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HK rises; Tokyo slips
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February 9, 1999: 4:54 a.m. ET
Bond yields continue to weigh on Nikkei, Korea down 4 percent
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LONDON (CNNfn) - Hong Kong shares staged a late afternoon turnaround Tuesday to close more than 1 percent higher while Tokyo lost ground, pulled lower again by higher long-term bond yields.
The Nikkei 225 index closed down 0.64 percent at 13,902.66.
Nomura Securities, Japan's biggest securities house lost 1.47 percent to 941 in heavy trading. Nomura reportedly plans to centralize control of its U.S. and European arms, breaking from a tradition of a decentralized operation.
Banks shares were generally firm however, with Sanwa Bank up 12 yen to 1,065.
Honda Motor eased 40 to 4,140.
Mitubishi Chemical confirmed it will close its ethylene plant in central Japan by the end of 2000. Its shares dropped 0.78 percent to 256.
In Hong Kong, the Hang Seng index staged a rally in late afternoon trade, closing up 1.15 percent to 9,244.49.
News Cheung Kong will lead a consortium investing in a commercial and residential complex in Beijing lifted its shares 0.4 to 49.4.
HSBC Holdings made late headway, rising 0.5 to 188.5.
Australia's All Ordinaries index closed down at 2,890.7, a fall of 0.32 percent. News Corp was up 6 cents to A$11.36.
The Singapore Straits Times lost 2.28 percent to 1,306.37.
In Korea, the mood was more bleak as the KOPSI stumbled 4.03 percent to close at 523.38. Traders told Reuters the decline came from an overhang of futures contracts.
Taiwan shed 99.25 points or 1.7 percent to 5,723.73. Philippine shares fell 1.55 percent to 1,935.02 and shares in Thailand surrendered 10.41 points, or 3.15 percent to close at 320.36.
Jakarta closed up 0.78 percent at 402.826 and Kuala Lumpur, staged a strong recovery following a 6 percent plunge Monday, up 4.19 percent to 548.14. 
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