|
  |
|
 |
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asian stocks adrift on war fears
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are down going into afternoon trade on Thursday, with investors still taking defensive positions as war with Iraq seems likely. Japan's Nikkei average ended the morning down 0.60 percent to 8,498.52 and is off slightly more than that as the afternoon session starts. The broader Topix fell 0.37 percent to 842.14, ending a three-day run of gains, and is down just over half a percent in afternoon trade. U.S. Secretary of State Colin Powell presented evidence of alleged Iraqi weapons violations to the United Nations on Wednesday, making the case that war was the only way to force the country to disarm. Iraqi officials have dismissed the allegations, saying Powell's presentation relied on "stunts" and "special effects." The tension is depressing Asian markets, with South Korea down more than 1 percent. Hong Kong and Australia are off just over half a percent. Singapore is slightly in the red, while New Zealand is closed for a holiday. There are losses of more than 2 percent in Taiwan, where the market is back in action for the first time in a week after an extended break to see in the Lunar New Year. U.S. stocks fell slightly as Powell addressed the U.N. The Dow Jones industrial average closed down 0.35 percent to 7,985.18, while Nasdaq dipped 0.36 percent to 1,301.50. (U.S. roundup) Tokyo adrift on war tensionIn Tokyo on Thursday, stocks are drifting as investors factor in the effects of a war on global trade. NTT DoCoMo, the largest listing, is down 1.29 percent to 230,000 yen.
Circuit maker Kyocera Corp. is one of the main losers with a 2.4 percent fall to 6,520 yen. Japan Telecom is down 4.69 percent to 366,000 yen after large gains Wednesday, as Vodafone said it is considering selling its fixed-line business to a U.S. buyout fund. (Full story) Traders are bidding up defensive stocks such as Japan Tobacco, up 0.70 percent to 721,000 yen, with results for the cigarette maker relatively stable even in depressed economic times. Toyota Motor is also ahead, gaining 0.67 percent to 2,985 yen, after the company posted net income of 216.1 billion ($1.8 billion) for the December quarter, almost double the same time last year. (Full story) The yen is steady at 120.01 to the U.S. dollar. "With the war with Iraq coming closer by the day, any dollar gains should be used to sell at better prices," Cornelius Luca, currency analyst with Global Forex Trading, said. Hang Seng lagging a littleHong Kong's Hang Seng index is down 0.5 percent at 9,134.33 in late morning, bank stock HSBC off slightly to 0.30 percent to HK$82.00. PCCW is down 2.48 percent to HK$5.90. The company denied a report that it had made a bid to buy British telecom Cable & Wireless last month but was turned back. Sun Hung Kai Properties is up 0.23 percent to HK$43.90 as the property developer attracts some bargain hunters. Big caps lower in SydneyAustralia's S&P/ASX 200 index is down 0.69 percent to 2,898.6 in early afternoon going. Big caps are down in broad market weakness. News Corp. is down 0.46 percent to A$10.87, while Telstra Corp. is off 0.90 percent to A$4.38. Gold stocks are easing a little after bullion came off its almost seven-year high of $390 an ounce. There are advances for miner Rio Tinto, up 1.10 percent to A$33.10, and food group Goodman Fielder is up as Burns Philp proceeds with its buyout attempt, buying 19 percent of its target. Taiwan back in action with fallIn Taiwan, the Taiex is down 2.17 percent to 4,906.54 as the market reopens after a week-long holiday to usher in the Year of the Goat. Market leader TSMC is down the daily 7 percent limit to T$44.40 as the chip foundry responds to Nasdaq's selling during that break. UMC is also "limit down" to T$20.00 and the second most active ticker. China Steel is topping the volume as usual and moving higher again, up 4.26 percent to T$24.50 as local industrial plays continue to shake off the broader market weakness. Far Eastern Textile is up 4.73 percent to T$17.70, benefiting from higher prices and a recovery in Taiwan's economy. Korean big caps down
South Korea's Kospi index is down 1.28 percent to 593.00, led by selling in its electronics exporters. Samsung Electronics, the largest listing in Seoul, is down 2.23 percent to 284,500 won, with sales to the United States likely to be disrupted by any war. SK Telecom is off 4.96 percent to 172,500 won as the cell-phone service said it would stick to its heavy capital spending plan for the year. (Full story) There are also falls for department store Shinsegae, off 2.76 percent to 158,500 won. Singapore resisting selling
Singapore's Straits Times index is down 0.16 percent to 1,289.84 and resisting most of the selling. Bank stock OCBC is propping the market with a 0.56 percent climb to S$8.90, while steelmaker NatSteel is up 1.48 percent to S$2.06. But bank stock DBS Group is off 1.96 percent to S$10.00, and Singapore Airlines is down 1.02 percent to S$9.75. Malaysian stocks are down, too, with the Kuala Lumpur composite off 0.66 percent to 663.77. Cell-phone No. 2 Celcom said it had won approval from authorities for its merger with Telekom Malaysia's mobile arm. (Full story)
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
