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Nikkei extends Asia's losing run
HONG KONG, China (CNN) -- Asian markets gave up early gains to close mainly in the red Wednesday, extending losses into a fourth day. Only New Zealand and Singapore resisted the downward trend. Japan's tech-driven Nikkei 225 average, which was up more than half a percent at the break, finished 0.87 percent lower at 8,727.66 That means it has declined for six straight trading days. The broader Topix lost 0.53 percent to 851.93, having also been up at lunch. The region's biggest loss was in Taiwan, where the Taiex dipped 1.17 percent after being up a third of a percent at midday. South Korea's Kospi gave up 0.55 percent to 698.61 and Hong Kong ended off 0.74 percent. Australian stocks lost about 0.7 percent, while New Zealand put on 0.24 percent. Singapore gained around 0.5 percent. U.S. markets broke their run of losses on Tuesday, with the Dow Jones industrial average climbing 1.19 percent to 8,574.26 and Nasdaq adding 1.73 percent. (U.S. roundup) Stocks jumped after the Federal Reserve confirmed it had left rates unchanged, which may signal the end of its cutting spate. (Full story) Tokyo techs take a tumble
In Tokyo, tech-related stocks initially bounced back from heavy selling the day before, but faded as the day progressed. NEC Corp. lost 0.43 percent to 460 yen, while chip-equipment maker Tokyo Electron gave up 0.54 percent to 5,490 yen and circuit maker Kyocera Corp. dipped 1.18 percent to 7,510 yen. Mobile phone leader NTT DoCoMo was flat at 234,000 yen, as its Dutch partner KPN confirmed the Japanese company's stake in it had fallen to 2.2 percent from 15 percent. Smaller rival Japan Telecom slipped 4.5 percent to 341,000 yen. Bank stocks stopped their run, with Mizuho Holdings down 1.75 percent to 113,000 yen and UFJ Holdings off 4.63 percent to 103,000 yen. Select gainersThere were gains from Sony Corp., and Nippon Oil jumped 4.86 percent to 496 yen after saying Tuesday it will cooperate with a rival to cut costs. (Full story) Trading houses Nissho Iwai Corp. and Nichimen Corp. leaped after saying they will merge into a holding company in April. (Full story) Nissho Iwai jumped more than 50 percent, closing up 28.57 percent at 54 yen, while Nichimen surged over 21 percent only to end up just 2.86 percent at 72 yen. The government reported that Japan's current-account surplus leaped 23.5 percent in October, to 1.2 trillion yen, thanks to strong demand for Japanese goods in Asia. (Full story) The Bank of Japan releases its quarterly tankan survey on Friday, a much-watched measure of Japanese corporate confidence. The yen is slightly stronger at 123.64 to the U.S. dollar in early afternoon Tokyo trade. Sydney down despite News gainsIn Australia, the S&P/ASX 200 finished 0.71 percent lower at 2,969.7, with big banks and resources groups losing ground. NAB and ANZ both fell more than 2 percent. Miner BHP Billiton was down almost 1 percent to A$9.74. Those losses offset gains in News Corp., which rose 2.4 percent to A$11.94 on word that EchoStar Communications has scrapped its attempt to buy U.S. satellite broadcaster DirecTV. That opens the door for News to launch another bid. (Full story) Woodside Petroleum lost 4.03 percent to A$11.92 after it said accounting changes for its exploration efforts will cut its 2002 net profit by A$700-800 million. (Full story) New Zealand's Top 40 closed up 0.24 percent at 1,925.43, with Auckland International Airport adding 2.11 percent to NZ$5.33. Wood products producer Carter Holt Harvey gained 1.74 percent to NZ$1.75, offsetting a 1.31 percent slip in Telecom New Zealand. Hong Kong weaker
In Hong Kong, the Hang Seng finished down 0.74 percent at 9,784.57. Small-motor maker Johnson Electric notched a 1.68 percent rise to HK$9.10 after posting better than expected earnings. Telecom PCCW continued to fall on fears Cable & Wireless will sell its stake. It ended down 1.55 percent at HK$1.27. Hongkong Electric lost 2.61 percent to HK$29.90 after saying sales growth in the second half of the year might be below the first half's 1.4 percent. Telecom and ports operator Hutchison Whampoa rose 0.49 percent to HK$51.50 after pricing its third-generation cell-phone service in Britain. But it says that will not now launch this year, as intended. (Full story) Taiwan ends down 1 percentChinese B shares were down, with Shanghai off 0.3 percent, as China celebrates the one-year anniversary of its entry into the World Trade Organization. In Taiwan, the Taiex fell 1.17 percent to 4,699.41. China Steel topped the volume, ending flat at T$19.50. Chip foundry TSMC was also unchanged at T$50.00. In the banking sector Chinatrust rose 0.74 percent to T$27.10. Hynix tumbles in SeoulSouth Korea's Kospi dipped 0.55 percent to 698.61, with market heavyweight Samsung Electronics holding onto a small gain, up 0.4 percent to 366,000 won. But troubled rival Hynix Semiconductor put the market under pressure with a 14.6 percent plunge to 350 won on a report its main creditor, Korea Exchange Bank (KEB), will swap debt for equity in February to help it restructure. KEB itself fell 2.64 percent to 4,430 won. Oil refiner SK Corp., parent of cell-phone operator SK Telecom, fell 1 percent to 244,500 won as it said it is forming a strategic alliance with Chinese oil producer Sinopec. Singapore's Straits Times index again moved against the regional trend, with preliminary figures showing it closed up 0.53 percent at 1,374.38. New listing Econ Healthcare Ltd. topped the volume but fell 13.6 percent from their opening, to end at S$0.24. Big bank DBS led the strength with a gain of 2.68 percent to S$11.50, while UOB added 0.85 percent to S$11.90.
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