Japanese techs lead Asia's fall

Big exporter Sony is down more than 4 percent in Tokyo on Wednesday.

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Japanese techs lead Asia's fall

(CNN) -- Asian markets closed sharply lower Wednesday as investors reacted to more losses on Wall Street and dollar weakness. Japanese techs bore the brunt of the selloff.

South Korea tumbled more than 3.6 percent on credit jitters. Big banks Kookmin and Shinhan led the falls.

Tokyo's Nikkei 225 average closed 2.85 percent lower to 9614.60. On Tuesday the index gained 1.13 percent after a heavy fall of 3.7 percent on Monday.

The broader Topix index was down 2.08 percent to 953.19.

Along with the heavy falls in Japan and South Korea, markets in Singapore, Hong Kong and Taiwan posted losses of around 1.5 percent.

Australia and New Zealand moved against the trend, with gains of 0.19 percent and 0.27 percent respectively.

The dollar is weaker again, trading at 107.96 yen in Tokyo late in the day. The U.S. currency fell to a record low in Europe on Tuesday, with the euro quoted at $1.1948. Gold has crossed the $400 an ounce barrier to be at its highest since March 1996. (Full story)

Japanese techs and other export-related stocks were down sharply, with a fall of 4.2 percent to 3680 yen for consumer electronics leader Sony and 3.8 percent for carmaker Nissan.

Toyota lost 2.45 percent to 3180 yen and Honda was 2 percent lower to 4140 yen.

Toshiba was another to tumble, losing more than 5.4 percent to 383 yen. Fujitsu was down 8.5 percent and NEC dropped 6.6 percent to 785 yen. Canon, Kyocera, Matsushita Electrical Industrial and Hitachi all closed deeply in the red.

Tech bellwether Advantest was off 7.8 percent to 7330 yen.

Big banks were also well into the red, with falls of 5.3 percent for SMFG and 3.2 percent for MTFG. Mizuho was down 2.7 percent to 218,000 yen and UFJ ended 3.5 percent lower to 388,000 yen..

The market's biggest stock, mobile phone operator NTT DoCoMo, fell 5.4 percent to 226,000 yen. Its smaller rival Japan Telecom dropped a massive 15 percent to 283,000 yen after posting an interim loss.

In Seoul, the Kospi finished down 3.65 percent to 771.70.

Big banks led the falls on credit concerns, with Kookmin down 7.9 percent, Chohung about 5.5 percent lower and Shinhan down 6.8 percent.

LG Electronics was 8 percent lower to 52,900 won after prosecutors raided one of the LG Group companies. (Full story)

Big exporter Hyundai Motor was down 5.5 percent to 42,200 won and market heavyweight Samsung Electronics was 2.14 percent lower to 456,500 won.

In Australia, the S&P/ASX200 closed up 0.19 percent to 3181.4. Media giant News Corp. was down 1.7 percent to A$11.74, and there were also falls for resources leader BHP Billiton and Telstra.

Leading bank NAB jumped 2 percent to A$29.31.

In Singapore, the Straits Times index closed down 1.82 percent at 1677.35, led by falls of 2 percent for big bank DBS and 1.7 percent for Singapore Airlines.

In Taiwan, the Taiex closed down 1.25 percent to 5865.51, with big falls for chip foundries TSMC and UMC. Formosa Plastic was unchanged at T$52.50.

Hong Kong's Hang Seng index closed 1.28 percent lower at 11,872.99, with falls of about 1.3 percent for HSBC and 1.9 percent for PCCW. China Mobile and Hutchison Whampoa were both down about 1.8 percent.

New Zealand moved against the trend, with a gain of 0.27 percent for the Top 50 to 2339.86. Telecom was steady at NZ$5.04.

The moves in Asia followed another day of losses in New York Tuesday, with the Dow Jones industrial average falling 0.9 percent to 9624.16 and the tech-heavy Nasdaq composite index off 1.5 percent. (Full story)

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