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Japan resets 19-year low, HK jumps
By Alex Frew McMillan
HONG KONG, China (CNN) -- Japanese stocks slumped to yet another 19-year low close on Thursday, as bank stocks plummeted. The Nikkei finished the day down 1.60 percent at 8,303.39 after giving up early gains. The Topix lost a similar amount, ending down 1.5 percent at 823.89, with talk swirling about possible bank nationalizations. Most other Asian markets ended lower, with Taiwan turning slightly into the red. South Korea was also off a little. Stocks in Australia and New Zealand both lost around a third of a percent, but that was the extent of the selling outside Japan. Hong Kong's market received a boost from a government plan to prop up the property market and closed 1.3 percent higher at 9,740.84. Giving up U.S. headwayAsia initially got a boost from U.S. stocks, which moved a little forward on Wednesday. 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)
But in Tokyo, bank stocks plunged in afternoon trade, with UFJ Holdings falling to a record low. The weakest of the Big Four banks crashed 15.15 percent to 112,000 yen, while Mizuho Holdings tumbled 14.08 percent to 122,000 yen. Sumitomo Mitsui fell 9.95 percent to 362 yen. Mitsubishi Tokyo Financial Group, the fittest large bank, was fairly steady with a 1.81 percent decline to 706,000 yen. Investors were spooked by a report quoting Hiroshi Okuda, chairman of the Japanese Business Federation, as saying Japan would have to nationalize one of the Big Four banks next month. The organization denied the comments, reported in the London-published Times. Troubled retailer Daiei Inc., which lists UFJ as its main creditor, fell 7.09 percent to 118 yen. Nonbank moves mutedOutside the banking sector, the moves were modest though, with gains from Sony Corp. The world's largest consumer electronics maker rose 1.64 percent to 4,950 yen, as Japan's currency worries eased a little. The yen is trading at 120.47 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 gave up their earnings-inspired run with afternoon selling. Japan Telecom, which started the surge, closed down 2.31 percent at 338,000 yen. Industry leader NTT DoCoMo finished down 0.90 percent at 221,000 yen, while cell-phone No. 2 KDDI closed off 2.27 percent to 345,000 yen. Australia slips in late tradeIn Australia, the S&P/ASX 200 index surrendered early gains to end off 0.30 percent at 2,962.2. News Corp. ended down 2.40 percent at A$10.85, with another bid for satellite broadcaster DirecTV on the cards.
Gold stocks moved lower with bullion prices dropping from six-week highs, and easing war tensions saw miners such as BHP Billiton, down 2.01 percent to A$9.24, lose a little defensive luster. Macquarie Bank raced ahead 4.25 percent to A$22.35 after reporting a 41 percent jump in profits for the first half. Embattled insurer and fund manager AMP gained 1.86 percent to A$12.04 after it said it would trim more than 1,000 jobs in a restructuring. (Full story) 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. Hong Kong up on property planHong Kong's market was the notable exception to the regional downtrend. The Hang Seng netted a 1.3 percent gain to 9,740.84. Property plays were the driver, after the government rolled out nine proposals to shore up the ailing property market. (Full story) It has never recovered from its bubble bursting at about the time of the 1997 handover to China, with apartment prices down around 65 percent in the five years since. Cheung Kong Holdings leaped 2.86 percent to HK$54.00, while Sun Hung Kai Properties gained 3.5 percent to HK$51.75. Henderson Land, Hysan Development and Hang Lung Group all had slim gains. Oil producer CNOOC rallied 1.52 percent to HK$10.05, arresting its recent falls as oil prices declined. After the close, HSBC said it was making a major acquisition in the United States. The bank gained 0.29 percent to HK$87.75. (Full story) Taiwan turns lowerIn Taiwan, the Taiex turned around from morning gains to end down 0.13 percent at 4,665.56, surrendering early momentum from Nasdaq's gains the day before. Chip foundry TSMC fell 0.85 percent to T$46.40, with smaller rival UMC down 1.16 percent to T$25.50. The world's No. 3 screen producer, Au Optronics, again topped the volume, up 2.55 percent rise to T$24.10. But rival CPT turned around to close flat at T$13.50. China Steel surrendered some of Wednesday's gains with a 2.5 percent slip to T$19.50 as investors locked in recent profits. Korea edges into redSouth Korea's Kospi finished down 0.26 percent at 652.15 as a fall in chip prices hit its largest listing. Samsung Electronics lost 2.58 percent to 340,000 won, with smaller rival Hynix Semiconductor slipping 3.33 percent to 455 won. The government reported that the jobless rate rose to 3.0 percent, and consumer confidence is looking shaky. (Full story) SK Telecom continued its run of gains, up 2.23 percent to 229,000 won, while chemicals maker LG Chem continued its resurgence with a 2.50 percent climb to 41,000 won. Singapore's Straits Times index is up 0.33 percent at 1,399.42 shortly before the close, with Creative Technologies up 1.59 percent at S$19.80. Singapore Airlines is ahead 0.94 percent as easing oil prices promise lower costs.
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