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Techs, banks dent Asia
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December 15, 2000: 6:12 a.m. ET
Nasdaq fall, Microsoft warning hit tech shares; dollar strengthens against yen
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LONDON (CNNfn) - Asian markets slumped Friday as technology and banking shares fell, following declines by their U.S. counterparts and a profit warning by software titan Microsoft.
In Tokyo, the Nikkei 225 average ended down 2.5 percent at 14,552.29. In Hong Kong, the Hang Seng index dived 3.4 percent to close at 14,975.53, and the Straits Times index in Singapore ended 1.6 percent lower at 1,948.18.
In currency dealings, the U.S. dollar strengthened to ¥112.54 against the Japanese yen from ¥111.83 in late trading in New York the previous day.
 In the U.S. Thursday, the tech-laden Nasdaq Composite index tumbled 3.3 percent to 2,728.51 while the blue-chip Dow Jones industrial average dropped 1.1 percent to end at 10,674.99.
Nasdaq's latest setback, compounded by an earnings warning by the world's largest software maker Microsoft (MSFT: Research, Estimates) after the close of official U.S. trading, kept buyers out of the Tokyo market Friday, analysts said.
"The Tokyo market always takes a fall in the Nasdaq to heart," said Hiroaki Muto, chief investment manager at fund manager Nissay Asset Management.
High-tech bellwether Sony dropped 5.1 percent and Advantest, which makes semiconductor-testing devices, tumbled 11.9 percent amid concerned that the apparent slowdown in earnings at U.S. technology firms is a sign of what lies ahead for their Japanese counterparts.
"Since the U.S. election ended with the expected Bush victory, the market's focus has moved to U.S. corporate earnings and monetary policy there," said Hiroyuki Nakai, investment research manager at Tokai Tokyo Securities.
NEC was down 5 percent and Fujitsu slid 5.9 percent, leaving it 4.6 percent above a year-to-date low of ¥1,684 marked on Nov. 21.
Some "old-economy" stocks including builders and pulp producers attracted demand from investors looking for a haven from the volatility of tech stocks.
Softbank unit falls after IPO
Newly listed Softbank Investment, a unit of Internet investor Softbank, closed at ¥1.28 million, down 14 percent from its initial public offering price of ¥1.5 million. Softbank, which has holdings in several Nasdaq-listed firms, fell 4.1 percent.
Toyota Motor fell 1 percent, gaining little support from news that it held high-level talks with Ford Motor about forming a partnership or alliance to cut costs.
Nissan Motor fell 2.1 percent after a report it was considering entering the mini-vehicle market, possibly through a tie-up with Suzuki Motor. Shares of Suzuki rose 0.6 percent.
In Hong Kong, stocks fell across the board with global banking powerhouse HSBC Holdings in the firing line, dropping 4.3 percent while its affiliate Hang Seng Bank lost 0.8 percent.
 HSBC fell in London Thursday in the wake of profit warnings from merging banks J.P. Morgan (JPM: Research, Estimates) and Chase Manhattan (CMB: Research, Estimates).
Ports-to-telecommunications conglomerate Hutchison Whampoa shed 4.4 percent after shares of British mobile-phone operator Vodafone Group (VOD), in which Hutchison has a minority stake, fell 5.6 percent in London.
Property stocks, which have been rising on expectations for a cut in interest rates early next year, were also lower. Leading real estate developer Cheung Kong (Holdings) fell 3.7 percent. Dealers said bids for a land tender last week, the result of which was announced by the government on Thursday, were lower than expected.
Shares of Henderson Land Development, which outbid eight rivals to win the residential sites at Sai Wan Ho on Hong Kong Island, were down 2.1 percent. The company paid a lower-than-expected HK$2.43 billion ($312 million) for the site.
Internet-to-telecom firm Pacific Century Cyberworks fell 4.4 percent while mainland mobile-phone operator China Mobile lost 3 percent.
In Singapore, contract electronics maker Venture Manufacturing dropped 6 percent and multimedia company Creative Technology shed 3.7 percent.
Singapore Airlines plunged 5.1 percent and telecom operator Singapore Telecommunications dropped 1.8 percent.
 In Seoul, the KOSPI ended down 2.4 percent, hit by the Nasdaq's fall and weak telecom shares.
The warning from Microsoft pulled index heavyweight Samsung Electronics to a loss of 3.6 percent.
Mobile-phone operator SK Telecom dropped 5.4 percent and state-run Korea Telecom shed 4.3 percent. The two firms were awarded third-generation mobile-phone licenses earlier in the day, but investors were quick to sell the shares following a brief rally.
Taipei's Taiwan Weighted index shed 1.8 percent to close at 5,224.74. Acer, the island's largest personal computer maker, slid 3.4 percent.
Banking shares also pared recent gains. Chiao Tung Bank fell 3.4 percent and Chang Hwa Bank dropped 3.3 percent.
Australian stocks lose steam
In Sydney, the S&P/ASX 200 index slumped 1.5 percent to 3,229.2, its lowest since late October.
The most heavily weighted stock on the index, Rupert Murdoch's media empire News Corp., tumbled more than 5 percent as investors turned more pessimistic about the outlook for the company's planned strategic moves, such as the flotation of its satellite assets.
Westpac Banking led declines in the financial sector, losing 1.6 percent.
Elsewhere, the KLSE Composite in Kuala Lumpur dropped 1.7 percent. Other smaller markets bucked the regional trend, as Bangkok's SET index rose 0.7 percent, Jakarta's JSX index added 1.1 percent, and Manila's PHS Composite index edged up 0.3 percent.
--from staff and wire reports. 
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