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South Korea leads Asian falls
HONG KONG, China (CNN) -- Asian markets closed generally lower on Monday, with South Korean stocks making the most dramatic move. Seoul's benchmark Kospi ended off more than 2.5 percent on tensions with North Korea. Japan's markets were closed for the Emperor's Birthday holiday, and in that absence Australia and Korea had the largest runs, in different directions. Seoul's Kospi fell 18.06 points to 691.38, its lowest close since November 20. Australia finished solidly in the black, up 0.73 percent, while New Zealand had a gain of 0.37 percent. The mood elsewhere was subdued. Taiwan lost half a percent, Hong Kong was down just slightly more and Singapore ended just below par. U.S. markets locked in a gain on Friday, with the Dow Jones industrial average climbing 1.75 percent to 8,511.32, and Nasdaq lifting 0.66 percent. (U.S. roundup) That meant that all the major U.S. stock indexes rose for the last full trading week of the year, snapping a two-week losing streak. (U.S. moves into quiet time) Wall Street is expected to give little direction to Asia this week, with the market trading half a day on Tuesday and closed on Wednesday for Christmas. Korea hit by nuclear tension
The 2.55 percent fall in South Korea's Kospi came after North Korea pulled monitoring equipment from its nuclear plants. North Korea's move prompted the United States to confer with its allies in the region over a possible response. Both Japan and South Korea have criticized the north's decision. (Allies gather over nuke move) LG Chem, South Korea's top chemical company, dropped 7.22 percent to 45,000 won. Before Monday's fall, it had gained more than 60 percent since an October low. It said Monday that it plans to invest 55.6 billion won ($46.2 million) in an Australian chemical plant. Local partner Cheetham Salt and another unnamed partner will bring total investment to $193 million. Samsung Electronics, the largest listing in Seoul and the world's top memory chipmaker, ended down 2.79 percent to 348,000 won, with weaker chip prices hurting the stock. Rival Hynix Semiconductor was off 3.08 percent to 315 won. Big exporter Hyundai Motor gave up 4.34 percent to 30,850 won. Chohung Bank shares lost 3.24 percent to finish at 4,925 won as a government panel met to discuss two competing bids for majority control of the bank. Its management is pushing for a delay, hoping for a higher price. (Full story) Cell-phone operator SK Telecom ended flat at 243,500 won and fixed-line phone company KT Corp. put on 0.73 percent to 55,000 won, benefiting from their recent decision to unwrap their share holdings in each other and cancel some shares. Sydney higher on U.S. bounce
In Sydney, the S&P/ASX 200 index rose 0.73 percent to 3,033.5, with the market's biggest listing, media group News Corp., up 2.52 percent to A$12.22. But Telstra, the second-largest stock, ended 0.67 percent lower at A$4.44. Oil related plays gained over continuing supply disruptions in Venezuela and a possible war in Iraq. (Venezuela's oil strike drags on) Miner and oil producer BHP Billiton put on 2.94 percent to A$10.14, with Rio Tinto also up. Oil Search, which lost 25 percent last week, recovered 5.08 percent to A$0.62 after its troubled Papua New Guinea-to-Queensland gas pipeline won a supply deal with MIM. (Full story) The PNG project lost a key customer last week when Australian Gas Light Co. said it would look to other suppliers to meet its needs. Gold stocks rose as defensive plays, with Lihir Gold up 1.48 percent to A$1.37. New Zealand's Top 40 closed up 0.37 percent at 1,938.45, with Telecom New Zealand ahead 0.22 percent to NZ$4.59. Fund manager and insurer Tower climbed 1.90 percent to NZ$2.14, having soared 17 percent on Friday on takeover speculation. (Full story) Hong Kong sells offIn Hong Kong, the Hang Seng ended down 0.60 percent to 9,570.93, as most of the market edged lower. The leading listing, HSBC, was off 0.86 percent to HK$86.75, with Hang Seng Bank and BOC Hong Kong also lower. Oil producer CNOOC was down 1.91 percent to HK$10.25 after strong gains in recent weeks and on a report it may build a pipeline in China to compete with PetroChina's West-East pipeline. Telecom listing PCCW jumped 4.6 percent to HK$1.35 after it said it would pay back debts due in 2007, ahead of time. Property stocks were steady. China Mobile fell 0.26 percent to HK$19.45, with China Unicom down 0.89 percent to HK$5.55. Taiwan techs move lowerIn Taiwan, the Taiex lost 0.5 percent to 4,572.77, with chip and tech stocks slipping. TSMC, the largest listing, dipped 3.26 percent to T$44.50, while rival UMC lost 3.08 percent to T$22.00. Industrials and bank stocks propped the market, with Chinatrust up 5.4 percent to T$29.10 and Formosa Chemical up 6.37 percent to T$38.40. After early interest, PC maker Hon Hai Precision closed unchanged at T$124.50. Singapore's Straits Times index ended down 0.18 percent at 1,335.09, with Singapore Airlines down 1.92 percent to S$10.20. Chip foundry Chartered Semiconductor dropped 3.95 percent to S$0.73. In the plus column, bank stock UOB climbed 1.74 percent to S$11.70, while cell-phone stock MobileOne rose 2.48 percent to S$1.24.
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