zealand and wood products company Carter Holt Harvey both gained.

Hong Kong off on smaller names

Hong Kong's Hang Seng index ended off 0.44 percent at 11,380.61. Pleasure-ship operator Star Cruises, the world No. 4, ended 7.64 percent lower at HK$3.325.

It became the latest Hong Kong listing to take the controversial step of selling stock at a discount, in this case HK$3.30.

Popular fast-food chain Café de Coral fell 7.15 percent to HK$6.50 after Deutsche Bank hit it with a downgrade.

In Singapore, the Straits Times index is up 0.38 percent at 1,690.90 near the close.

Stocks in India are down 0.23 percent on the Bombay Stock Exchange, while Pakistan's main market in Karachi is down 1.87 percent in early afternoon.

Reuters contributed to this report.