Tokyo falters despite GDP lift
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DoCoMo and parent NTT closed higher Wednesday after the proposed Cingular takeover of AT&T.
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(CNN) -- Japanese stocks have closed in negative territory Wednesday, despite an early spurt after data showed Japan's economy grew much faster than expected in the last quarter of 2003.
Most other Asian markets posted gains, though South Korea joined Japan in the red.
The Nikkei 225 average slipped 0.23 percent to finish at 10,676.81, reversing an early gain of about 0.6 percent. On Tuesday, the Nikkei put on 1.44 percent to finish at its highest in two weeks.
The broader Topix index was down 0.15 percent at 1052.98.
Mobile phone giant NTT DoCoMo rose 2.74 percent to 225,000 yen on expectations it will pocket $6.5 billion in cash from the $41 billion takeover of AT&T Wireless.
DoCoMo, second only to Toyota in market value, said Tuesday it expected to sell its 16 percent stake in AT&T Wireless at the $15 per share price offered by U.S. cellular operator Cingular Wireless.
DoCoMo's parent NTT also finished higher, up 2 percent to 500,000 yen.
Yahoo Japan was up 2.2 percent to 1.86 million yen after announcing a 2-for-1 stock split. But most other tech-related stocks ended in the red. Toshiba fell 2.7 percent and consumer electronics leader Sony eased 1.1 percent to 4380 yen.
Leading automaker Toyota ended unchanged at 3650 yen. Honda and Nissan both fell about 1 percent. Big banks also were mainly in the red.
Supported by robust exports and capital spending, Japan's gross domestic product grew by a real 7.0 percent in October-December on an annualized basis, beating a median forecast of 4.6 percent, data released before the opening showed. (Full story)
"This is strong confirmation that Japan's economy is on a recovery track," said Tsuyoshi Segawa, strategist at Shinko Securities.
Elsewhere in the region, South Korea's Kospi ended down 0.87 percent to 877.10.
Hyundai Motor was flat at 49,800 won, but market heavyweight Samsung Electronics slipped almost 2 percent to 549,000 won.
Banking group Shinhan lost 2.8 percent.
Australia's S&P/ASX200 ended 0.58 percent higher to 3348.1, lifted by a 1 percent gain for resources leader BHP Billiton.
Qantas and National Australia Bank were also higher, but News Corp and Telstra finished in the red.
Taiwan's Taiex was just in the black, up 0.08 percent to 6605.85. TSMC was up 0.8 percent and UMC closed 1.66 percent ahead.
New Zealand's Top 50 put on 0.67 percent to 2434.78, boosted by a 1.8 percent lift in the market's biggest stock, Telecom NZ.
Hong Kong is doing best in the region, with the Hang Seng up more than 1 percent at 13,962.89 heading towards the close. Big bank HSBC is up 2 percent to HK$128.50.
Singapore's Straits Times is about 0.4 percent ahead to 1901.50. SingTel is 2.6 percent higher at S$2.33.
The moves in Asia followed a strong close Tuesday on Wall Street, with the Dow up 0.8 percent and the Nasdaq putting on 1.3 percent. (Full story)
