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Tokyo slips but most of Asia gains
By Alex Frew McMillan
HONG KONG, China (CNN) -- Tokyo stocks are lower going into afternoon trade on Thursday, though exporters are offsetting some of the losses. The Nikkei 225 is flat at 9,010.19, while the broader Topix is down 0.15 percent to 873.36. Stocks are slightly lower in Hong Kong, and China markets also are moving down. But there are gains for most of the rest of Asia, with South Korea up more than 0.75 percent. Australia and New Zealand are up something close to that. Taiwan is trading about 0.5 percent higher, while Singapore is just above break-even. U.S. stocks sold off again on Wednesday, but the Dow Jones industrial average's move was slight. It ended down 0.06 percent at 8,737.85, while Nasdaq lost 1.28 percent. (U.S. roundup) Exporters gain on yen in TokyoIn Tokyo, banks are easing for a third day, with Mitsubishi Tokyo Financial Group down 1.12 percent at 706,000 yen and UFJ Holdings down 0.93 percent to 107,000 yen.
That stemmed the tide of heavy losses from Wednesday, though, and Mizuho Holdings is flat at 120,000 yen. Mizuho announced after Wednesday's close it would set up a new holding company next year. (Full story) On the tech front, Tokyo Electron, the world's No. 2 chip-equipment maker, is down 3.74 percent at 5,670 yen and the most active stock in Tokyo. Hitachi is off 2.95 percent at 494 yen, but the market will be watching for earnings from Intel Corp. later Thursday for more guidance. Sony Corp. is up 0.75 percent at 5,350 yen, as major exporters gain a little ground due to the currency. Honda Motor is up 0.65 percent to 4,660 yen, though larger rival Toyota Motor is down 0.31 percent to 3,260 yen. The yen is more than 1 yen weaker against the dollar, at a new one-month low of 125.32. Vice minister for financial affairs Haruhiko Kuroda said the currency's recent decline was "appropriate," a correction of an earlier strengthening. Hong Kong easierIn Hong Kong, the Hang Seng is slightly down, off 0.28 percent to 9,967.78, with property stocks flat or in the red. Sun Hung Kai Properties is 0.49 percent lower at HK$50.50, while Cheung Kong Holdings is down 0.45 percent to HK$55.50.
PCCW is easing 0.70 percent to HK$1.42, a reflection of MobileOne's disappointing debut in Singapore trading. Turnover is low, though, and a third of the Hang Seng's 33 components are standing pat as the market seeks direction. Big bank HSBC is unchanged at HK$90.25. Banks, miners top SydneyIn Australia, the S&P/ASX 200 index is up 0.68 percent to 3,047.9, with banks and mining stocks leading the way. National Australia Bank is up 1.37 percent to A$33.40, with gains also in ANZ, CBA and Westpac. In resources, BHP Billiton is up 1.39 percent to A$10.20, while Lihir Gold is 0.87 percent higher at A$1.16. Bionic-ear maker Cochlear is leading the net gains with an 81 cent jump, or 2.19 percent, to A$37.86. The U.S. market losses are driving News Corp. lower, the media group off 1.29 percent to A$12.29. New Zealand's Top 40 closed up 0.69 percent at 1,939.35, with Telecom New Zealand up 1.75 percent to NZ$4.65. Tower finished down 1.78 percent to NZ$1.66 after it reported its first loss as a public company. (Full story) Auckland City Council was due to announce the sale of its 26 percent stake in the city's airport later in the day. Korea stocks head AsiaSouth Korea's Kospi index is up 0.77 percent to 719.98, the strongest gains in the region, with cell phone No. 1 SK Telecom up 1.42 percent to 250,500 won. Department-store chain Shinsegae is ahead 2.53 percent to 182,500 won. Samsung Electronics is down 0.54 percent to 371,500 won after investment banks Morgan Stanley and Deutsche Bank cut their outlook for chipmakers. Korea's market has gained over the last four weeks and market professionals suggest it may have broken through resistance to head toward 760. Taiwan pushes forwardTaiwan's Taiex is up 0.45 percent at 4,748.92, China Steel continuing Wednesday's gains with a 1.03 percent gain to T$19.60. Chang Hwa Bank is surging 3.77 percent to T$16.50 after it sold T$23.8 billion ($683 million) in loans to Lone Star of the United States. (Full story) China Airlines and Eva Airways are both higher after Taiwan's cabinet approved their charter flights to Shanghai, on the mainland, for Chinese New Year. Singapore's Straits Times index is essentially flat, up 0.04 percent at 1,366.51. Chartered Semiconductor is topping the volume with a 1.92 percent decline to S$1.02. Datacraft is second in volume terms, up 3.38 percent to S$0.765 as the systems integrator recoups some of Wednesday's 7 percent loss. Singapore will be closed for the Eid al-Fitr holiday on Friday.
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