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Tokyo hit as Asian stocks meander
By Alex Frew McMillan
HONG KONG, China (CNN) -- Tokyo stocks are lower at midday on Thursday, but other Asian markets are split evenly between gainers and losers. The Nikkei ended the morning down 0.86 percent at 8,604.17 and is moving a little lower as the afternoon session gets going. The broader Topix was down 0.74 percent at 847.26 and is holding its ground in early p.m. trade. There are modest advances in Hong Kong and South Korea, with Singapore trading just in the black just before noon. But Australian stocks are selling off as the market digests a raft of earnings. New Zealand stocks closed down 1 percent. Taiwan was trading higher as techs got a technical bounce but have turned lower as the afternoon starts. U.S. stocks sold off on Wednesday, with investors still factoring in the likelihood of war in Iraq. The Dow Jones industrial average fell 0.5 percent to 8,000.6, while Nasdaq dropped 0.91 percent to 1,334.32. (U.S. roundup) Banks falling in TokyoOn Thursday in Tokyo, bank shares are tumbling as they attempt to shore up their balance sheets. Mizuho Holdings, the biggest bank in the world by assets, is down 4.03 percent to 119,000 yen in early afternoon.
Sumitomo Mitsui Financial Group, Japan's No. 2 bank, tumbled more than 10 percent in morning trade but is now recovering, down just 2.72 percent to 322,000 yen shortly after the lunch break. It said Monday it will issue another 300 billion yen ($2.5 billion) in preferred stock. Mitsubishi Tokyo Financial Group and UFJ Holdings are both down more than 3 percent as the banks prepare to close their books on the business year on March 31. There are gains for NTT DoCoMo, Japan's largest stock, which is up 1.26 percent to 242,000 yen. But most big caps are weaker, with the stronger yen hitting exporters. Sony Corp. is off 1.48 percent to 4,650 yen, while Toyota Motor is down 0.34 percent to 2,925 yen. The currency is trading at 118.96 to the U.S. dollar, with Japanese officials again saying they will take action to weaken the yen if necessary. NEC Corp. is off 0.43 percent to 458 yen despite the computer maker saying it had made progress on developing superfast quantum computers. StanChart up in Hong KongIn Hong Kong, the Hang Seng is up 0.11 percent to 9,438.36 just before noon. Bank stock HSBC is propping the market with an advance of 0.59 percent to HK$84.75. Its Hang Seng subsidiary is up 0.90 percent to HK$84.50.
Standard Chartered is giving the banking stocks their momentum. The city's fourth-largest lender is up 5.45 percent to HK$87.00 after reporting a 20.7 percent rise in annual net profit on Wednesday. Swire Properties is posting decent gains, up 1.76 percent to HK$34.70, while fellow developer Hang Lung Properties is flat at HK$7.70 ahead of its earnings later in the day. There are slight declines for most other big caps. Trading in broadcaster TVB is suspended at HK$25.00 after the company said it had sold a 51 percent stake in its pay-television service to U.S. satellite operator Intelsat. (Full story) Sydney sells off after earningsIn Sydney, the S&P/ASX is down 1.25 percent to 2,828.8, with sharp losses for the country's flagship airline.
Qantas Airways is off 8.42 percent to A$3.48 and trading at four-month lows after the company reported an increase in first-half earnings but warned war fears might make it hard to hit full-year targets. (Full story) Amcor, one of the world's top packaging groups, is down 5.04 percent to A$7.73 after reporting a 35 percent plunge in its first-half profit. (Full story) Elsewhere on the earnings front, property developer Lend Lease is just lower, off 1.5 percent to A$8.56, after posting a first-half loss and announcing it would buy back its shares. (Full story) News Corp., Sydney's largest listing, is down 1.9 percent at A$10.92 after Wall Street's losses the day before. New Zealand's Top 40 closed down 0.99 percent at 1,934.60, with Telecom New Zealand falling 0.66 percent to NZ$4.49. Domestic plays drag in TaiwanIn Taiwan, early gains of around 1 percent gave way in late morning, leaving the Taiex down 0.19 percent to 4,542.19. Screenmaker Au Optronics is topping the volume with a gain of 4.67 percent to T$24.70, with it expected to gain from higher prices. TSMC and UMC, the largest two listings in Taipei, are also both higher as the electronics index rises 1.65 percent. But domestically oriented industrial plays are giving ground, with China Steel down 1.78 percent to T$22.10 and Taiwan Cement off 6.06 percent to T$12.40. Samsung lifts Korean stocksIn South Korea, the Kospi is up 0.18 percent at 601.89, with top listing Samsung Electronics driving the gains. The chipmaker is up 0.67 percent to 299,000 won as investors bet on a recovery in semiconductor stocks later this year. Kogas is up stronger, ahead 6.05 percent to 24,550 won, helping offset losses in steelmaker Posco, down 3.91 percent to 110,500 won on speculation of management turmoil. Industrial Bank of Korea is opposing the reappointment of Chairman and CEO Yoo Sang-boo, claiming he is tainted by political and business scandals. Banks help Singapore stay flatIn Singapore, the Straits Times index is basically flat, up 0.02 percent at 1,315.80, with banks dragging it into the black. UOB is up 0.92 percent to S$11.00, with OCBC ahead 0.56 percent to S$9.05. Stocks in Malaysia are lower, though, the Kuala Lumpur composite trading down 0.57 percent at 657.22 as the clock ticks over to afternoon.
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