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Asian stocks sputter past noon
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets are sputtering on Wednesday as they move into afternoon trade, almost evenly split between gainers and losers. Japan's main indexes ended the morning divided, with the tech-driven Nikkei average down 0.25 percent to 8,531.28. But the broader market, as measured by the Topix index of all Section 1 stocks, was up 0.28 percent at 848.26. There are gains of more than half a percent in Hong Kong, which was the lone laggard the day before, and small advances in Australia and New Zealand. But South Korea is off half a percent after its recent strong gains, and Singapore is off a similar amount. Taiwan is narrowly in the red after closing flat on Tuesday. Wall Street moved forward again on Tuesday, with the Dow Jones industrial average up 0.64 percent to 8,842.62 and the tech-influenced Nasdaq up 1.03 percent to 1,460.99. (U.S. roundup) Intel Corp. posted a better-than-expected performance for the fourth quarter after the close on Tuesday. But it also gave some downbeat guidance on future capital spending. (Full story) Chip-equipment makers downThat less-than-bullish guidance is cutting Into chip-equipment makers' stocks in Tokyo on Wednesday. Advantest Corp. is down 2.96 percent at 5,580 yen. Chip and computer maker NEC Corp. is off 0.45 percent to 438 yen.
Major exporters are also falling as the yen pushed to 118.04, close to a four-month strong point. Japan's new foreign-currency ambassador said the government is carefully monitoring the yen to guard against excessive strength. (Full story) The yen's move is hurting Sony Corp., down 1.38 percent to 4,990 yen, as well as carmakers. Honda Motor is off 0.93 percent at 4,250 yen and Toyota Motor is down 0.32 percent to 3,090 yen. There are gains for Daiei Inc., up as the troubled department store chain prepares to sell four hotels to U.S. investment bank Goldman Sachs. (Full story) Mizuho Holdings is flat at 100,000 yen as a source at the bank says unlisted borrower Seibu is looking for help from the state-backed Industrial Revitalization Corp. to bail it out. (Full story) Tokyo Mitsubishi Financial Group is topping the bank gains, up 2.76 percent to 669,000 yen. Hong Kong rallies
In Hong Kong, the Hang Seng is up 0.62 percent to 9,856.72 after the market failed to participate in an Asian rally on Tuesday. Hong Kong also draws strength from the U.S. market Continued interest in mainland-oriented plays is pushing computer maker Legend Group up 3.36 percent to HK$3.075. Telecom plays are generally higher, with PCCW up 0.72 percent to HK$7.00, China Mobile ahead 0.5 percent to HK$20.10 and China Unicom up 0.85 percent to HK$5.95. Airline Cathay Pacific is one of the few losers, down 0.84 percent to HK$11.85 after a 4.36 percent leap on Tuesday. Telstra up in SydneyIn Australia, the S&P/ASX 200 index is basically flat, up 0.08 percent to 3,078.4. Telecom stock Telstra Corp. is ahead 1.53 percent to A$4.64 after France's Alcatel reported strong earnings. Mining company BHP Billiton is up 0.51 percent to A$9.88, in line with gains in its London listing. Takeover target BRL Hardy is up 1 percent to A$9.12 after surging Tuesday as it confirmed it is in talks with Constellation Brands toward a merger that would create the world's biggest winery. (Full story) New Zealand's Top 40 closed up 0.37 percent to 2,015.27, another in a series of small gains for the Wellington market. Taiwan lagging despite chip gainTaiwan's Taiex is down 0.11 percent to 4,987.08 in late morning trade, with no. 2 listing UMC down 2.97 percent to T$22.90. Rival chip foundry TSMC and No. 1 listing TSMC is down 1.19 percent to T$49.90. Intel's strong fourth quarter is driving gains in chipmaker Macronix, topping the volume with a 2.39 percent gain to T$12.85. Samsung deals Seoul a blowSouth Korea's Kospi is down 0.47 percent to 646.97 as its largest listing, Samsung Electronics, falls 1.22 percent to 324,500 won. But there are gains for cell-phone service SK Telecom, up 1.54 percent to 231,500 won. Steelmaker Posco is off 1.89 percent to 130,000 won and Kookmin Bank is down as some of Tuesday's gainers fall back a bit. Singapore off on banksSingapore's Straits Times index is down 0.54 percent to 1,393.83 as the morning comes to a close, with bank stocks declining. DBS Group is off 1.71 percent to S$11.50, while UOB is down 1.67 percent to S$11.80. Singapore Airlines is off 0.93 percent to S$10.70, easing after recent gains. But SingTel is topping the volume with a 0.74 percent climb to S$1.36. NatSteel is unchanged at S$2.08 as raider Oei Hong Leong said he will not sell his 29.9 percent stake in the company to hotelier Ong Beng Seng. Malaysia's market is a little higher, with the Kuala Lumpur composite up 0.3 percent to 663.40.
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