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Asian stocks edge lower after Wall St. slip
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are lower on Friday going into afternoon trade, but the losses are generally restrained. Japan's Nikkei average ended the morning session down 0.36 percent at 8,885.07, though the yen's weakness is helping some big caps such as Sony Corp. The broader Topix index fell 0.51 percent to 862.45, after a Wall Street slide overnight despite an upbeat outlook from Intel Corp. The U.S. selloff is also dampening sentiment around Asia, with South Korea off 1 percent and Hong Kong near that mark. Australia is down half a percent and New Zealand is off slightly. Tighter ties with the mainland are encouraging buyers in Taiwan, one of the region's few gainers. Markets are closed for the Eid al-Fitr holiday to celebrate the end of Ramadan in Singapore, Malaysia, Indonesia, the Philippines and India. In the United States, the Dow Jones industrial average fell for the fifth day in a row, down 1.31 percent to 8,623.28 on Thursday, with Nasdaq off 1.37 percent. (U.S. roundup) Mixed messages in TokyoIn Tokyo, stocks are easing, with NTT DoCoMo, the largest listing, down 0.83 percent to 240,000 yen. It is prepared to pass on the chance to maintain its stake in its Dutch partner. (Full story)
Sumitomo Mitsui Banking Group is down 2.96 percent to 394,000 yen and Mizuho Holdings is off 0.86 percent at 115,000 yen. But the direction isn't uniform even in banking, with gains for Mitsubishi Tokyo Financial Group and UFJ Holdings. Sony is up 0.56 percent at 5,380 yen as the currency continues to weaken, promising to boost exports. Honda Motor is up 0.44 percent to 4,600 yen, though Toyota is again running counter to the export trend, down 0.62 percent to 3,200 yen. The yen now stands at 125.24 in early afternoon Tokyo trade, having risen to 125.75, its weakest level since June, overnight. Chip-equipment maker Tokyo Electron is up 3.37 percent to 5,830 yen after Intel raised its sales forecast for the year. (Full story) Li & Fung slips in Hong KongHong Kong's Hang Seng index is down 0.80 percent at 9,930.10, with garment exporter Li & Fung down 3.43 percent at HK$8.45 after poor retail sales in the United States. That makes it the largest big-cap loser. But small-motor maker Johnson Electric is unmoved, level at HK$8.90. HSBC is down 1.10 percent at HK$89.50, with other banks also slipping a little. Sun Hung Kai Properties is off 0.98 percent at HK$50.50 after announcing a major push into the booming Chinese city of Shanghai. China Telecom is down 0.7 percent to HK$1.43. Sydney stocks easeIn Australia, the S&P/ASX 200 index is down 0.47 percent at 3,026.2., with media group News Corp. off 1.22 percent at A$12.15 after the Wall Street slip.
Flagship carrier Qantas is off 1.76 percent at A$3.65 and other big caps such as banks are also heading lower. Woodside Petroleum is up 1.6 percent at A$12.19 despite reporting Thursday that two development options for its Greater Sunrise gas project near East Timor won't work. (Full story) Auckland International Airport's Sydney listing is up 1.94 percent at A$4.74 after the city council in that New Zealand city said it will sell half its 25.6 percent stake at NZ$4.90 a share to pay off debt. The airport's shares closed up 2.52 percent at NZ$5.29 in Wellington. That supported the benchmark Top 40 index, which ended almost level with a 0.07 percent drop to 1,938.04. Telecom New Zealand closed flat at NZ$4.65. Samsung hits SeoulIn Seoul, the Kospi index is down 1.0 percent to 715.50, again the largest loss in Asia. Chip and cell-phone maker Samsung Electronics is down 1.07 percent to 369,500 won. Advertising company Cheil Communications is leading the losses, down 4.29 percent to 111,500 won. But cell-phone operator SK Telecom is up again, ahead 0.40 percent to 252,000 won, as is retailer Shinsegae, up 0.55 percent to 184,000 won. Hyundai Motor and Daewoo Motor Sales are both in the red. Taiwan nudges aheadIn Taiwan, the Taiex is up 0.13 percent to 4,761.63, with China plays gaining. China Motor has shot up 5.26 percent to T$60.00 after saying Thursday it expects profits at its Chinese joint venture to triple next year. The market's largest listing, TSMC, is flat at T$52.50, as its screenmaker Au Optronics. Big industrials are firmer, with Formosa Plastic up 2.2 percent. Taipei and Kaoshiung, the two largest cities in Taiwan, have mayoral elections over the weekend that may provide grist for further gains.
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