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Asian tech stocks lead region down
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are lower on Thursday as the clock ticks over into afternoon, after an overnight decline on Wall Street. Japan's Nikkei average ended the morning off 0.58 percent to 8,561.92 as tech and telecom stocks eased a little. The broader Topix index didn't fare much better, down 0.47 percent to 851.61 despite more gains in bank stocks. South Korea and Australia are both down around 0.6 percent, with Hong Kong off just slightly more than that. There are minor losses in Singapore. But Taiwan and Malaysia are bucking the trend and showing gains. U.S. investors reacted skittishly as the earnings started on Wall Street. They ignored Intel's increased profits and instead focused on its plans to cut capital spending. The Dow Jones industrial average fell 1.35 percent to 8,723.18, while the tech-driven Nasdaq dipped 1.52 percent to 1,438.80. (U.S. roundup) Investors also saw earnings from Yahoo and losses from Apple Computer. Techs down in TokyoIn Japan, market leader NTT DoCoMo is down 0.78 percent to 254,000 yen as techs ease a little. Rival KDDI is off 1.32 percent to 374,000 yen, and chip and computer maker NEC Corp. is down 0.89 percent to 445 yen.
Chip-equipment maker Tokyo Electron is down 1.89 percent to 1,390 yen in response to Intel's cutting capital spending. There are strong gains for Sumitomo Mitsui Banking Group, which is up 4.18 percent to 374,000 yen. U.S. investment bank Goldman Sachs said it will invest more than $1 billion in Japan's No. 2 bank. (Full story) Peers such as UFJ Holdings, up 4.88 percent to 129,000 yen, and Mitsubishi Tokyo Financial Group, up 4.41 percent to 710,000 yen, are also benefiting. The yen is trading very slightly weaker at 118.22 as traders watch for guidance on how new currency guru Zembei Mizoguchi will treat the currency. Mizoguchi says he will continue the policy set by predecessor Haruhiko Kuroda, which often saw Japan intervene to ensure the yen didn't get too strong. Johnson bucks U.S. moveIn Hong Kong, the Hang Seng index is down 0.71 percent to 9,803.87, reflecting the Wall Street selling. Bank stock HSBC is down 0.84 percent to HK$88.25, while property stocks are inching slightly lower.
Surprisingly, Johnson Electric is up 1.02 percent to HK$9.95. The small-motor maker almost always tracks U.S. stock movements but strong auto sales in the United States hinted that consumers might prove resilient. Esprit Holdings is also pushing ahead, up 0.33 percent to HK$15.15 and another six-month high after strong economic numbers in Germany, the clothing retailer's key market. Higher oil prices knocked Cathay Pacific down 0.85 percent to HK$11.65, with the airline also ordered by Hong Kong transport authorities to conduct public hearings over its dispute with Dragonair, though both companies hoped to negotiate behind closed doors. Sydney down on NewsAustralia's S&P/ASX 200 index is off 0.60 percent at 3,058.6, with News Corp. off 1.9 percent to A$12.39 after Wall Street's fall. Takeover target BRL Hardy is still moving forward, the winery up 3.30 percent to A$9.39 as talks continue with Constellation Brands. Food group Goodman Fielder is up 1.2 percent to A$1.75 after revising its profit outlook slightly. Burns Philp is down 1.9 percent to A$0.51 after it said it has raised A$1.52 billion in funding to back its bid for Goodman. Oil and mining concern BHP Billiton is down 1.1 percent to A$9.77 despite the North West Shelf project, in which it is a partner, lining up a long-term deal to supply gas to South Korea. (Full story) New Zealand's Top 40 closed down 0.23 percent at 2,010.62 as Telecom New Zealand slipped 1.28 percent to NZ$4.64. Taiwan at new highTaiwan's Taiex is bucking the regional selling, up 0.31 percent to 5,033.15, climbing to another five month high. China Steel is ahead again, up 0.42 percent to T$23.80, with banks such as Hua Nan Financial also seeing buying. It is pushing forward 3.00 percent to T$27.50. Taiwan Pulp is up the daily 7 percent limit to T$7.35. But tech weakness is holding the market back, with chip foundry UMC down after Nasdaq's fall. Korea off on earningsIn South Korea, the Kospi is down 0.58 percent to 644.52 as Samsung Electronics flits between losses and gains. The market's largest listing sank heavily after posting earnings, which missed forecasts but almost quadrupled. (Full story) But Samsung has recovered by noon and is trading up 0.5 percent at 325,500 won. Steelmaker Posco is off 2.26 percent to 129,500 won ahead of its earnings later in the day. State-owned gas company Kogas is up 3.14 percent to 23,000 won after it said it will sign a long-term deal to buy gas from Australia's North West Shelf. (Full story) Singapore's Straits Times index is down 0.27 percent to 1,382.81 as techs slip in line with Nasdaq. Singapore Airlines is also down, off 0.94 percent to S$10.50, despite naming its executive Chew Choon Seng as CEO to replace Cheong Choong Kong, who is retiring in June. The Malaysian market is making it five straight days of gains, with the Kuala Lumpur composite up 0.44 percent to 671.17.
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