Asian markets end lower
June 13, 2001 Posted: 0920 GMT
HONG KONG (CNN) -- Asian stocks closed narrowly down Wednesday. Investors were adrift on Japan's poor economy and earnings warnings in Australia.
In Tokyo, the benchmark Nikkei average closed down 0.1 percent at 12,823.45. That's its lowest close since April 10.
Stocks gave up earlier gains as investors dumped NEC Corp. and other high-tech issues in late trade.
The broader Topix index gave up 0.04 percent to 1,272.73.
Investors were worried about Japan's slumping economy and weakness on Wall Street. Growth figures released on Monday showed its economy shrank 0.2 percent in the most recent quarter.
PC and chipmaker NEC lost 3.4 percent to 1,740 yen.
Nokia hits home
Major tech plays were also hit by a warning from Nokia Corp., the world's biggest mobile phone company.
NTT DoCoMo Inc., Japan's top mobile phone operator, fell 0.5 percent to 2.05 million yen, after plunging 5.9 percent plunge on Tuesday.
Japan's top chip maker, Toshiba Corp, lost 1.1 percent to 630 yen.
Cell-phone parts maker Murata Manufacturing Co. fell 2.6 percent to 9,010 yen. TDK Corp. hit a five-year low of 6,140 before ending 1.3 percent softer at 6,160.
Banks rose. But Japan's bank index on Tuesday hit its lowest point since the Asian financial crisis, as Japan's bad-loan problem mounts.
On Wednesday, UFJ Holdings gained 0.8 percent to 623,000 yen. Mizuho Holdings, the world's biggest bank by assets, hit a lifetime low of 525,000 yen before closing down 0.6 percent at 530,000 yen.
Telstra takes it to Sydney
In Sydney, the benchmark S&P/ASX 200 index dropped 0.4 percent to 3,389.6.
Telstra Corp., which warned on earnings Tuesday, accounted for a quarter of the trading.
Australia's biggest telco lost 6.4 percent to A$5.69, its lowest close since last September. On Tuesday it halved its 2001 earnings-growth target to five percent.
Australia has seen a recent spate of earnings warnings from major companies such as Telstra, Lend Lease and Brambles.
Mining shares were also sharply weaker. Giant BHP, soon to merge with British Billiton, fell 3.3 percent to A$21.12.
News Corp., 11 percent of the index, fell 2 percent to A$17.77. EchoStar Communications has emerged as a serious contender to buy DirecTV, which Rupert Murdoch's News hopes to absorb.
In New Zealand, the NZSE-40 cap index finished up 0.2 percent at 2,059. But Telecom New Zealand, the market's biggest stock, lost 1.3 percent to end at NZ$5.51, on Telstra and Nokia's bad news.
Hong Kong just in red
Hong Kong's Hang Seng index closed essentially flat, down 3.37 points at 13,523.31. The loss didn't register in percentage terms.
Its biggest stock, bank HSBC Holdings, lost 1.6 percent to HK$94.00, continuing Tuesday's slide. A downgrade, a weaker British pound against the dollar and concerns about worldwide growth have pushed it lower.
Cellular companies helped stem the tide. China Mobile, China's largest mobile-phone company, gained 3.4 percent to HK$42.80.
In China, the hard currency B share markets stemmed their losses. Shanghai's B share index rose 4.8 percent to 210.583. The Shenzhen B share index rose 4.3 percent to 373.44
But traders said it was mainly a bounce caused by recent heavy losses, after the B shares dropped restrictions on local investors.
Banks up in Korea, Taiwan
In South Korea, the benchmark Kospi closed up 1.1 percent at 614.05. Stocks have not been affected by a nationwide strike there, now in its second day.
Banks and insurance stocks nudged the market higher. There is also optimism about Hynix Semiconductor attracting overseas investment and bankrupt Daewoo Motor selling out to General Motors.
Banking stocks regained most of this year's losses on that optimism.
Hana Bank rose 4 percent to 8,500 won, its highest level of the year. Chohung Bank climbed 3.6 percent to 2,910 won.
In Taiwan, the benchmark Taiex closed down 1.1 percent. A weaker New Taiwan dollar dragged stocks lower after they posted gains earlier in the day.
The NT dollar fell sharply against the U.S. dollar on worries over a slowing economy.
Banking stocks were also up in Taipei. Investors hope Taiwan's government will introduce key financial reforms that will prop the sector up.
China Development Industrial Bank, Taiwan's biggest industrial bank, was the day's most-active stock. It rose 1.0 percent to T$30.10.
Chang Hwa Bank rose 3.6 percent to T$17.40.
Stocks in Singapore rose on OCBC Bank's $2.65 billion offer on Tuesday for Keppel Capital, the city state's smallest bank.
The Straits Times index was up 0.6 percent at 1,688.97 in afternoon trade.
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