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Japan dips but Asia sees some gains
By Alex Frew McMillan
HONG KONG, China (CNN) -- The Tokyo market dipped into the red by lunch on Thursday, inching below its lowest close in 19 years. The Nikkei ended the session down 0.20 percent at 8,421.86 after opening higher. Its close of 8,438.52 on Wednesday was its lowest since April 1983. (Full story) The Topix also surrendered early headway, moving into afternoon trade down 0.27 percent at 834.17 on heavy bank-share losses. But the picture is mixed in Asia, with Hong Kong and Taiwan well up and Singapore also ahead. There are slim losses in Australia and New Zealand, and South Korea is essentially flat as afternoon trading sets in. U.S. stocks moved a little forward on Wednesday, with the tech-driven Nasdaq adding 0.87 percent but the Dow Jones industrial average ending little changed, up 0.15 percent to 8,398.49. (U.S. roundup) Weakness in Merck weighed on the Dow, after the drug maker acknowledged it is the target of a government probe. (Full story) Banks down hard again in TokyoIn Tokyo, bank stocks sold off throughout the morning as investors fret about their bad-loan burden, with Mizuho Holdings down 4.23 percent to 136,000 yen at lunch. UFJ Holdings, the weakest of the Big Four, gave up 6.06 percent to 124,000 yen, and Sumitomo Mitsui fell 5.22 percent to 381 yen. Mitsubishi Tokyo Financial Group, the fittest large bank, is off just 0.97 percent at 712,000 yen.
But Sony Corp. climbed 2.26 percent to 4,980 yen, as Japan's currency worries ease a little. The yen is trading at 120.36 to the U.S. dollar, with the dollar gaining after Iraq accepted a United Nations resolution on weapons inspections. That pushes back fears of a war. Mobile-phone plays pushed ahead after unveiling earnings. NTT DoCoMo, which reported last week, is up 1.35 percent to 226,000 yen after encouraging figures from its competitors. Parent NTT is up 1.31 percent to 464,000 yen, while cell-phone No. 2 KDDI is up 2.27 percent to 361,000 yen. There are a few tech gainers, with Fujitsu up 3.94 percent to 369 yen after setting a multidecade low of 355 yen the day before. Hong Kong gets property boostIn Hong Kong, all 33 components of the Hang Seng are higher as the index moves up 1.73 percent to 9,782.65. The government rolled out a plan late on Wednesday to prop up the ailing property market, which has never recovered from its bubble bursting at about the time of the 1997 handover to China. Developers are up on Thursday on a package of nine measures that includes stopping government land auctions and suspending subsidized home ownership. (Full story) Cheung Kong Holdings is up 3.33 percent to HK$54.25, while Sun Hung Kai Properties is up 3.5 percent to HK$51.75. Property companies often move as a proxy for the overall health of Hong Kong's economy. But home values are down some 65 percent from 1997. Australia lags a littleAustralia's market also moved lower after initial gains, the S&P/ASX 200 index down 0.15 percent to 2,966.5 in afternoon trade. News Corp. is down 1.34 percent at A$10.97, and gold stocks are down with bullion prices dropping from six-week highs. Macquarie Bank is storming up 5.08 percent to A$22.53 after reporting a 41 percent jump in profits for the first half. Insurer and fund manager AMP is ahead 2.71 percent to A$12.14 after it said it would trim jobs in Australia, New Zealand and the United Kingdom. At the macro level, Australia and the U.S. announced early Thursday that they would begin free trade talks early next year. (Full story) New Zealand's Top 40 ended down 0.39 percent at 1,954.47, with Telecom New Zealand easing 1.43 percent to NZ$4.83. Taiwan techs lead way upIn Taiwan, the Taiex is up 1.43 percent at 4,738.70, boosted by Nasdaq's gains the day before. Au Optronics is again topping the volume, with a 5.1 percent rise to T$24.70. Rival CPT is up 3.70 percent to T$14.00. China Airlines is up 0.63 percent to $15.90, still enjoying gains from the likelihood of direct links with the mainland. South Korea's Kospi has given up its gains and is essentially flat going into afternoon trade, down 0.02 percent at 653.74. The government reported that the jobless rate rose to 3.0 percent, and consumer confidence is looking shaky. (Full story) Samsung Electronics, the largest listing, is down 2.01 percent to 342,000 won after chip prices fell. But rival Hynix Semiconductor is flat at 470 won. SK Telecom continues its run of gains, up 2.01 percent to 228,500 won. There's also a rise for Korean Air, up 4.6 percent to 13,500 won in morning going after oil prices sank to a four-month low. Singapore's Straits Times index is up 0.54 percent at 1,402.23 in late morning trade, with NatSteel higher on takeover speculation.
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