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Asian markets turn down
HONG KONG, China (CNN) -- Asian stocks are broadly lower at midday Thursday, following another day of declines on Wall Street. Taiwan and Australia are showing the heaviest falls, down 1.6 percent and 1.27 percent respectively. Japanese stocks are weaker as investors take profits after a 2 percent rally the previous day. The Nikkei 225 average is down 0.43 percent at 8,627.03 at the midday break, while the broader Topix index is off 0.19 percent to 855.63. In an otherwise gloomy day for Asian markets, Chinese transport company Sinotrans has made its debut in Hong Kong with a six percent rise to HK$2.325 in morning trade. Its initial public share offer price was HK$2.19. But the broader market, measured by the Hang Seng index, is off 0.41 percent to 9,276.92. In Seoul, the Kospi is down 0.36 percent to 581.17 and Singapore's Straits Times is trading just over 1 percent lower at 1,282.69. 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 is down 1.06 percent at 4,650 yen, Nissan Motor is down 2.03 percent to 919 yen and computer and chipmaker Toshiba is 1.08 percent lower at 367 yen. But gainers include the big banks, led by Mizuho Holdings' 3.65 percent surge to 142,000 yen and UFJ Holdings, up 3.77 percent to 165,000 yen. Market heavyweight NTT DoCoMo is unchanged at 244,000 yen. With companies closing their books at the end of March, market participants are concerned about factors, including whether the government and Bank of Japan will act to boost Japanese shares. The Bank of Japan has begun its two-day policy-setting meeting on Thursday. In Australia, selling pushed the benchmark S&P/ASX200 to a fresh three-year low of 2,848.0. The market's biggest stock, News Corp., is down 4.3 percent to A$10.85 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 is again in decline, tumbling 4.29 percent to A$8.04, a fresh record low. Commonwealth Bank, which reported its first-half earnings on Wednesday, is down more than 1 percent to A$25.63. In Seoul, Samsung Electronics is down 1 percent to 277,000 won, while investor favorite SK Telecom is off about a third of a percent to 164,000 won. Big exporter Hyundai Motor is also in decline, down 2 percent to 26,550 won. Gainers include Korean Air Line, up almost 2 percent to 13,050 won, and LG Electronics, ahead 1.1 percent to 36,500 won.
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