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Japan leads Asia stock slide
By Alex Frew McMillan
TOKYO, Japan -- Asian stocks are sliding on Friday going into afternoon trade, after Wall Street's sharp fall. Tokyo's Nikkei average ended the morning session down 2.13 percent at 8,729.99, for the heaviest losses in Asia, with technology stocks selling off. The broader Topix index went into lunch off 1.61 percent at 866.42. Stocks are about 0.6 percent higher in Taiwan, with New Zealand just in positive territory. But there are losses through the rest of the region. South Korea is down more than 1.5 percent, with Hong Kong and Australia both off less than 1 percent. Singapore is just in negative territory. Markets in Asia came under pressure early after Nasdaq sold off 2.98 percent on Thursday trade in the United States. The Dow Jones industrial average fell 2.11 percent to finish at 8,586.24. (U.S. roundup) DoCoMo down in TokyoIn Tokyo on Friday, chip-related issues are lower after the selloff in U.S. techs.
NEC Corp. ended the morning down 3.58 percent at 458 yen, with chip-equipment maker Advantest off 4.5 percent to 4,880 yen. NTT DoCoMo, the market's largest stock, is down 4.15 percent to 231,000 yen after posting a 95 percent drop in profit after the close on Thursday. (Full story) That is also driving its parent, NTT, down 2.30 percent to 468,000 yen. DoCoMo rival KDDI, which reports earnings later Friday, is 3.32 percent lower at 349,000 yen. Banks are also selling off hard, with Mizuho Holdings down 6.01 percent at 172,000 yen and UFJ Holdings off 6.4 percent to 161,000 yen. The government is still pushing the banks to speed up their writeoffs of bad loans. Australia lower on NewsIn Australia, the S&P/ASX 200 index is down 0.55 percent at 3,022.2 in early afternoon trade. News Corp. is sliding again, down 2.38 percent to A$11.47, giving back some of the gains it made after strong earnings this week. National Australia Bank is up 1.19 percent at A$32.40, recovering some of Thursday's 5.4 percent drop stemming from disappointing, albeit record, earnings. (Full story) Commonwealth Bank is also up. Brambles Industries is the most active stock in Sydney, down 3.56 percent at A$6.51 as its London head office adjusted its level of shares. New Zealand's Top 40 closed flat, registering a negligible gain of 0.01 percent to 1,956.36. Telecom New Zealand drove the market with a 1.05 percent rise to NZ$4.82. But fund manager and insurer Tower Ltd., which shocked the market with its profit warning earlier in the week, fell again, down 7.89 percent to NZ$1.75. Hong Kong sliding in sympathyHong Kong's Hang Seng index is down 0.83 percent at 9,762.84 in late morning trade, after Wall Street's slip. A few China-oriented plays are supporting the market, as the 16th Communist Party Congress starts in Beijing. China said Thursday that select international institutions would be allowed to buy into its A share market for the first time. Oil producer CNOOC is up 1.01 percent to HK$10.00, while mobile-phone play China Unicom is up 1.87 percent to HK$5.45. Most stocks are lower, though, with U.S.-focused small-motor maker Johnson Electric down 3.55 percent to HK$8.15. HSBC, which gained ahead of the U.S. rate cut on Wednesday, is down 0.56 percent to HK$88.25. Korea off 1.77 percentIn Seoul, South Korea's benchmark Kospi is down 1.77 percent at 669.20 in early afternoon. Samsung Electronics is heading the selling, down 3.00 percent to 355,500 won after its U.S. chip peers declined. Its rival Hynix Semiconductor is down 3.03 percent at 480 won. Cell-phone service SK Telecom is up 0.65 percent at 232,500 won. Kookmin Bank, the country's largest, is down 2.79 percent to 41,800 won on a report it is interested in buying KorAm Bank. (Full story) Taiwan a rare gainerTaiwan's Taiex is one of the few gainers in Asia on Friday, up 0.64 percent to 4,788.32 despite declines in TSMC and UMC, its two largest listings. Screenmaker Au Optronics is up 1.20 percent to A$25.40 and outdone in the volume stakes only by Macronix, up the daily 7 percent limit to T$13.60. China plays are also higher, China Airlines up 2.56 percent on the prospect of direct flights to mainland China. Singapore's Straits Times index is essentially flat, down 0.09 percent at 1,425.05 in late morning trade. SingTel is up slightly after falling 3.55 percent the day before as it released earnings. (Full story) The yen is stronger again, at 120.91 to the U.S. dollar.
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