Honda revs up Japanese stocks
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TOKYO, Japan -- Japanese stocks opened lower in early trading as investors grabbed profits on Honda Motor Co and other recent gainers after a swift rally in the past three sessions.
Several high-tech issues fell despite strong semiconductor trade data showing orders for microchip-making equipment from North American manufacturers rose 19 percent in December from the prior month, the largest monthly jump since April 2002.
The Nikkei average was down 0.83 percent at 11,011.12 rising 4 percent in the previous three sessions. The broader TOPIX index slid 0.52 percent to 1,070.38, Reuters reported.
A similar performance has come from the Australian market, where early trading saw the S&P/ASX 200 drop 11 points, or 0.34 percent.
The ASX All Ordinaries Index was down 7.3 points to be 3313.5
Bellwether News Corp edged slightly into negative territory after the chief executive of Foxtel, Kim Williams, announced it would take until 2006 for his pay TV station to be profitable.
He said on Tuesday he was "confident" Foxtel will achieve a 35-40 percent market penetration rate within four years.
Availability of digital content later this year will have an "exponential" impact on subscriber numbers, he predicted.
A total A$600 million will be spent in the next two years by News Corp and its partners Telstra and PBL on the digital roll-out for Foxtel.
News Corp was down 0.33 percent at A$12.23 in morning trade.
Meanwhile, USB said it will retain its "Buy" rating on Macquarie Airports for a target price of A$2.25 after major investment Sydney Airport reported strong earnings for the last quarter of 2003.
The New Zealand NZSX 50 Index also caught a case of the negatives, falling slightly to be at 2506.6 points by early-afternoon.
In Singapore the Straits Times index was up 17.5 points to 1882.96.
