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Tokyo extends 11-year losing streak
HONG KONG, China (CNN) -- Asian markets closed lower Monday, with Japan having its worst run of losses since 1991 and South Korea off more than 2 percent. The Nikkei 225 average fell 0.76 percent to 8,450.94, largely unchanged from its midday level, while the broader Topix lost 0.95 percent to 827.82. That made it the ninth straight day of declines for Japanese stocks, the market's worst run for more than a decade. South Korea's Kospi dropped 2.22 percent to 692.42 as techs wavered, and Australia's S&P/ASX200 fell about 0.7 percent. Hong Kong ended down three-quarters of a percent, and Singapore closed down 0.49 percent, rallying at the close. New Zealand gave up half a percent and Taiwan closed just in the red, off 0.13 percent to 4582.05. Wall Street's performance from Friday was an early negative, while regional tensions in Korea hurt 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 showed no sign of easing. U.S. weakness, coupled with tensions over Iraq and North Korea, created a pessimistic environment for investors.
Techs and major manufacturers lost ground. Consumer electronics leader Sony fell 0.98 percent to 5,030 yen and Nippon Steel lost 2.88 percent to 135 yen. In the auto sector, Honda rose 0.9 percent to 4,490 yen, Toyota was flat at 3,130 yen and Nissan lost 0.72 percent to 960 yen. Cell-phone service NTT DoCoMo, Tokyo's largest listing, ended down 1.34 percent to 221,000 yen, with rival KDDI off sharply, losing 3.84 percent to 376,000 yen. Toshiba Corp., Japan's largest chipmaker, fell 2.46 percent to 357 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 firmed to 120.60 to the dollar on Monday, having gained strongly in U.S. trade on Friday. In the banking sector, Mizuho Holdings dipped 1.85 percent to 106,000 yen, Mitsubishi Tokyo Financial Group gave up early gains to finish down 1.06 percent at 654,000 yen and UFJ Holdings lost 1 percent to 101,000 yen. Australia slipsIn Australia, the S&P/ASX 200 index lost 0.72 percent to 2,949.9, with media group News Corp. off 1.87 percent to A$11.54 and miner BHP Billiton down 1.24 percent to A$9.57. NAB, Australia's largest bank, lost 1.65 percent to A$31.23 ahead of its annual meeting on Thursday. Westpac fell 2.5 percent to A$13.75. Retailer Coles Myer lost 0.78 percent to A$6.35 after saying it was in final talks to buy the Theo's Liquor chain of stores. (Full story) Burns Philp fell again, down 3 percent to A$0.48, after announcing a bid for larger Goodman Fielder on Friday. (Full story) Goodman Fielder, Australasia's largest food company, was down 2.16 percent to A$1.81 after Friday's 24 percent gain. 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. Hong Kong off almost 1 percentIn Hong Kong, the Hang Seng finished 0.74 percent lower at 9,656.46, with techs and telecoms lower. Telecom PCCW closed down 1.57 percent to HK$1.25, continuing last week's slide. Cellular operator China Mobile was down 1.49 percent to HK$19.80. Bank stock HSBC lost 1.70 percent to HK$86.75, with subsidiary Hang Seng off 0.30 percent to HK$84.25. One bright spot was 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. After the close, the government said Hong Kong's jobless rate improved slightly for the three months through November. (Full story) Korea fares worst in Asia
In South Korea, the Kospi fell 2.22 percent to 692.42 as U.S. tensions with North Korea over its nuclear capabilities continued to make investors skittish. The other key issue for South Korea this week is Thursday's presidential election. Chip stocks and exporters suffered as the Korean won gained against the weakening U.S. dollar. Samsung Electronics fell 3.73 percent to 348,500 won, and big automaker Hyundai Motor dropped 3.74 percent to 30,850 won. Cell-phone operator SK Telecom lost 2.06 percent to 238,000 won, but fixed-line phone company KT Corp. eked out a 0.19 percent gain to 53,300 won. Chipmaker Hynix Semiconductor went against the tide, up 14.3 percent to 360 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 ended down 0.13 percent to 4,582.05. Chip foundry UMC fell 3.36 percent to T$23.00, while rival TSMC dipped 1.64 percent to T$47.90. China Steel slipped 1 percent slip to T$19.80, after strong gains last week. Screenmaker Au Optronics ended down 0.98 percent at T$20.20. But there were gains for computer maker Acer, which added 1.14 percent, while textile producer Shinkong Synthetic Fibers rose 4.35 percent to T$6.00. Singapore's Straits Times index closed 0.49 percent lower to 1,360.83, rallying a little at the close having being down more than 1.5 percent. Chip foundry Chartered Semiconductor topped the volume with a 3.61 percent slide to S$0.80. Cell-phone No. 2 MobileOne dropped 1.64 percent to S$1.20, second in volume terms, with No. 1 SingTel steady at S$1.27. Creative Technology led the net losses with a 30 cent, or 2.29 percent, slide to S$12.80. But flagship carrier Singapore Airlines rebounded in late trade to end down 0.95 percent to S$10.40.
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