The Nikkei set a fresh 16-year low close in Japan

verfasst von Sascha, 13.08.2001, 13:46

Asian stocks end down on Japan 16-year low

August 13, 2001 Posted: 5:58 AM EDT (0958 GMT)

<font size=5>The Nikkei set a fresh 16-year low close in Japan, <font color="#FF0000">where each new number shows the economy getting a little worse</font></font>

By staff and wire reports

HONG KONG, China -- Markets across the Asia-Pacific region felt the effects Monday as <font color="#FF0000">Japan's Nikkei crunched to its lowest close in 16 years</font>.

Australia lost half a percentage point and <font color="#FF0000">Hong Kong dropped even more on late selling, reaching its own 28-month low</font>.

That meant Asia's big three markets all lost ground.

Among the smaller exchanges, Singapore was posting losses in afternoon trade while Indian stocks were also down.

But Taiwan and South Korea both rose close to a percentage point. The government moved to stem a financial crisis in Taiwan, while construction stocks were having a run on the Korean market.

Tokyo sharply down on tech selling
<font color="#FF0000">In Tokyo, though, the benchmark Nikkei moved sharply down, closing off 2.2 percent at 11,477.56</font>.

<font color="#FF0000">That drop marks the lowest close since December 24, 1984, when it ended at 11,439.87. During the day, the Nikkei fell as low as 11,417.70, a new intraday 16-year low</font>.

<font color="#FF0000">The Nikkei has now shed more than 70 percent since hitting a record high in December 1989, the peak of Japan's bubble</font>. Japan's broader Topix index fell 1.3 percent to 1,167.09. The Topix is still 16 percent off its October 1998 low close of 980.11.

Two technology stocks dragged the Nikkei down after warning on earnings late last week.

Advantest, the biggest maker of chip-testing machines in Japan, lost 7.45 percent to 7,830 yen.

On Friday, Advantest slashed its group net profit forecast for this fiscal year to $32.80 million (4.0 billion yen), <font color="#FF0000">a stunning 84 percent below its estimate in April</font>.

Stock in Rohm Co. also fell as much as it can in a day. Investors could only buy, not sell, as it lost 11.4 percent to 15,500 yen.

Rohm on Friday cut its group net profit estimate for this fiscal year by 56.6 percent to 36 billion yen.

That pushed other techs down. Kyocera Corp., which makes circuit packages, was down its daily limit of 1,000 yen or 10.7 percent at 8,330 yen.

<font color="#FF0000">The central Bank of Japan started two days of meetings. But despite pressure from the government to help out, the BOJ isn't likely to budge on monetary policy</font>.

Fresh data showed Japan's balance of trade dipped again in June, <font color="#FF0000">for the seventh straight month of decline</font>.

Japan Telecom, the country's No. 3 telecom, lost 10.3 percent to 409,000 yen.

There are reports that Vodafone Group PLC wants to swap part of its 45 percent stake in the company for more of its mobile arm, J-Phone Communications Co.

Vodafone has denied the reports.

Australia down from big-stock pressure
In Australia, the benchmark S&P/ASX 200 index closed down 0.5 percent at 3,383.9. A strong showing on the Dow Jones industrial average on Friday didn't follow through.

The Dow ended Friday up 1.1 percent at 10,416.25. But Nasdaq put pressure on techs with a 0.4 percent fall to 1,956.47. Sydney's largest stocks were selling off. Australia's biggest stock by market cap, Rupert Murdoch's media giant News Corp., fell 1.2 percent to A$18.05.

Its fourth-quarter earnings come out before Friday's trading in Australia, and analysts expect a big drop.

The Reserve Bank of Australia pushed bank stocks lower, with a report hinting it wouldn't cut interest rates.

<font color="#FF0000">In its quarterly report, the central bank implied it would not cut Australian rates because the economy there had firmer underpinnings than most. But it warned that Asia's slowdown was a threat</font>.

Commonwealth Bank of Australia led the way lower, falling 1.6 percent to A$30.29.

Australia's No. 2 stock, Telstra, fell 1.5 percent to A$5.09. Its prospects weren't helped by a gloomy report about the telecom growth.

<font color="#FF0000">Hong Kong at 28-month low close</font>
Hong Kong's Hang Seng index settled 0.6 percent lower to 11,694.29. <font color="#FF0000">But turnover was the thinnest since Jan. 2</font>.

Hong Kong's property-driven, U.S. linked market is down 22.5 percent so far this year, still the worst-performing market in Asia.

Losses would have been worse if not for China Mobile, the market's second-biggest stock. China's largest mobile-phone company rose 1.2 percent to HK$32.60 as investors sniffed a bargain.

Conglomerate Hutchison Whampoa ended down 4.4 percent at HK$65. Investors worry the company is paying too much for mobile-phone licenses in Europe, particularly Italy.

Its affiliate Cheung Kong fell 3.9 percent to HK$67.50.

In Taiwan, the benchmark Taiex rose 1.0 percent to 4,520.76.

Bank stocks were the big gainers, with the banking index rising 4.9 percent. Officials say banks will take over 36 insolvent co-ops over the next two months.

China Development Industrial Bank, the biggest bank stock, rose 3.2 percent to T$22.90.

Taiwan also got a boost from the prospect of closer economic ties with China. The President's Economic Development Advisory Committee agreed to loosen restrictions on trade with the mainland.

In South Korea, the benchmark Kospi rose 1.2 percent to 562.00.

The construction index rose 10.4 percent, with investors feeling monetary easing and an economic boost will help development.

Hyundai Industrial Development & Construction, Korea's biggest apartment company, rose 1.2 percent to 562 won.

South Korea's biggest stock, memory chip No. 1 Samsung Electronics, rose 2.7 percent to 191,500 won.

In Singapore, the Straits Times index was trading off 0.9 percent in late afternoon, at 1,626.16. Big caps were losing ground, and there were almost four times as many losers as gainers.

In Mumbai, the benchmark Bombay Stock Exchange 30-share index was down 0.6 percent at 3,296.20 in the afternoon.

Quelle: http://www.cnn.com/2001/BUSINESS/as.../13/markets.close/index.html[/b]

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