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Tokyo down but most of Asia higher
HONG KONG, China (CNN) -- Tokyo stocks closed lower on Thursday, with the Nikkei back below the 9,000 level as techs and banks eased. But most other markets in Asia rose, led by a 1.16 percent gain in South Korea's Kospi. The Nikkei 225 closed 0.99 percent lower at 8,917.57, while the broader Topix lost 0.89 percent to 866.86. Australia put on 0.44 percent and New Zealand finished 0.69 percent higher. Taiwan was up 0.59 percent to 4,755.40. Hong Kong's Hang Seng index rallied to close in the black, but Singapore ended just below break-even. U.S. stocks sold off again on Wednesday, but the Dow Jones industrial average's move was slight. It ended down 0.06 percent at 8,737.85, while Nasdaq lost 1.28 percent. (U.S. roundup) Exporters gain on yen in TokyoIn Tokyo, banks slipped for a third day, with Mitsubishi Tokyo Financial Group down 2.1 percent at 699,000 yen and UFJ Holdings down 3.7 percent to 104,000 yen.
Sumitomo Mitsui Financial Group lost 3.33 percent to 406,000 yen and Mizuho Holdings fell a similar amount to 116,000 yen. Mizuho announced after Wednesday's close that it will set up a new holding company next year. (Full story) On the tech front, Tokyo Electron, the world's No. 2 chip-equipment maker, dropped 4.24 percent to 5,640 yen on brokerage downgrades of the chip industry. NEC lost 3 percent to 480 yen. Hitachi was off 2.95 percent at 494 yen and Toshiba fell 2.35 percent to 374 yen. The market will be watching for earnings from Intel Corp. later Thursday for more guidance. Sony put on 0.75 percent to 5,350 yen, as some exporters gained a little from currency moves. But automakers Toyota, Honda and Nissan were all weaker. The yen weakened against the dollar, touching a one-month low of 125.39 before firming a little to 125.19. Vice minister for financial affairs Haruhiko Kuroda said the currency's recent decline was "appropriate." Hong Kong easierIn Hong Kong, the Hang Seng closed up 0.14 percent, with a bounce in late trade, to sit at 10,009.88. The market was evenly split between winners and losers. Henderson Land fell 0.96 percent to HK$25.90, and Hutchison Whampoa fell 1.42 percent to HK$52.00, but other property stocks recovered to finish flat or just in the black.
PCCW also turned around to end level at HK$1.43, stemming selling started by MobileOne's disappointing debut in Singapore trading the day before. Big bank HSBC was up a scant 0.28 percent at HK$90.50. Construction company Wheelock rose 2.63 percent to HK$5.85, with the company expected to gain from plans to build a bridge to Macau and Zhuhai. Banks, miners top SydneyIn Australia, the S&P/ASX 200 index rose 0.44 percent to 3,040.5, with banks and mining stocks leading the way. National Australia Bank put on 1.55 percent to A$33.46, with similar gains also by ANZ, CBA and Westpac. In resources, BHP Billiton rose 0.5 percent to A$10.11 and Rio Tinto added 0.35 percent to A$34.36. But Woodside dropped 2.9 percent to A$12.00 after it said two development options for its Sunrise gas field near East Timor were not viable. (Full story) No. 2 listing Telstra added 1.1 percent to A$4.59. But the U.S. market losses hurt the market's biggest stock, media group News Corp. It finished 1.20 percent lower at A$12.30. New Zealand's Top 40 closed up 0.69 percent at 1,939.35, with Telecom New Zealand up 1.75 percent to NZ$4.65. Tower finished down 1.78 percent to NZ$1.66 after it reported its first loss as a public company. (Full story) Korea stocks head AsiaSouth Korea's Kospi index rose 1.16 percent to 722.76, the strongest gains in the region, with cell phone No. 1 SK Telecom up 1.62 percent to 251,500 won. Cho Hung Bank put on 5.0 percent to 5,250 won. The government last week delayed the sale of its 80 percent stake in the bank to after the December 19 presidential poll. Kookmin Bank, the country's largest, rose 0.55 percent to 46,000 won after the government said it will sell its 9.3 percent stake in it next year. Samsung Electronics finished flat at 373,500 won after investment banks Morgan Stanley and Deutsche Bank cut their outlook for chipmakers. Steelmaker Posco put on 1.63 percent to 125,000 won. Korea's market has gained over the last four weeks and market professionals suggest the Kospi may have broken through resistance to head toward 760. Taiwan pushes forward
Taiwan's Taiex rose 0.59 percent to 4,755.40. China Steel continued Wednesday's gains with a 1.03 percent gain to T$19.60. Chang Hwa Bank surged 3.14 percent to T$16.40 after it sold T$23.8 billion ($683 million) in bad loans to Lone Star of the United States. (Full story) China Airlines and Eva Airways were both higher after Taiwan's cabinet approved their charter flights to Shanghai, on the mainland, for Chinese New Year. Singapore's Straits Times index was essentially flat, down 0.03 percent to 1,365.54. Newcomer MobileOne closed steady at S$1.28 on its second day. Chartered Semiconductor topped the volume with a 6.25 percent decline to S$0.975. Big bank UOB was up 0.84 percent to S$12.00, but OCBC ended off 1.03 percent at S$9.65. Singapore will be closed for the Eid al-Fitr holiday on Friday.
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