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Asian markets close lower
HONG KONG, China (CNN) -- Asian stocks closed broadly lower on Thursday, following another day of declines on Wall Street. Taiwan showed the heaviest decline, down 2.5 percent to a six-week low. Australia closed 1.7 percent weaker to touch a three-year low and South Korea registered a 15-month low. Japanese stocks weakened as investors took profits after a 2 percent rally the previous day. The Nikkei 225 average finished the day just below the 8,600 level, slipping 0.74 percent to 8,599.66 while the broader Topix index was off 0.49 percent to 853.01. In an otherwise gloomy day for Asian markets, Chinese transport company Sinotrans made a strong debut in Hong Kong. It was up six percent to HK$2.325, compared with its initial public share offer price of HK$2.19. But the broader market, measured by the Hang Seng index, was off 1.52 percent to 9,173.43 at close. while ingapore closed at its lowest level since September 2001, its bellweather Straits Times Index down 2.13 percent at 1,268.33. In Seoul, the Kospi fell 1.31 percent to 575.67 and Singapore's Straits Times closed at its lowest level since September 2001, down 2.13 percent to 1,268.33. Wall Street's gloom fed into Asia. U.S. stocks sank for the sixth time in seven sessions Wednesday over worries about a war with Iraq and a possible terrorist attack in the United States. The Dow Jones industrial average (down 1.08 percent), the Nasdaq composite (down 1.27 percent) and the S&P 500 index (also down 1.27 percent) crept nearer to the five-years lows they hit in early October. (Full story) Japanese exporters tumble
In Tokyo, consumer electronics giant Sony ended down 1.7 percent at 4,620 yen, Nissan Motor fell 2.03 percent to 919 yen and computer and chipmaker Toshiba gave up 1.89 percent to 364 yen. Mazda Motors was among the heaviest losers, down 3.86 percent to 249 yen. Gainers included the big banks, led by UFJ Holdings, up 4.4 percent to 166,000 yen and Mizuho Holdings, up 2.92 percent to 141,000 yen. Market heavyweight NTT DoCoMo finished 0.82 percent higher at 246,000 yen, but rivals KDDI and Japan Telecom closed lower. With companies closing their books at the end of March, market participants are concerned about several factors, including whether the government and Bank of Japan will act to boost Japanese shares. In Hong Kong, there are falls of more than 3 percent for PCCW, Cheung Kong and Hutchison Whampoa, while banking heavyweight HSBC is 0.6 percent lower at HK$82.25. In the telecom sector, China Mobile and China Unicom are also trading in the red. News declinesIn Australia, heavy selling pushed the benchmark S&P/ASX200 to a fresh three-year low of 2,835.4. The market's biggest stock, News Corp., dropped 4.23 percent to A$10.86 after releasing strong December quarter profit numbers. The stock had moved up 3 percent on Wednesday ahead of the results release. ( Full story) Insurer and funds manager AMP was again in decline, tumbling 3.93 percent to A$8.05, a record closing low. Commonwealth Bank, which reported its first-half earnings on Wednesday, fell 2.12 percent to A$25.36 as banks underwent a broad selloff. NAB fell 2.22 percent to A$29.53. In New Zealand, the NZSE Top 40 eased 0.8 percent to 1923.8, with Telecom NZ dipping 0.89 percent to NZ$4.45. Contact Energy was among the gainers, up 2.5 percent to NZ$4.51. Samsung weakensIn Seoul, the Kospi fell 1.31 percent to 575.67, a fresh 15-month closing low.
Samsung Electronics, the market's biggest stock, fell 3.04 percent to 271,500 won, while investor favorite SK Telecom dipped 1.22 percent to 162,500 won. Big exporter Hyundai Motor was also in decline, down 2.77 percent to 26,350 won. Gainers included Korean Air Line, up 1.56 percent to 13,000 won, and Hana Bank, up 3.4 percent to 16,700 won. In Taiwan, the Taeix gave up 2.53 percent to finish at 4,507.96, its lowest close this year. Financial stocks tumbled, Cathay Financial losing almost 5 percent to T$39.50. But big techs held up reasonably, with chip foundry TSMC off 0.5 percent to T$40.20 and smaller rival UMC steady at T$19.40. AU Optronics lost 1.67 percent to T$23.60. Among industrials, China Steel fell 3.52 percent to T$21.90. In Singapore, the usually bellweather Straits Times index closed at a 17-month low, down 2.13 percent to 1,268.33. The market was closed Wednesday for a holiday but rose one percent on Tuesday. DBS Group led a fall in banks, hit by jitters over the prospect of a war in the Middle East. It slumped 4.5 percent to S$9.65 -- also a 17-month low. Elsewhere, Chartered Semiconductor lost 2.9 percent to S$0.67 after announcing 500 job cuts.(Full story)
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