Asian Markets Update: Tokyo's Pocket of Strength Holds on Weak Day

TOKYO -- Most Asian equity markets closed lower Thursday, as the Nasdaq's 5.6% slide Wednesday put pressure on the region's technology issues.

Tokyo was the one exception to the downtrend, as the Nikkei 225 closed up a paltry 18.0 points, or 0.1%, at 14,858.4 and the Topix index, which includes all shares listed on the Tokyo Stock Exchange, crept 0.8 higher to 1408.0.

NEC(NIPNY) and Fujitsu(FJTSY) both tanked, as solid first-half earnings reports failed to inspire investors. NEC lost 120 yen, or 5.4%, to 2,115 ($19.54) and Fujitsu fell 200 yen, or 8.9%, to 2,050.

Sony(SNE), which released disappointing earnings after the market's close, ended down 60 yen, or 0.6%, at 10,350.

Telcos and banks helped offset some of the tech damage, however, as Nippon Telegraph & Telephone(NTT) rose 10,000 yen, or 1%, to 1.01 million and Tokai Bank closed up 21 yen, or 3.8%, at 575.

The dollar traded at 108.24 yen, up from 107.91 yen Wednesday.

The Nasdaq's drop weighed more heavily on indices throughout the rest of the region Thursday, as South Korea's Kospi index slid 18.7, or 3.4%, to close at 523.7; Taiwan's TWSE index fell 81.9, or 1.4%, to finish at 5941.9; and Hong Kong's Hang Seng index dipped 64.9, or 0.4%, to end the day at 14,996.2.

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