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News > International
Nikkei seeks direction
September 12, 2001: 10:13 p.m. ET

Taiwan stocks open sharply lower; Australia recovers as U.S. impact ebbs
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NEW YORK (CNNfn) - Japan's Nikkei 225 stock average see-sawed between modest losses and gains in early trading Thursday.  

The benchmark stock average, which was down earlier, climbed back to the positive column with a gain of 70.02 points, or 0.73 percent at 9,680.12.

Shares of Nippon Telegraph and Telephone Corp. moved 1.97 percent higher to ¥465,000, snapping a six-day losing spell. The Nihon Keizai Shimbun reported that the Japanese government is considering foregoing the sale of part of its stake in the top telecom company this fiscal year to prevent damage to the reeling stock market.

The Tokyo Stock Exchange (TSE) once again delayed the opening of trading by 30 minutes, stating that price limits would be halved for the second straight day to prepare for expected volatility.

New York Stock Exchange (NYSE) CEO and Chairman Richard Grasso announced Wednesday that U.S. equity markets will remain closed at least until Friday, leaving Tokyo to grope for direction from European moves.

In Europe, London's FTSE 100 index rose 2.87 percent, paring the previous day's loss of 5.7 percent. France's benchmark CAC 40 index put on 1.34 percent, and Germany's DAX gained on 1.44 percent to 4,335.20.

But traders in Tokyo said those modest bounces will ease sentiment only slightly here.

"European gains should take away some of the doomsday mentality, but investors will be jittery wondering how U.S. stocks will react. There's still much selling left undone," said Yutaka Miura, deputy manager of the equity information section at Shinko Securities.

Tokyo's benchmark stock average plunged 6.63 percent to 9,610.10 on Wednesday, its lowest finish since December 1983, and its eighth-largest percentage decline ever.

Taiwan stocks open sharply lower

Taiwan stocks dropped in early trading when its stock market resumed following a one-day suspension after the attacks in the U. S.

The benchmark Weighted index opened 274 points, or 6.56 percent, lower at 3,902.93.

Shares of technology heavyweights plunged as they conduct most of their business manufacturing on contract to U.S. companies, analysts said.

For the rest of Thursday's session, analysts saw a trading range of 3,900-4,000 points for the Taiwan bourse.

Australia recovers as U.S. impact ebbs

Australian stocks rallied as the shock of Tuesday's terror attacks in the United States began to ebb, but with managed fund trading suspended until U.S. markets re-open, flows were expected to be patchy.

In Sydney, the benchmark S&P/ASX 200 index moved 1.7 percent, or 53.8 points, higher to 3,162.3 at the open, recovering some of the previous day's 133.5 point fall.

Market heavyweight News Corp. led the market into positive territory, rising 40 cents, or 3.0 percent, to A$13.90.

Shares in property group Westfield Holdings Ltd., the holder of the multi-billion dollar lease on World Trade Center, rallied 70 cents, or 4.1 percent, to A$17.40 after falling nine percent the previous day in the wake of the WTC's destruction.

Bank stocks also rallied in the wake of the sub-sector index's 3.7 percent loss the previous day.

The country's largest banks, National Australia Bank and Commonwealth Bank of Australia, rose 2.6 percent and 2.3 percent to A$28.69 and A$28.86 respectively.

-- from staff and wire reports graphic

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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.