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Asian equities set fresh lows
By Alex Frew McMillan
HONG KONG, China (CNN) -- Japan and Australia on Thursday reset the multiyear lows they established the day before, with no end to the regional selloff in sight. South Korea dropped almost six percent. Tokyo's benchmark Nikkei 225 average ended the day down 1.17 percent at 8,439.62, yet another in a string of 19-year lows. That's the Nikkei's lowest close since March 1983. The broader Topix index finished down 1.03 percent at 835.61. The losses would have been worse, but bank stocks rallied in afternoon trade from unprecedented low levels. Australia's main index is also at levels not seen since it was established in April 2000. It sold off just over 0.5 percent. Most other Asian markets were down, with South Korea seeing particularly violent selling. The main Kospi index lost 5.79 percent to 584.04. Hong Kong ended down more than 1 percent, and New Zealand also lost ground. Singapore is off about 0.8 percent heading towards the close. Taiwan's market is closed for its "Double-Ten" national holiday. Short covering in banksIn Japan, the persistent heavy selling on the Tokyo Stock Exchange is prompting calls for swifter government action. (Full story) The government is preparing a package to combat deflation, and may speed up outlining it thanks to the gloom in the markets. There are also suggestions the government may compile an extra budget. Bank stocks rallied in afternoon trade as a result. Financials also benefited from short-selling investors who needed to cover their positions after debilitating recent losses for the banks. UFJ Holdings ended up 8.57 percent at 190,000 yen, having hit an unprecedented low of 153,000 yen in the morning. Mizuho Holdings clambered back into the black, closing ahead 5.2 percent at 182,000 yen, having set a lifetime low of 150,000 yen, a fall of 5 percent, during the day.
Daiei shares also recovered, the volatile retailer's stock gaining 15.5 percent to 119 yen. NEC fell 1.29 percent to 458 yen despite a report it has won an $800 million order from China Mobile, that country's largest cell-phone service. Retailer Ito-Yokado's shares fell 4.85 percent to 3,920 yen after it said first-half profit fell 80 percent. But it was bolstered by a profit gain from subsidiary Seven-Eleven Japan, which saw its stock slip 0.28 percent to 3,610 yen. (Full story) Car companies were off again despite the end to the U.S. ports dispute. Toyota Motor fell 2.07 percent to 2,845 yen, while Honda dropped 2.53 percent to 4,630 yen. The yen is trading at 123.41 to the dollar in early European trade. Korea off almost 6 percentSouth Korea's Kospi fell to its lowest close since November 2001. Chipmaker Samsung Electronics sold off hard, down 8.07 percent to 273,500 won. Advanced Micro Devices cast a pall over the chip sector with a warning that sales would be 18 percent below expectations. Cell-phone service SK Telecom fell 5.13 percent to 231,000 won. The falls in Asia follow another bad day on Wall Street Wednesday, where the Dow Jones industrial average tumbled 2.87 percent to 7,286.27, close to a five-year low. Nasdaq dipped 1.34 percent to 1,114.11. (Full story) Australia at new low closeIn Sydney, the S&P/ASX200 lost 0.55 percent to end at 2,896.6. That is the lowest close since the index started in April 2000 and close to its intraday low of 2,882.8 set just after the September 11 attacks. Australian stocks were dragged lower by weakness at its banks. National Australia Bank dropped 2.9 percent to A$31.40 with it still in the running for Britain's Abbey National. (Full story) ANZ was down 1.6 percent to A$16.93 and Commonwealth Bank of Australia fell 2.3 percent to A$28.04. There were big cap gainers in Telstra, the telecom up 1.7 percent to A$4.80, and Qantas, up 1.7 percent to A$3.61. Retail leader Coles Myer put on 0.8 percent to A$6.42 after confirming Rick Allert as chairman. (Full story) New Zealand's Top 40 fell 0.69 percent to close at 1,975.51. Telecom New Zealand drifted 0.6 percent to NZ$4.99, again dominating trade. Carter Holt Harvey dropped 1.2 percent to NZ$1.62 on reports of lower pulp prices in China. Unicom down again in Hong KongHong Kong's Hang Seng index closed down 1.32 percent at 8,858.69. China Unicom fell again, down 2.84 percent to another record low close, HK$4.275. Its Chinese stock offering got off the ground on Wednesday. (Full story) Exporters Li & Fung, off 3.5 percent to HK$7.15, and Johnson Electric, down 5.2 percent to HK$7.35, both suffered after stock falls in the United States, their biggest market. Telecom and Internet company PCCW rose 1.1 percent but is still languishing in penny stock land at HK$0.92. Henderson Land was the only other gainer on the Hang Seng, up 1.4 percent to HK$21.25. Singapore's Straits Times index is down 0.52 percent at 1,369.45 in late afternoon. The Lion City posted unexpectedly poor growth numbers for the third quarter. The 3.7 percent growth was half that expected, and experts say it is highly likely Singapore will enter recession in the fourth quarter as a result. (Full story)
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