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Kurzartikel: Einbruch des Nikkei, Deflation in Japan

verfasst von Sascha, 13.03.2001, 09:14

Nikkei at 16-year low as Asia tumbles
March 13, 2001
Web posted at: 3:54 PM HKT (0754 GMT)

In this story:
- Techs the biggest losers
- Property and banking hard-hit
- Ericsson profit warning

TOKYO, Japan -- Japan's Nikkei average hit a 16-year low Tuesday, and other regional markets booked deep losses, in the fall-out of a rout on Wall Street.

The 225-stock Nikkei average closed at its lowest point since January 28 1985, after tumbling 351.67 points -- or 2.89 percent -- to 11,819.70.

Elsewhere, the Korea Composite Stock Price Index fell 3.7 percent in early trading, but recovered somewhat the close to finish at 527.97 on the day, down 3.13 percent. The tech-heavy Kosdaq fell 5.2 percent to 68.57.

In Sydney, Australia's benchmark All Ordinaries index tumbled 1.69 percent to close at 3264.7, while the NZSE-40 in Wellington lost 1.49 percent to close at 2044.62.

The new long-term low in Tokyo came one day after the country had learned its deeply troubled economy narrowly avoided a recession late last year. 

Techs the biggest losers
The biggest victims included Sony Corp., down 2.5 percent; electronics giant NEC Corp., off 6.9 percent; and Nippon Telegraph and Telephone, Japan's biggest telecommunications company, down 3.9 percent.

"The U.S. market is there, but I think the sell-off today is due to the problems in Japan," says Susumu Kato, a bond strategist at Lehman Brothers Japan Inc.

"The banking sector problem has gotten more serious, and the feeling is that the government won't take effective action. The problems are structural, political and economic." 

Japanese Finance Minister Kiichi Miyazawa told reporters he wished his country's financial markets would stop taking their lead from Wall Street. But he also said: "The economy itself is certainly in a state of deflation. There is no hiding that fact." 

Deflation, the reverse of inflation, is a decline in the prices of goods and services.

Analysts across the region said the selling was not based on any fundamentals, and more a reflex action in the wake of the rout in New York. Few exchanges saw any large volumes through the day.

"It's mainly a chain reaction linked to Wall Street," says Lee In-ho, an analyst at SK Securities Co.

In Hong Kong, the blue-chip Hang Seng Index tumbled 3.3 percent at first, but by the afternoon was trading down 392.96, or 2.85 percent, at 13383.76.

Property and banking hard-hit
Property and banking companies suffered the most. Banking bellwether HSBC Holdings was 4.2 percent weaker, and property giant Sun Hung Kai Properties was down 6.6 percent.

"The first reaction might be that with interest rates coming down, property and financial services stocks would have a lot to gain," says Hong Kong-based Deutsche Securities strategist Chris Tinker.

"But in fact I think investors are looking further down the track and ignoring what interest rates are doing right now."

Antony Mak, director of sales at Vickers Ballas, told Radio Hong Kong that profit warnings by American high-tech companies mean that hopes for a U.S. recovery are fading.

Singapore's Straits Times Index opened down 3.38 percent in mid-afternoon trade, hitting a new low for 2001 at 1,787.33.

Ericsson profit warning
In addition to Wall Street's woes, traders said, a profit warning from telecommunications-equipment maker LM Ericsson, which is based in Sweden, unnerved Singapore investors.

Components for a lot of Ericsson's telephone handsets are made in the city-state. That was clear on the Straits Times in Index, where Chartered Semiconductor Manufacturing shares were down 2 percent, Gul Technologies Singapore was off 4 percent, and MMI Holdings was down nearly 5 percent."Ericsson's profit warning is simply the latest in a series of warnings from other telecommunications companies such as Lucent and Nortel, and it confirms peoples' worst fears about the industry," said Manish Singhai, a regional fund manager with Alliance Capital Management in Singapore.

Elsewhere, Taiwan's weighted share index was the only key market to record a gain on the day, rising 0.5 percent, or 27.73 points, to 5610.40.

Also higher was China's Shenzhen B market, which recovered from an early fall to be at 242.76 in afternoon trade -- up 3.23 points or 1.32 percent. In Shanghai, the other B share market was down 0.49 percent at 133.435. [/b]

The Associated Press & Reuters contributed to this report.

Quelle: http://asia.cnn.com/2001/BUSINESS/asia/03/12/asia.markets/index.html

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gesamter Thread:

Guten Morgen! / Nikkei fällt unter 12.000 Punkte, Tagestief: 11.710,33 - Sascha, 13.03.2001, 07:22
- Nikkei-intraday: i. letzten Stunde über minus 100 Punkte.Fall kann weiter gehen. (owT) - El Sheik, 13.03.2001, 08:28
- Kurzartikel: Einbruch des Nikkei, Deflation in Japan - Sascha, 13.03.2001, 09:14