|
Asia mixed, HK tumbles
|
 |
March 16, 2000: 6:18 a.m. ET
Nikkei higher, Hang Seng dives on technology slump, Taiwan concerns
|
LONDON (CNNfn) - Asian markets closed mostly higher Thursday, as investors in Japan returned to shares of computer-related companies after recent price declines. But Hong Kong shares tumbled, technology issues leading the market lower after a plunge on Nasdaq the previous day.
Japan's benchmark Nikkei 225 index closed up 174.63, or 0.92 percent, at
19,253.23, ending a three-day losing streak.
The Hang Seng in Hong Kong slumped 388.20 points, or 2.32 percent, to 16,359.00.
In the U.S. Wednesday, the Dow Jones industrial average posted its biggest point gain in 17 months as investors dumped high-flying technology stocks, replacing them with drug makers and financials. The Dow surged 320.17 points, or 3.3 percent, to 10,131.41. The tech-laden Nasdaq composite index, though, posted its third straight loss, falling 2.6 percent to 4,582.69
Japanese consumer electronics giant Sony Corp. rose 1 percent to 27,010 yen, while Internet investor Softbank Corp. soared 5.3 percent to 99,200. Technology and Internet shares had plunged in recent weeks amid selling in the run-up to the end-March corporate book closings.
Hikari Tsushin, a distributor of mobile-phone services and hardware, climbed 5.65 percent to 93,500. Hikari said it and equipment maker NEC Corp. had agreed to cooperate in an electronic mail services venture. NEC's shares rose 5.8 percent to 2,920.
Loss forecast narrowed
Rival electronics maker Toshiba Corp. rose 1.85 percent to 880 yen after it published a revised forecast for the year to March 31, predicting a loss of 30 billion yen ($284 million), compared with an earlier forecast of a 50 billion yen deficit.
In Hong Kong, China Telecom, the market's largest company, plunged 5.2 percent, or HK$3.50, to HK$62.75, accounting for half of the Hang Seng index's decline. Hutchison Whampoa, a conglomerate with property and telecommunications interests, fell more than 4 percent to HK$129.00 and parent Cheung Kong (Holdings) lost HK$3.50 to HK$100.50.
SmarTone Telecommunications extended Wednesday's fall after reporting worse-than-expected earnings. It shares were down HK$0.75 at HK28.55. Internet firm Pacific Century CyberWorks, which is buying a majority stake in Hong Kong's dominant phone company Cable & Wireless HKT, slipped HK$0.65 to HK$19.95.
China's largest personal computer maker Legend Holdings plunged 9.1 percent to HK$11.50.
Australia moves back up
In Sydney, the All Ordinaries Index rose for the first time in four days, gaining 16.7 points to close at 3,180.2. Investors turned their attention back to neglected sectors such as banks and mining, while the media segment of the benchmark index fell 2.7 percent.
Among the gainers, National Australia Bank rose 30 cents to A$21.10,
mining group BHP gained 55.6 cents to A$18.21 and Lend Lease, a construction and financial services company, climbed 45 cents to A$21.10.
Media giant and internet content provider News Corp fell 64.6 cents to
A$22.70, while online company ecorp slumped 8.6 percent to A$5.30, and Internet service provider Eisa plunged 7.7 percent to a$2.47.
South Korea's benchmark index ended higher as individual and foreign investors snapped up blue chip stocks sold in the past week. Korea's main stock index rose 3.69 points, or 0.44 percent, to 841.22. SK Telecom gained 100,000 won to 4.1 million won.
Taiwan stocks recovered from an early tumble after the state intervened to buy stocks with a T$500 billion stabilization fund. The benchmark index rose 42.73 points, or 0.49 percent, to close at 8,640.03.
Chinese Premier Zhu Rongji warned the Taiwanese people that Beijing's relationship with Taipei was at a crossroads, and urged voters in Taiwan's presidential election Saturday not to vote for the pro-independence party.
In Bangkok, Thai stocks rose 2.49 percent to close at 395.83 as investors bought bank shares, while Manila's key index slipped 0.53 percent to close at 1,629.97. Singapore's stock market was closed on Thursday for a public holiday.
In currency markets, the yen weakened to 105.37 to the dollar from 105.61 in late New York trading Wednesday. 
|
|
|
|
|
 |
|
