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Asia ends lower but Tokyo mixed
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks ended down on Tuesday, unable to recover from selling spurred by a slump on Wall Street overnight. But Tokyo's main indexes were mixed, with the Topix closing up 0.18 percent at 856.48 as bank stocks rose. The Nikkei 225 average ended down narrowly, off 0.27 percent to 8,804.52 after a large fall in Nasdaq overnight. Taiwan sold off hard as a result, though it did not give back all of the strong gains the day before. The Taiex finished off just under 1.5 percent, gaining a little ground in the afternoon. Those were the heaviest losses in Asia, with South Korea down just under 1 percent and Australia off slightly more than that. New Zealand closed on a narrow loss. Hong Kong closed 0.11 percent lower at 9,857.99, while Singapore is firmly up near the close, putting on more than 1 percent. None of the Asian markets matched Wall Street's Monday losses. The Dow Jones industrial average fell 1.99 percent to 8,473.41, and tech stocks plunged, leaving Nasdaq down 3.89 percent. (Full story) Investors were rattled by a downgrade for computer maker IBM and a bankruptcy filing from United, the world's second-largest airline. (Full story) Computer plays hurting in Tokyo
In Tokyo, it was a fifth straight day of losses for the Nikkei, with some techs losing a lot of ground. NEC Corp. fell 3.75 percent to close at 462 yen. There were also declines for circuit maker Kyocera Corp., down 2.81 percent to 7,600 yen, and for Sony Corp., off 1.89 percent to 5,200 yen. IBM's downgrade prompted selling in chip-equipment maker Tokyo Electron Ltd., down 4 percent to 5,520 yen. But in the broader Topix index, banks had a banner day, with UFJ Holdings surging 3.85 percent to 108,000 yen and Resona Holdings up 3.33 percent to 62 yen. Mizuho Holdings was up 2.7 percent to 114,000 yen. Central Japan Railway, up 1.47 percent to 759,000 yen, and East Japan Railway, up 1.24 percent to 570,000 yen, also benefited from buying. Fixed-line telecom NTT rose 1.97 percent to 466,000 yen as investors clung to companies that make their money close to home. Nippon Oil, the country's largest oil company, inched ahead 0.21 percent to 473 yen after announcing a cost-cutting partnership with Japan's No. 3 refiner. (Full story) The yen is trading at 123.52 in late Asian trade. News deals Sydney a blowIn Australia, the S&P/ASX 200 index ended 1.08 percent lower at 2,990.8, its lowest close in three weeks. Sydney stocks were driven lower by falls in some of the biggest issues, including News Corp., down 3.6 percent to A$11.66 after losses in U.S. markets. Miner BHP Billiton fell 2.2 percent to A$9.83, while Rio Tinto dropped 1.4 percent to A$33.57. Insurer and fund manager AMP fell 1.1 percent to A$12.13 after naming Peter Wilcox as its new chairman. Retailer David Jones also saw management change, moving ahead 0.93 percent to A$1.08 after naming Mark McInnes as its new CEO. Bionic ear maker Cochlear fell 4.20 percent to A$36.50. Hepatitis B vaccine maker SciGen topped the volume with an 18 percent tumble to A$0.082 as it gave back some of Monday's big rally. New Zealand's Top 40 index closed slightly down with a 0.23 percent loss, to 1,920.90. Telecom New Zealand slipped 0.43 percent to NZ$4.58. PCCW down again in Hong Kong
Hong Kong's Hang Seng index finished just over a tenth of a percent or 10.49 points lower at 9,857.99. Telecom company PCCW was unchanged after Monday's 10 percent plunge, closing at HK$1.29 after earlier dropping 6 percent to HK$1.21. The company has been battered by the prospect of troubled British telecom Cable & Wireless selling its 14.1 percent stake in PCCW, as well as plans to launch a 5:1 reverse split that could reduce speculation in the stock. HSBC Holdings, the largest listing in the city, finished off 0.84 percent to HK$88.75, though its subsidiary Hang Seng ended flat at HK$84.75. There were gains in some property stocks, with Henderson Land up 0.58 percent to HK$25.95. Cathay Pacific was down 0.44 percent at HK$11.25, shaking off rival United's bankruptcy. Techs sell off in TaipeiTaiwan's Taiex finished off 1.42 percent to 4,755.01, the heaviest selling in Asia. Chips felt the after-effects of Nasdaq's plunge. TSMC tumbled 3.85 percent to T$50.00, while smaller chip foundry UMC fell 3.79 percent to T$25.40. Screenmaker Au Optronics ended off 1.25 percent to T$23.70. Chang Hwa Bank, which fell Monday as the government announced the sale of a block of its stock, rose 4.60 percent to T$18.20. Seoul down but Singapore gainsIn South Korea, the Kospi finished off 0.94 percent at 702.44. Chipmaker Samsung Electronics gave up 2.15 percent to 364,500 won, though rival Hynix Semiconductor saw a technical bounce of 5.13 percent to 410 won after heavy selling on Monday. Department store Shinsegae lost 2.16 percent to 181,000 won, as Samsung Securities downgraded its recommendation on the retail sector. Singapore's Straits Times index is a notable gainer, up 1.37 percent to 1,366.35 in late trade. Bank stock DBS Group is topping the gains with a 3.74 percent run S$11.10. Industry peer UOB is also solidly up, gaining 1.72 percent to S$11.80. Chartered Semiconductor is off 3.28 percent to S$0.885 and topping the volume, as Merrill Lynch confirmed it has cut its stake in the chip foundry to 2.2 percent, from 11 percent. Takeover target NatSteel is down 0.49 percent to S$2.04 after one prospective bidder said he would not proceed with a general offer. (Full story)
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