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Techs drag Asia to lower close
TOKYO, Japan -- Asian markets closed mainly weaker Tuesday, taking their cue from Wall Street's tech-driven fall. But most declines were small. South Korea was the region's biggest loser, with the Kospi off 2.28 percent to 576.58, amid news the government will look into unfair trade practices at the country's biggest conglomerates. (Full story) Japan's main indexes ended mixed, with the Nikkei 225 down 0.12 percent and the broader Topix up 0.29 percent. While Japanese banks showed good gains, leading exporters Sony, Fujitsu and Honda all ended down. Australia, Hong Kong, Taiwan and Singapore were all in the red, but their losses were limited to less than 1 percent. New Zealand moved against the trend, ending with a gain of 0.8 percent. The generally weaker trend in Asia followed a fall in U.S. markets. The tech-heavy Nasdaq index fell 1.29 percent and the Dow Jones industrial average lost 0.67 percent on Monday, following a lackluster reading on U.S. manufacturing for February. (U.S. stock roundup) Japanese banks gainIn Tokyo, the tech-sensitive Nikkei 225 lost 0.12 percent to 8,480.22, after putting on 1.52 percent Monday for its biggest percentage gain in three weeks. The Topix rose 0.29 percent to 828.05, reflecting gains among big banks. Mizuho Holdings, the biggest bank by assets, jumped 5.42 percent to 105,000 yen. UFJ Holdings rose 2.17 percent to 141,000 yen and Sumitomo Mitsui Financial Group added 5.34 percent to 276,000 yen. Third-ranked Mitsubishi Tokyo Financial Group put on 1.86 percent to 494,000 yen after setting a price of 475,000 yen for its ordinary share offer once the market closed on Monday. That was a discount of just over 2 percent to its closing price. Among tech-related stocks, computer and chip maker Fujitsu fell 2.62 percent to 372 yen and Kyocera was off 1.1 percent to 6,270 yen. The market's biggest stock, mobile phone operator NTT DoCoMo, finished 0.44 percent ahead at 229,000 yen. Internet investor Softbank, which jumped more than 10 percent on Monday after it said it would sell part of its stake in Yahoo Japan, slipped 2.54 percent to 1,686 yen. Carmaker Honda, another strong gainer on Monday, fell 1.58 percent to 4,360 yen and Nissan lost 1.88 percent to 885 yen after a report it was expanding its fuel cell vehicle (FCV) links. (Full story)
In Seoul, the Kospi ended 2.28 percent lower at 576.58, after the government said it will investigate the business practices of Samsung and five other big groups, extending a crackdown on the country's family-run conglomerates. Market heavyweight Samsung Electronics, which jumped 5.5 percent on Monday to help deliver an overall gain of 2.54 percent, receded 3.39 percent to 285,000 won. Steelmaker Posco was one of the heaviest losers, down 6.7 percent to 104,500 won. Big exporter Hyundai Motor fell 2.5 percent to 25,300 won and investor favorite SK Telecom dipped 1.47 percent to 167,000 won. Shares in Trigem Computer tumbled 14.4 percent to 4,450 won after it said Monday that Korea Thrunet, the Internet service provider in which it holds a major stake, was filing for receivership. (Full story) Hong Kong's Hang Seng benchmark index closed down 0.94 percent at 9,181.89, with banking leader HSBC off 1.18 percent to HK$84, as investors stayed on the sidelines ahead of the government's annual budget on Wednesday. HSBC and its subsidiary Hang Seng Bank reported full-year results Monday, with HSBC posting a 20 percent profit increase. (Full story) Micromotor maker Johnson Electric is up 1.15 percent to HK$8.80 after a report it is jointly bidding for the motors division of GE. (Full story) In Singapore, the Straits Times index ended the day 0.8 percent lower at 1,268.96. Earlier in the day it touched a 17-month low of 1,263.60. Further south, Australia's benchmark S&P/ASX200 index finished 0.13 percent lower at 2813.1. Media group News Corp, the market's biggest stock, lost 1.54 percent to A$10.25. Resources giant BHP Billiton fell 0.64 percent to A$9.26, and big bank NAB lost 0.92 percent to A$29.15. But telecom leader Telstra was firmer, up 1.7 percent to $A4.18. Westfield Holdings was another gainer, up 8.08 percent to A$13.24 after posting a 53 percent lift in first-half profit. (Full story) Across the Tasman Sea in New Zealand, the NZSE Top 50 gained 0.8 percent to close at 1,901.39. Telecom NZ was 2.91 percent higher at NZ$4.25.
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