LONDON (CNNfn) - Asia markets ended lower Wednesday, continuing the tumbles seen in the previous two sessions, after the latest losing session on Wall Street. Biotechnology stocks headed the list of decliners in Tokyo, mirroring their counterparts on the U.S. Nasdaq index.
The benchmark Nikkei average slipped 63.24 points, or 0.33 percent, to close at 19,078.60. Biotech shares suffered after a joint statement by U.S. President Bill Clinton and British Prime Minister Tony Blair raised concern that companies carrying out advanced genetic research may be denied the chance to profit fully from their discoveries. The premiers said scientists worldwide should have free access to research on human genome mapping.
Takara Shuzo Co. fell 3.9 percent to 2,350 yen, while Kyowa Hakko Kogyo Co. fell 6.8 percent to 1,085 yen. Both are alcoholic beverage makers that have become leaders of the domestic biotech industry because of their fermentation technology.
Sanwa Bank, Asahi Bank and Tokai Bank slid further as investors continued to react coolly to their merger announcement on Tuesday. Sanwa fell 4.2 percent to 1,006, Asahi eased 3.2 percent to 610, and Tokai fell 4.5 percent to 635.
Sony Corp. and NTT DoCoMo, among the Nikkei's leading gainers Tuesday, continued to rebound. Consumer electronics giant Sony rose 5.4 percent to 26,750 yen Wednesday and NTT DoCoMo, the mobile-phone unit of Japan's biggest telephone company, surged 9.3 percent to 4.25 million yen.
In Hong Kong, the Hang Seng fell 1.07 percent to close at 16,747.20 Wednesday, its lowest level in three weeks, after a worse-than-expected annual report from the region's No. 3 mobile phone operator SmarTone Telecommunications Holdings.
SmarTone posted a net loss of HK$393 million for the six months ended Dec. 31, 1999, depressed by a HK$488 million charge. Its shares slumped 6.9 percent to HK$28.85. Sun Hung Kai Properties, which has a stake in SmarTone and is expected to post a 10 percent rise in first-half earnings Thursday, fell 2.7 percent to HK$71.00.
Other telecommunication shares dropped on the results. China Telecom (Hong Kong) fell 2.2 percent to HK$66.00, accounting for half of the Hang Seng's decline. Cable & Wireless HKT, Hong Kong's dominant telephone company, lost 2.2 percent to HK$22.20.
Telecom-related conglomerate Hutchison Whampoa dropped 1.8 percent to close at HK$135.00.
Singapore shares ended lower Wednesday with electronics stocks suffering in the wake of the Nasdaq's tumble. The Straits Times index closed down 1.5 percent, or 31.36 points, at 2022.11. The interest-rate-sensitive banking sector was also lower on concerns the U.S may raise rates. Overseas Union Bank dropped 2.6 percent to s$7.50 ahead of its 1999 results later this session. DBS Group, Southeast Asia's biggest bank, fell 2.9 percent, to s$20.00.
In Sydney, the All Ordinaries posted its third consecutive fall as investors sold media and telecommunication stocks and bought into the banking sector. The benchmark index closed down 23.9 points at 3,163.5. Rupert Murdoch's News Corp. led media stocks lower, slipping 40 cents to A$23.35. Telecommunications heavyweight Telstra fell 16 cents to A$7.58 and Cable & Wireless Optus lost 6.8 percent to A$6.34.
Australia's flagship airline Qantas rose almost 10 percent on expectations that Singapore Airlines won't team up with Richard Branson's Virgin Airlines to start a low-cost airline.
Taiwan stocks ended sharply lower amid concern opposition presidential candidate Chen Shui-bian could win Saturday's election and strain relations with China. The benchmark index fell 195.55 points, or 2.2 percent to 8,640.03.
South Korea's benchmark Kospi index fell 1.1 percent to close at 837.53 as institutional investors unloaded biotech and telecom stocks.
Kuala Lumpur stocks fell 11.56 points, more than 1 percent, to 920.49, while Manila shares were mixed. The Jakarta stock exchange rose 0.95 points, or 0.2 percent, to 586.87.
Thai shares ended sharply lower on the selling of banking and telecommunication stocks. The SET index fell 3.5 percent to close at 386.20.
On Wall Street Tuesday, the Nasdaq composite index fell 200.19 points, or 4.1 percent, to 4,707.05, bringing its two-day loss to more than 341 points, or 6.7 percent. Tuesday's drop was the index's second-worst point loss on record, led by declines for biotechnology stocks. The Dow Jones industrial average shed 135.89, or 1.4 percent, to 9,811.24, paring earlier gains that pushed the gauge above the 10,000 mark.
In the currency markets Wednesday, the yen traded at 105.76 to the U.S. dollar, weakening from 105.15 yen late Tuesday in New York. 
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