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Asian markets mixed
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September 8, 2000: 6:11 a.m. ET
Techs kick Tokyo out of losing streak, but drag down Hong Kong, Taipei
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LONDON (CNNfn) - Asian markets closed mixed Friday, as the Tokyo market took its cue from the previous day's rise on the U.S. Nasdaq, while Hong Kong and other regional markets fell.
Tokyo's Nikkei average closed up 1.2 percent at 16,501.55, snapping an eight-day losing streak with the help of gains among high-tech shares. Investors were unmoved by the announcement by credit rating company Moody's Investors Service that it lowered its rating on Japan's sovereign domestic debt to Aa2 from Aa1 - a move that analysts described as in line with expectations.
Hong Kong's Hang Seng index dropped nearly 1 percent to 17,275.45, while
 Singapore's Straits Times index fell 0.3 percent to 2,135.05.
In the U.S. Thursday, the Nasdaq Composite index surged 2.2 percent to 4,098.34, while the Dow Jones industrial average slipped 0.4 percent to 11,259.87.
In the currency market, the U.S. dollar strengthened against the yen. The dollar bought ¥105.50 late Friday in Tokyo, up ¥0.46 from its level in late trading in New York Thursday.
On the Tokyo exchange, consumer electronics company Sony rose 3 percent, chipmaker NEC gained 2.1 percent, and Toshiba gained 1.5 percent.
Mitsubishi comings and goings
Mitsubishi Motors rose 5.2 percent after President Katsuhiko Kawasoe said he would resign after the company admitted it had for years covered up consumer complaints about faulty cars. German-U.S. automaker DaimlerChrysler (FDCX) said after the Tokyo market closed that it would pay less than it originally agreed for a 34 percent stake in its Japanese partner.
Shares of Bridgestone, the Japanese parent of U.S. tire maker Firestone, tumbled 12.3 percent to a near eight-year low as a crisis over the recall of tires in the U.S. showed no sign of abating.
In Hong Kong, Internet and telecom investment company Pacific Century CyberWorks fell 4.7 percent on news that U.S. Internet investor CMGI (CMGI: Research, Estimates) planned to pull out of a $1.5 billion Web venture fund it was to have formed with PCCW and Dallas-based investment firm Hicks, Muse, Tate & Furst Inc.
A slew of recent and expected share sales also sapped demand on the Hong Kong bourse, analysts said. Denway Motors slumped 10.4 percent after the Chinese vehicle manufacturer sold 500 million shares.
Global bank HSBC Holdings fell 0.9 percent as interest-rate-sensitive stocks came under pressure from concerns that soaring oil prices could eventually lead to higher interest rates.
Elsewhere in Asia Pacific
Taipei's Taiwan Weighted index closed down 0.9 percent at 7,367.99, a 10-month low, as electronics stocks continued to slide despite Nasdaq's rebound and support from government funds.
South Korea's benchmark index also closed lower. The KOSPI index slipped 0.4 percent to 653.68
In Australia, the S&P/ASX 200 index closed up 0.4 points at 3,320.3, boosted by a bounce for shares of heavyweight media company News Corp., which ended up 3 percent after losing ground in earlier sessions.
Mining company Broken Hill rose 1.3 percent. Traders said the weak Australian dollar was making smaller resource companies attractive because they were seen as potential takeover targets.
The Australian dollar rallied to $0.560 from an all-time low against the U.S. dollar of $0.553 late Thursday.
Kuala Lumpur's KLSE Composite fell 0.5 percent, and Jakarta's JSX index was down 0.4 percent. Bangkok's SET index was 0.4 percent lower, and Manila's PHS Composite index was virtually unchanged. 
- from staff and wire reports
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