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Nikkei opens soft after tech dive
TOKYO, Japan -- Japanese stocks have opened weaker on Tuesday as investors locked in profits from the previous day's rise after a lackluster reading on U.S. manufacturing hurt U.S. technology issues. Computer and chip maker Fujitsu Ltd lost 1.05 percent to 378 yen after the U.S. tech-laden Nasdaq index fell 1.29 percent. The key Nikkei average was down 0.5 percent, to 8447 in early trading. On Monday the Nikkei rose 1.52 percent, its biggest one-day percentage gain in three weeks. But recoveries in several bank shares, including Mitsubishi Tokyo Financial Group (MTFG), helped send the capital-weighted TOPIX index of all first-section issues up 0.26 percent to 827.78. Shares of MTFG, Japan's third-biggest banking group, were up 0.82 percent at 489,000 yen after the bank set a price for its global share offering after the market closed on Monday. MTFG priced its offering at 475,000 yen per share, a 2.06 percent discount from the closing price. That was towards the bottom end of expectations of a discount of between 2 and 4 percent, indicating strong demand. MTFG is widely seen as stronger than its peers thanks to a conservative lending stance and an aggressive approach to cutting risky stockholdings and bad loans. Mizuho Holdings Inc was up 2.41 percent at 102,000 yen and Sumitomo Mitsui Financial Group was up 3.05 percent at 270,000. "Banks were somewhat oversold (in the past weeks), so whether bears, including hedge funds, will further dampen the shares is a focal point," said Koichi Seki, equity manager at Chuo Securities. The Bank of Japan begins a two-day policy meeting on Tuesday, the last for outgoing governor Masaru Hayami. Market players expect no change in Japan's ultra-loose monetary policy. BOJ governor nominee Toshihiko Fukui is due to take over the reins at the central bank later this month. In Seoul the Kospi was down more than 2 percent to 575.69, following Wall St's bearish lead. Further south, Australia's S&P/ASX 200 indicator was 0.4 percent weaker ayt2804.50 shortly before midday. Among the stocks to be suffering there include mining giant BHP Billiton, down A5c to A$9.26 and bank CBA, off A9c to $A24.86. Telecoms major Telstra was marginally firmer, up A2c to $A4.13. Across the Tasman Sea in New Zealand, the NZSE Top 50 had gained half a percent in afternoon trading to be at 1887.82. In Singapore, the Straits Times index opened 0.3 percent lower at 1275.24. Reuters contributed to this report.
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