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Asian markets ease into the red
TOKYO, Japan -- Asian markets are marginally lower at midday Tuesday, with only Australia showing a slight gain. In Tokyo, banking stocks are sinking after the market opened narrowly down on worries about end of financial year book-closing. Tech issues are also weaker. The Nikkei average is down 1.0 percent at 8,684.33 in early afternoon trade. The broader Topix index is off 0.47 percent at 857.62. Consumer electronics leader Sony is down just over 1 percent to 4,660 yen, while other big exporters such as automakers Toyota and Honda are also weaker. Big bank Mizuho Holdings has fallen almost 5 percent to 134,000 yen, while Sumitomo Mitsui Financial Group is continuing Monday's plunge, off 9.36 percent to 338,000 yen. SMFG announced on Monday it would boost its capital base by issuing $2.5 billion in preferred stock to overseas investors next month. (Full story) The market's biggest stock, NTT DoCoMo, is down 0.8 percent to 245,000 yen, but Japan Telecom managed a 1.33 percent gain to 380,000 yen. Hitachi, Toshiba weaker
Among techs, Hitachi is down 2.21 percent to 529 yen, Toshiba is off 1.55 percent to 382 yen and Fujitsu is 1.14 percent lower at 348 yen. Tokyo Electron, Japan's biggest maker of chip-producing equipment, is down 1.2 percent to 5,740 yen after early gains. Industry group Semiconductor Equipment and Materials International said Monday that global sales of chip-making equipment rose 43 percent in December from the month before to $1.82 billion. Elsewhere in the region, South Korea's Kospi is down 0.17 percent, Taiwan's Taiex is off 2.25 percent after Monday's big gains and Singapore's Straits Times index is down 0.8 percent at 1,290.92. Hong Kong is virtually flat, with the Hang Seng index down just 0.01 percent at 9,382.73. Big bank HSBC is unchanged at HK$84.00 There is no direction being given to Asian markets by the United States, with Wall Street closed on Monday for the Presidents Day national holiday. In Australia, the SA&P/ASX 200 is marginally firmer in mid-afternoon trade, up 0.05 percent at 2846.1. Gains for Qantas, AMP
Among Australian stocks to show gains are leading airline Qantas, up 1.06 percent to A$3.80 and insurer and funds manager AMP, up 1.97 percent to A$8.28. Big bank CBA is marginally firmer, up 0.04 percent to A$24.59 after falling to near a three-year low on Monday. News Corp, the market's biggest stock, is 0.8 percent lower at A$10.82. The heavy impact of the drought on Australia has become clearer with the release of figures Tuesday showing winter grain production in 2002 was down 61 percent on the record 2001 harvest. (Full story) In New Zealand the Top 40 index has closed 0.06 percent lower at 1,943.66. Telecom New Zealand was unchanged at NZ$4.53. Korea weakensAfter Monday's gain of almost 5 percent in the Kospi, some South Korean bluechips are weaker, reflecting investor worries about the situation in the North. Market heavyweight Samsung Electronics is down 0.17 percent to 290,500 won and Hyundai Motor is down 1.62 percent to 27,250 won. Samsung said at the 3GSM mobile phone convention in Cannes on Monday that it is buying a 5 percent stake in British mobile software company Symbian. (Full story) SK Telecom, usually an investor favorite, is down 3.7 percent to 169,500 won after group vice chairman Chey Tae Won faced a probe over alleged insider stock trading. Big steelmaker Posco is 1.73 percent higher at 117,500 won. In Taiwan, chip foundry TSMC is down 1.83 percent to T$43.00. Rival UMC is down 1.92 percent to T$20.40. The market is broadly lower after Monday's strong surge, with China Steel one of the few gainers. It is 1.32 percent higher at T$23.10. In Singapore, banking leader DBS is unchanged at S$10.10, while Singapore Airlines is down 2 percent to S$9.80. The airline said on Monday it could quickly launch a regional no-frills carrier if necessary. (Full story)
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