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Japan slips but Asia sees some gains
By Alex Frew McMillan
HONG KONG, China (CNN) -- Japanese stocks are lower heading into afternoon trade on Wednesday The Nikkei average fell 0.64 percent to 8,410.43 at the lunch break, after recovering to post a very slim gain the day before. The Topix ended the morning down 0.35 percent to 836.67 despite bank stocks stabilizing. They have sold off the previous two days, putting a drag on the broader market. Stocks are half a percent lower in Hong Kong and Australia. But there are gains in Taiwan and New Zealand. South Korea and Singapore are both basically flat, trading marginally in the red as the afternoon sets off. Asian stocks showed little reaction to a return to winning ways on Wall Street. Nasdaq pushed forward on Tuesday to end up 2.3 percent, with the Dow Jones industrial average back in positive territory with a 0.32 percent gain. (U.S. roundup) No GDP boost in TokyoIn Tokyo, the market got a boost from stronger than expected growth for the third quarter. Japan is posting 3.0 percent annualized growth, far outpacing estimates. (Full story) But smaller, debt-heavy companies are declining in Tokyo on Wednesday, as well as some techs.
Circuit-parts maker Kyocera Corp. is down 5.16 percent to 6,610 yen, with chip developer Mitsubishi Electric off 0.72 percent to 275 yen. Advertising agency Dentsu is down 4.26 percent at 360,000 yen, with media stocks such as Fuji Television Network also down. Banks are trading steady, most of the big players slightly in the black. Cell-phone No. 2 KDDI is racing ahead with a 4.46 percent gain to 351,000 yen, with larger rival NTT DoCoMo up 0.9 percent to 223,000 yen and its parent, NTT, up 3.85 percent to 458,000 yen. The yen is steady at 119.77 after officials suggested on Tuesday they could step into the market again if it strengthens much more. Australia drags on growth concernsIn Australia, the S&P/ASX 200 index is down 0.47 percent at 2,968.4 in early afternoon trade. Bank stocks are lower with Australia's economy likely to weaken, and the continued drought is hitting agriculture stocks again. Wesfarmers is down 2.64 percent at A$26.87. But most of the big-name stocks are trading slightly higher after Wall Street's rise. News Corp. is up 0.81 percent at A$11.18. Telstra Corp. is up 0.88 percent at A$4.58 after the government cleared the telecom of misleading courts and parliament in 1993 over small-business complaints about the quality of service in Brisbane. News, Telstra and PBL all got a boost from the competition watchdog approving an alliance between pay TV operators Foxtel and Optus. (Full story) Optus is a subsidiary of Singapore Telecommunications. BHP Billiton is up 0.21 percent at A$9.39 as investors look for safety in defensive sectors like mining. New Zealand's Top 40 closed up 0.81 percent at 1,962.10, with Telecom New Zealand up 0.41 percent to NZ$4.90. Hong Kong off on oilIn Hong Kong, the Hang Seng is down 0.50 percent at 9,565.46 in late morning trade. Legend Computer is off 1.8 percent at HK$2.675 after reporting disappointing sales but solid profits the day before. (Full story) Oil futures have been falling as Iraqi President Saddam Hussein appears likely to accept a United Nations resolution on weapons inspections. That has driven Chinese oil producer CNOOC 2.00 percent lower to HK$9.80, with PetroChina also trading down. Property stocks are flat, and bank stock HSBC is bucking the selling with a 0.29 percent rise to HK$87.00. Taiwan rallies on local playsIn Taiwan, the Taiex is rallying 0.52 percent to 4,701.02 on the back of domestic plays such as China Steel. The steelmaker is topping the volume with a 3.19 percent rise to T$19.40. Formosa Chemical Fiber is up 5.37 percent to T$35.30, while Far Eastern Textile is ahead the daily 7 percent limit to T$12.10. Techs are showing a little weakness despite Nasdaq's overnight rise. Au Optronics is second on the volume charts with a 3.33 percent slide to T$23.20. Korea, Singapore flatIn South Korea, the Kospi is essentially flat, down 0.01 percent at 654.34 just past noon. Steelmaker POSCO is down 2.58 percent at 113,500 won. But there are gains for chipmaker Samsung Electronics, up 0.43 percent at 348,000 won. LG Card, Korea's largest credit-card company, is up 7.88 percent at 43,150 won as overseas buyers buy in. It had fallen 60 percent since listing in April. Singapore's Straits Times index is down 0.01 percent to 1,405.84 in thin trade by late morning.
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