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Asia down on disappointing earnings
HONG KONG, China -- Asian stocks closed lower Thursday, responding to a varied crop of earnings more than the U.S. interest-rate cut. Japan's Nikkei average ended the day down 0.37 percent at 8,920.44, with the broader Topix index down 0.30 percent to 880.57. Cisco's lower forecast hit tech stocks in Tokyo. Sony lost 2.5 percent and Matsushita Electrical was down 2.4 percent. Gamemaker Sega slumped almost 20 percent. Around the region, Australia and New Zealand showed the biggest falls, off 1.2 percent and 1.4 percent respectively. Singapore is also down more than 1 percent near the close. South Korea eased 0.2 percent after its central bank chose to leave interest rates unchanged. (Full story) Taiwan finished in the black, up 0.7 percent, with market heavyweight TSMC reporting a 47 percent lift in October sales. Hong Kong was the only other major market to post a gain, rallying in late trade to close up 0.7 percent. The U.S. Federal Reserve Board surprised the market on Wednesday when it slashed U.S. interest rates by 0.5 percent, to 1.25 percent for the short-term rate. (Full story) That boosted U.S. stocks, with the Dow Jones industrial average closing up 1.07 percent at 8,771.01 and Nasdaq putting on 1.27 percent. (U.S. roundup) Techs lower in Tokyo
But it was Cisco's decision to lower forecasts, delivered after the end of U.S. trade, that weighed on Asian stocks. (Full story) In Tokyo, chipmaker Mitsubishi Electric lost 1.56 percent to 316 yen and Hitachi fell 2 percent. Big banks were mainly weaker, with Sumitomo Mitsui Bank Corp. down 2.3 percent. In the auto sector, Nissan lost more than 3.2 percent and Honda was also down, though Toyota managed a slight gain. Mobile-phone leader NTT DoCoMo closed unchanged at 241,000 yen. After the bell it reported a 95 percent fall in half-year net profit and slashed its full-year outlook. (Full story) Gamemaker Sega fell by its daily 300 yen limit or 19.8 percent to 1,212 yen after slashing its full-year group profit estimate by more than 70 percent. The yen is stronger at 121.84 to the U.S. dollar, restoring Wednesday's gains in the dollar after Republicans won control of the Senate in the U.S. midterm elections. Australia questions U.S. strengthIn Sydney, the S&P/ASX 200 index lost 1.19 percent to 3,038.9 on concerns about U.S. economic strength.
Media group News Corp. dipped 4.55 percent to A$11.75, after a heady 8.7 percent gain Wednesday due to solid first-quarter earnings. (Full story) National Australia Bank tumbled 5.43 percent to A$32.02. It reported a record full-year profit, but it was still lower than expected. (Full story) Mining company BHP Billiton fell 1.83 percent to A$9.68 on a weaker global outlook, but brewer Lion Nathan added 0.56 percent to A$5.41 on a 20 percent increase in net profit for the year. New Zealand's Top 40 index fell 1.4 percent to end at 1,956.19, with the largest stock, Telecom New Zealand, down 2.65 percent to NZ$4.77. Hong Kong follows on ratesHong Kong's Hang Seng index ended up 0.7 percent at 9,832.91. Big bank HSBC ended off 0.56 percent at HK$88.75. The Hong Kong Monetary Authority mimicked the U.S. rate move with a 0.5 percent cut in the overnight discount rate to 2.75 percent. Cell-phone company China Unicom finished up 4.85 percent at HK$5.35, after China Telecom priced its initial public offering at HK$1.48, the bottom of its range. China Mobile put on 1.53 percent to HK$19.85. Henderson Land rose 2.14 percent to HK$26.10, gaining again after deciding to take its Henderson Investment subsidiary private. Samsung up slightlyIn South Korea, Samsung Electronics finished 0.27 percent higher at 366,500 won. Other gainers included SK Telecom and LG Electronics. But fixed-line phone company KT Corp. lost 1.35 percent to 51,000 won despite doubling its earnings on strong growth in high-speed Internet customers. (Full story) Bank stocks rose, Kookmin Bank up 1.2 percent to 43,000 won. Taiwan up on chipsTaiwan's Taiex had the best showing in Asia, up 0.69 percent to 4,757.98 on gains in some of its largest techs. Chip foundry UMC jumped 3.7 percent to T$28.10, with competitor TSMC ahead 0.98 percent to T$51.50. Both gained after the U.S. rate cut. Shinkong Synthetic was among the top gainers, up almost 7 percent to T$4.99. Singapore's Straits Times index is down 1.3 percent at 1,428.77 near the close, with SingTel slipping 2.13 percent to S$1.38 after posting earnings. (Full story)
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