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Markets & Stocks
Asia falls as techs swoon
April 4, 2000: 6:45 a.m. ET

Nikkei off 0.6%; Net stocks hit as investors seek safety after Nasdaq reels
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LONDON (CNNfn) - Stock markets in Asia declined across the board Tuesday, with shares of Internet companies especially hard hit, as investors in Japan moved cash into automotive and banking issues.
    Japan's benchmark Nikkei index closed down 132.06 points, or about 0.6 percent, at 20,594.93, as investors focused on Monday's 8 percent plunge in the Nasdaq composite in the United States. The Tokyo market was said to be on hold as the health of Prime Minister Keizo Obuchi continued to deteriorate after the reform-minded leader suffered a stroke Monday.
    The Straits Times index in Singapore fell 0.6 percent to 2,059.46, as financial stocks and electronics companies declined. Markets in Hong Kong, Taiwan and Indonesia were all closed for a holiday.
    In the U.S. Monday the tech-heavy Nasdaq index chalked up its biggest point decline on record, falling nearly 350 points, or 7.6 percent, to close at 4,223.68. That came as investors braced for the verdict in the Microsoft  (MSFT: Research, Estimates) antitrust trial, in which a federal judge found the U.S.-based software company guilty of breaching antitrust laws.
    
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    The U.S. dollar was little changed against the yen, trading at ¥105.25, a sign of stability after the Bank of Japan stepped into the market Monday to buy dollars and revive the greenback from its recent weakness compared to the yen. A strong yen makes Japanese exports more expensive, which could threaten the country's tentative rebound out of recession.
    The Japanese government reported Tuesday that household spending rose 4.2 percent in real terms in February from a year earlier.
    
Japan's Internet stocks tumble

    On the Tokyo market, high-tech bellwether Sony Corp. fell 1.6 percent, while telecommunications firm Nippon Telegraph and Telephone Corp. shed 2.4 percent and its mobile phone affiliate NTT DoCoMo dropped 4 percent.
    Following Wall Street's lead, cyclical stocks in Japan benefited from the plunge in technology shares as investors sought to add more stability to their portfolios.
    Steel maker NKK Corp. extended Monday's gains amid buying by pension funds and other institutional investors, traders said. NKK added 10 percent.
    Top automakers fared well. Toyota Motor rose 0.4 percent, Honda Motor climbed 2.4 percent, although Mazda Motor closed down 0.3 after giving up an earlier gain.
    One-time stars in the Internet sector got battered. Among the Internet investment vehicles, Hikari Tsushin sank 7.3 percent, at limit-down, while Softbank Corp. shed 5.8 percent, also hitting limit-down. Yahoo! Japan fell 12.7 percent.
    Copier and printer company Ricoh Co Ltd. ended up 5 percent after saying it expected consolidated net profit to rise to a record 48 billion yen ($450 million) for the business year ending in March 2001.
    
In other markets

    Australia's All Ordinaries index slipped 0.6 percent, with media powerhouse News Corp. Ltd dropping 1.9 percent.
    While financial service stocks in Tokyo were strong, banking stocks were among the losers in Singapore. DBS, the most highly valued company in Southeast Asia, fell nearly 4 percent, contributing to the decline on the Straits Times index. Shares of electronics companies headed lower, with NatSteel Electronics off 5.3 percent and Creative Technology down 9.1 percent.
    Among smaller markets, the Set 50 in Bangkok fell 1.5 percent to 393.78 and Manila's PHS Composite dropped 0.3 percent to 1,682.53. In South Korea, the Korea Composite Stock Price Index (KOSPI) ended off 1.9 percent at 830.16.
    In Malaysia, Kuala Lumpur's KLSE Composite fell 0.5 percent to 960.63. Back to top
    -- from staff and wire reports

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.