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Tokyo hits worst streak since 1991
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets are lower on Monday as they move into afternoon trading, with Japan's losses approaching 1 percent. The Nikkei average is down 0.81 percent to 8,446.80 at the noon break, with the broader Topix off 0.90 percent to 828.27. That's the ninth day of declines in a row for Tokyo equities, their worst run since 1991. The rest of the region is also moving lower, with South Korea off more than 2 percent and Hong Kong down almost 1 percent. Taiwan, Singapore and Australia are all down more than 0.5 percent, and New Zealand closed with similar losses. Wall Street's performance from Friday was an early negative, with regional tensions in Korea hitting stocks there. The Dow Jones industrial average closed down 1.23 percent on Friday at 8,433.71, while Nasdaq fell 2.65 percent. (U.S. roundup) Broad losses in TokyoIn Tokyo on Monday, the worst string of one-day losses in 11 years shows no sign of easing. U.S. weakness is coupling with tensions over Iraq and North Korea to create a pessimistic environment for investors.
Losses are broad-based, with techs and major manufacturers both lower. Sony Corp. is down 0.79 percent to 5,040 yen, while Toyota Motor is off 0.64 percent to 3,110 yen. Cell-phone service NTT DoCoMo, the largest listing, is down 1.79 percent to 220,000 yen, with rival KDDI down 2.05 percent to 383,000 yen. Chip-equipment maker Tokyo Electron is down 3.24 percent to 5,080 yen after the losses on Nasdaq. Toshiba Corp., Japan's largest chipmaker, is off 2.73 percent at 356 yen after announcing after the close Friday that it will build two new chip production facilities at a cost of 350 billion yen ($2.9 billion). (Full story) The yen gained a full two yen to the dollar in New York trade on Friday and is holding that level in Tokyo on Monday, at 120.65 to the dollar. The one spot of steadiness comes in the banking sector, where Mitsubishi Tokyo Financial Group is up 0.15 percent at 662,000 yen and Sumitomo Mitsui Financial Group is ahead 0.29 percent at 349,000 yen. Australia slipping in afternoonIn Australia, the S&P/ASX 200 index is down 0.66 percent at 2,951.7, with media group News Corp. off 1.8 percent to A$11.55 and miner BHP Billiton off 1.24 percent to A$9.57. NAB, Australia's largest bank, is down 1 percent to A$31.23 ahead of its annual meeting on Thursday. Retailer Coles Myer is down 1.1 percent to A$6.33 after saying it is in final negotiations to buy the Theo's Liquor chain of stores. Burns Philp is off again, down 2.02 percent to A$0.485, after announcing a bid for larger Goodman Fielder on Friday. (Full story) Goodman Fielder, Australasia's largest food company, is down 1.08 percent to A$1.83 after leaping 24 percent on Friday. New Zealand's Top 40 closed down 0.60 percent at 1,910.95, with Telecom New Zealand losing 1.35 percent to NZ$4.38. At one point, New Zealand's largest listing fell to NZ$4.35, its lowest since October 2001. Hong Kong off almost 1 percentIn Hong Kong, the Hang Seng is down 0.94 percent at 9,636.87 in late morning trade, with techs and telecoms lower. Telecom PCCW is off 2.36 percent to HK$1.24, continuing last week's slide. Cellular operator China Mobile is down 1.74 percent to HK$19.75. Bank stock HSBC is down 1.13 percent to HK$87.25, with subsidiary Hang Seng off 0.30 percent to HK$84.25. One bright spot is oil producer CNOOC, up 2.04 percent to HK$10.00 as oil prices continue to rise over tension in Venezuela, the world's fourth-largest producer. Hong Kong will release data on its jobless rate after the close Monday. Korea faring worst in AsiaIn South Korea, the Kospi is down 2.06 percent to 693.51 as U.S. tensions with North Korea over its nuclear capabilities continue to make investors skittish.
The other key issue for South Korea this week are the presidential elections on Thursday. Chip stocks and exporters are suffering as the Korean won gains against the weakening dollar, much like the yen. Samsung Electronics is off 3.04 percent to 351,000 won, battered on two fronts, with Nasdaq off on Friday. Cell-phone operator SK Telecom is down 2.67 percent to 236,500 won. Chipmaker Hynix Semiconductor is bucking the slide, up 3.17 percent to 325 won despite a preliminary ruling from the U.S. International Trade Commission that U.S. memory chip prices may have been "materially injured" by cheap imports from South Korea. Chip leaders lower in TaiwanIn Taiwan, the Taiex is down 0.68 percent to 5,464.15, with chip foundry UMC down 3.78 percent to T$22.90 and topping the volume. China Steel has stopped its run of gains with a 1.50 percent slip to T$19.70, after strong advances last week as funds adjust their holdings before the end of the year. Au Optronics is third in volume terms, down 0.98 percent to T$20.20, and UMC's rival chip contractor TSMC is down 2.05 percent to T$47.70. Turnover is light, as it is through much of Asia, with investors waiting for a sign of direction in U.S. stocks. Singapore's Straits Times index is down 0.68 percent to 1,358.13, with chip foundry Chartered Semiconductor off 3.01 percent to S$0.805. Cell-phone No. 2 MobileOne is down 1.64 percent to S$1.20, with No. 1 SingTel steady at S$1.27. Flagship carrier Singapore Airlines is leading the net losses, off 2.86 percent to S$10.20.
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