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Markets & Stocks
Techs trip up Asia again
April 14, 2000: 6:10 a.m. ET

Few tech highlights in Tokyo as chip makers, telecoms pull Pac Rim lower
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LONDON (CNNfn) - Asian markets closed lower on Friday, ending an erratic week as leading computer chip and telecommunications companies across the region fell under the sway of continued losses on the Nasdaq.
    Tokyo's Nikkei 225 index fell 91.74 points, or 0.45 percent, to close at 20,434.68, reducing its gain for the week to 0.9 percent. Hong Kong's Hang Seng index fell 1.3 percent, or 209.8 points, to close at 16,142.76, ending with a loss of 4.7 percent from a week ago.
    The Singapore Straits Times edged up 1.2 percent to 2,174.17, accelerating its move into the black late in the session as strength among property and banking shares overcame declines in the electronics sector. graphic
    In the U.S. Thursday, the technology-laden Nasdaq composite ended down 2.5 percent. The blue-chip Dow Jones industrial average fell 201 points, almost 2 percent, to 10,923.55.
    In the currency market, investors awaited this weekend's meeting of G-7 ministers in Washington, looking for signals of concerted currency action.
    The dollar was little changed against the yen at ¥105.85. Market experts expected the Bank of Japan to maintain its zero-interest rate policy ahead of the G-7 meeting. An interest-rate hike in Japan would likely boost the yen's value.
    
Net stocks down in Tokyo

    Internet stocks weighed heavily on the Tokyo market. Internet investor Softbank shed 7.5 percent and Hikari Tsushin dropped 8.2 percent to ¥33,800 -- down by its daily limit for the eleventh straight session and extending its loss to 86 percent since its mid-February peak.
    Consumer electronics giant Sony fell 1.3 percent.
    Blue chips such as Nippon Telegraph and Telephone and its mobile-phone subsidiary NTT DoCoMo drew support from overseas investors that had been sellers of Japanese stocks last week. NTT added 0.7 percent and NTT DoCoMo rose 1.1 percent.
    Mitsui Chemicals rose 4 percent to ¥888 after Warburg Dillon Read raised its target price for the company's shares to ¥1,200 from ¥1,070.
    Ichikoh Industries rose 8.9 percent after business daily Nihon Keizai Shimbun said the maker of automotive lighting equipment has struck a basic agreement with French car parts manufacturer Valeo on an equity tie-up.
    In Hong Kong, market heavyweight China Telecom (Hong Kong) was down 3.6 percent a day after reporting 1999 operating earnings that exceeded analysts' estimates.
    Elsewhere, property and telecom conglomerate Hutchison Whampoa dropped 3.1 percent and Cable & Wireless HKT fell 2.3 percent.
    In Singapore, banks shares rose, led by United Overseas Bank, up 5 percent.
    
In other markets

    South Korea's Kospi index fell 4.3 percent as mobile-phone service provider SK Telecom tumbled 11.4 percent, leading many blue chips lower. Among computer chip makers, Samsung Electronics shed 9.4 percent and rival Hyundai Electronics shed 6.8 percent.
    Analysts said a victory for the opposition Grand National Party in Thursday's general election in South Korea had little impact on the market, with most top analysts predicting no change in economic policy.
    In Australia, the benchmark All Ordinaries index edged up 0.4 percent, led by banking and industrial issues, while media heavyweight News Corp. dropped 0.9 percent.
    Taiwan's TAIEX ended 3 percent lower, with computer chip makers tumbling but financial shares offering some support.
    In smaller markets, Kuala Lumpur's KLSE Composite dropped 0.3 percent, Jakarta's JSX index fell 1.5 percent and the PHS Composite in Manila shed 0.8 percent. Bangkok's market was closed for a holiday. Back to top
    -- from staff and wire reports.

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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.