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Asian markets mixed
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April 25, 2000: 6:41 a.m. ET
Tokyo down as Nikkei newcomers drop; HK little changed
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LONDON (CNNfn) - Asian markets were mixed Tuesday as investors shrugged off the latest technology sell-off that drove down the U.S. Nasdaq index the previous day. Tokyo ended lower as shares in some of the benchmark index's newcomers retreated after sharp gains ahead of their Nikkei debut.
In Tokyo, the Nikkei 225 index fell 1.1 percent to 18,272.33. Technology shares had fallen earlier in the session amid concerns about Microsoft's earnings outlook and reports that the U.S. Justice Department is in favor of splitting the company in two for violating U.S. antitrust law.
Hong Kong's Hang Seng was little changed, edging up 12.87 points, or 0.08 percent, to close at 15,380.01, representing a rebound from an early 154-point drop amid some bargain hunting.
In New York on Monday, the Nasdaq composite fell 161.35, or nearly 5 percent, to 3,482.53, extending losses recorded before the holiday weekend. The broader S&P 500 shed 4.68 to 1,429.86, but the Dow gained for the second straight session, rising 62.05 to 10,906.10 as money moved into drug makers and financial-service stocks shunned for most of the year.
Newcomers go into reverse
In Tokyo, among the 30 new stocks that joined the Nikkei 225 Monday, TDK Corp fell 8.7 percent, and Seven-Eleven Japan, the country's largest chain of convenience stores, dropped 6.3 percent, both extending the previous day's declines. The incoming stocks had surged in earlier sessions ahead of their inclusion in the benchmark index.
Internet investor and mobile phone subscription agent Hikari Tsushin fell again after it revised down its forecast for the year to August to a loss of ¥11.6 billion from a previous estimate of an ¥8 billion profit. Its shares fell 11 percent.
Rival Internet investor Softbank continued its recovery of recent days, rising more than 10 percent. Fuji Television Network rose 5 percent, extending its gains of recent sessions on media reports that Sony was close to buying a stake in the TV company.
In Hong Kong, blue chips stocks rose as investors dumped some "new-economy" stocks. The main beneficiaries from the switch out of tech shares were HSBC Holdings, which gained 0.25 percent, Hang Seng Bank, which rose 0.75 percent and Dao Heng Bank, up 0.5 percent. Cathay Pacific Airways rose 0.5 percent, and micro-motor maker Johnson Electric rose 4.25 percent.
Tech stocks hit by Wall Street's latest selloff included SmarTone Telecommunications, which fell 1.2 percent. Telecom conglomerate Hutchison Whampoa dropped 2.5 percent.
Singapore's Straits Times index rose 17.18 points, or 0.8 percent, to 2,066.96 as investors sought refuge in "old-economy" stocks.
Singapore Airlines, which is expected to raise S$500 million by listing two subsidiaries in May, rose 3.5 percent to S$17.80. DBS Bank added 1 percent and Singapore Press Holdings rose 1.6 percent.
Political upheaval in Jakarta
In Indonesia, the Jakarta composite index fell 2.2 percent to close at 519.04, a seven-month low, amid concern that the sacking of two economic ministers in President Abdurrahman Wahid's cabinet could cause more political instability. President Wahid sacked Trade and Industry Minister Yusuf Kalla and Investment and State Enterprises Minister Laksamana Sukardi to shore up his much criticized team.
Taiwan's Weighted index gained 1.3 percent to close at 8,921.12, recovering from a 1.5 percent opening loss as investors focused on blue chip companies with strong earnings growth.
In Seoul, Nasdaq's latest decline prompted investors to sell telecom and tech stocks, pushing the Korea Composite Stock Price Index down 1.4 percent to 737.20. Telecom operator SK Telecom fell 3.8 percent and chipmaker Hyundai Electronics shed 2.9 percent.
Thailand's SET index rose 0.3 percent to 396.03 as investors bought banks and sold telecom and technology shares. Malaysian shares rose 0.6 percent, while Manila's main index slipped more than 1 percent on speculation that Philippine Long Distance Telephone Co. would post poor first-quarter results. 
--from staff and wire reports
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