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Asian stocks stabilize just below par
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks inched lower on Tuesday morning, with most markets carrying narrow losses into afternoon trade. Japan's Nikkei average was close to level at the lunch break, down 0.13 percent at 8,449.75 after hefty losses the day before. The Topix is again outstripping the Nikkei's fall, down 0.2 percent to 835.55 as banks sell off again. There are gains in Hong Kong, where the market is up more than 0.5 percent. Taiwan and Singapore are slightly in the red. Australia and New Zealand are both down just over 0.10 percent. South Korea is posting the heaviest losses, but even these are not a dramatic slide -- off 0.79 percent just after noon. U.S. markets sold off sharply on Monday, with the Nasdaq closing 2.95 percent lower and the Dow Jones industrial average ending down 2.09 percent at 8,358.95. (U.S. roundup) Stocks stabilize in TokyoBut Asian markets anticipated that decline on Monday, when most markets fell more than 2 percent. (Full story) Stocks in the region stabilized on Tuesday, with some stocks attracting bargain seekers in Tokyo. Canon Inc. is up 1.81 percent at 4,510 yen, for instance. The country's No. 2 cell-phone provider, KDDI, is making back some of the ground it lost Monday after disappointing sales growth. It is up 2.54 percent at 323,000 yen. Larger rival NTT DoCoMo, which has also suffered since posting earnings, is up 2.35 percent to 218,000 yen, though parent NTT is down 2.42 percent at 443,000 yen. Banks, which saw their stocks decimated on Monday, are still slipping, with Mizuho Holdings down the most with a 3.38 percent drop to 143,000 yen. Yen making itself feltMajor exporters are still suffering the fallout of a strengthening yen, as the dollar weakens ahead of possible war with Iraq.
Sony is down 1.42 percent to 4,860 yen, with Honda Motor off 0.98 percent to 4,060 yen. Mazda Motors ended the morning session flat at 255 yen ahead of earnings. (Full story) The yen has weakened off its two-month high set on Monday, but is still below 120 at 119.72 to the U.S. dollar in early afternoon in Tokyo. Finance Minister Masajuro Shiokawa said Tuesday that he is closely watching foreign-exchange markets and that Japan must take "proper action" if the yen continues to strengthen. Exports are expected to prove a negative when Japan releases third-quarter gross domestic product figures on Wednesday, thanks mainly to the strength of the yen. Hong Kong forges aheadHong Kong's Hang Seng index is up 0.63 percent at 9,640.90 in late morning trade, recovering from a lower open. Property stocks are up slightly ahead of possible steps from the government to support the market, with New World Development, Sun Hung Kai Properties and Swire Pacific all just into the black. Hang Lung Group is down 2.20 percent to HK$6.65 after Monday's announcement that it will be removed from the 33-stock Hang Seng as of December 2. (Full story) But Hysan Development, which will also be removed, is up 0.82 percent at HK$6.05. Hang Seng Bank is ahead 0.89 percent to HK$85.25, with parent HSBC up 0.29 percent at HK$86.75. Big caps down in SydneyIn Sydney, the main S&P/ASX 200 index is down 0.15 percent to 2,968.5 in afternoon trade, recovering most of its morning losses. The biggest listings are trending down after the U.S. stock losses, News Corp. falling 2.57 percent to A$11.01. Telecom stock Telstra is off 0.65 percent at A$4.57, with mining company BHP Billiton down 0.64 percent to A$9.30. Defensive stocks are luring a few investors into the market, with Commonwealth Bank up 2.41 percent to A$27.20. In New Zealand, the Top 40 closed down 0.11 percent at 1,946.33, though Telecom New Zealand recovered from initial losses to end up 1.46 percent at NZ$4.88 as it reported earnings near the low end of its already lowered forecast. Kospi recovers most lost groundSouth Korea's Kospi is off 0.79 percent at 652.61, the most dramatic move in Asia. But that's a recovery from losses of almost 2 percent after the open. Samsung Electronics sunk the index in early trade after the declines in U.S. techs. It is down 1.28 percent at 345,000 won just past noon. Cell-phone company SK Telecom is ahead again, up 0.66 percent at 228,000 won. In Taiwan, the Taiex is virtually level, down 0.1 percent at 4,659.86. Chip foundry TSMC, the largest listing, is proving a drag with a 2.31 percent fall to T$46.60. Smaller rival UMC is down 2.26 percent at T$26.00. There are sporadic gainers both among banks and techs, however, with Nanya Technologies up 1.05 percent to T$46.60. Singapore's Straits Times index is close to par, down 0.15 percent at 1,402.31 with slips in major big caps such as Singapore Airlines.
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