|
||||||||
  |
||||||||
|
||||||||
|
||||||||
|
||||||||
|
||||||||
|
||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||
Asia stocks pause for breath
Staff and wires
HONG KONG, China -- Asian stocks are lower on Monday going into afternoon trade, with investors expecting consolidation after last week's strong gains. Tokyo's Nikkei average ended the morning session down 0.59 percent at 9,032.39. The broader Topix index was essentially flat, down 0.09 percent at 893.17. The market is steady as the afternoon session starts. Stocks are lower through the region, with South Korea down three-quarters of a percent and Hong Kong off almost half a percent. Australia and New Zealand are also trading in the red. But the losses are modest throughout the Asia Pacific. Singapore, which fell 0.32 percent on Friday as the rest of Asia posted strong gains, is narrowly higher on Monday morning. Stocks in Taiwan and South Korea both soared more than 4 percent on Friday, closing a very strong week for Asian equities. (Full story) Banks weaker ahead of reportIn Japan, stocks are taking a breather after the Nikkei ran up 6.5 percent last week. Futures are showing a lower Wall Street open, after a stronger Friday and a week in which the Dow gained 6 percent and Nasdaq added 6.4 percent. (Full story) Bank stocks are a little weaker in Tokyo, with Financial Services Minister Heizo Takenaka due to deliver on Tuesday the initial report from his bad loan task force. UFJ Holdings, generally seen as the weakest big bank, is down 1.06 percent at 186,000 yen in early afternoon trade, though Mizuho Holdings is flat at 185,000 yen.
Mitsubishi Tokyo Financial Group is down 1.95 percent at 805,000 yen, with Sumitomo Mitsui off a similar 1.92 percent to 511 yen. Techs are under pressure on a report that chipmaker Hitachi has cut its forecasts for the year. Hitachi ended the morning session down 3 percent at 549 yen. The Nihon Keizai Shimbun reported that the company has slashed its operating-profit forecast to 130 billion yen, from 200 billion yen. Other chip producers are also suffering, NEC Corp. down 3.07 percent at 506 yen and Fujitsu off 2.43 percent at 481 yen. Bank of Japan Governor Masaru Hayami said Monday that the BOJ is ready to inject liquidity into the stock market if it becomes more unstable. "If concerns arise that make financial markets unstable, we will provide more liquidity irrespective of the current-account deposits target," he said, according to Reuters news agency. Australia's News downIn Australia, the S&P/ASX 200 index is down 0.48 percent at 2,996.1 in afternoon trade. Investors are cautious as U.S. markets prepare to digest a raft of earnings. News Corp. is down 1.9 percent at A$10.26 after a 14 percent gain last week. Telstra is down 0.21 percent at A$4.81. The telecom company restated its forecast of flat earnings for the year and said first-quarter sales rose 1.1 percent. Mining stocks are also lower, BHP Billiton down 2.6 percent to A$9.77 and Rio Tinto off 0.8 percent to A$32.08. Woolworth's has fallen 1.6 percent to A$12.33 as it reports first-quarter sales that are up 16 percent. New Zealand's Top 40 is down 0.25 percent at 2,001.11 in afternoon trade, with the two largest listings both lower. Telecom New Zealand is off 0.39 percent at NZ$5.12 and wood products company Carter Holt Harvey down 0.61 percent at NZ$1.63. Korean big caps weak
In Seoul, South Korea's main Kospi index is down 0.75 percent at 665.76 in early afternoon going. SK Telecom is down 3.21 percent at 226,000 won after reporting disappointing earnings on Friday. (Full story) Hyundai Motor is down 2.7 percent to 32,500 won as investors lock in gains on major exporters and U.S.-leaning stocks. Samsung Electronics is volatile, up 0.92 percent at 329,500 won in early afternoon after opening lower. Taiwan seeing choppy tradeTaiwan's Taiex is down 0.21 percent at 4,448.76 in late morning but having a bumpy ride. Market darling Au Optronics is again topping the volume, with a 4.45 percent rise to T$21.00. Rival CPT is up 3.92 percent at T$13.25. But chip foundries TSMC and UMC are both lower, off 2.15 percent and 1.56 percent respectively. China Airlines leaped the daily 7 percent limit to T$13.65 on the prospect of tighter ties with mainland China. Property off in Hong KongHong Kong's Hang Seng index is down 0.42 percent at 9,572.90 shortly before noon, with property stocks driving the market lower. Sun Hung Kai Properties is down 1.22 percent at HK$48.50 and Cheung Kong Holdings is 1.44 percent lower at HK$51.25. Cathay Pacific is down 2.12 percent at HK$11.55 despite an air-services pact signed between Hong Kong and the United States over the weekend. The deal gives Cathay greater access to U.S. destinations. The airline's shares rose 3.51 percent on Friday with the deal in the offing and the airline reporting stronger traffic figures. Singapore's Straits Times index is up 0.07 percent at 1,462.47 in late morning trade, the only major index in the region that's posting a rise. Creative Technologies is leading the blue-chip gainers with a 1.45 percent rise to S$14.00. But Singapore Airlines is holding the market back with a 0.91 percent fall to S$10.90. Reuters contributed to this report.
|
|
||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||
