TOKYO -- With Tokyo markets closed Thursday, Asian markets took their cue from the performance of the
and inched lower as shares of chip makers were sold off by foreigners -- but big news moved Hong Kong markets.
Hong Kong bucked the trend, with the
index closing 48.44 higher at 17,758.51, after
reportedly upped its bid for U.S.'
. This buoyed shares of
. Hutchison owns a 23% stake in VoiceStream.
The Wall Street Journal's
online edition late Wednesday posted a report that said Deutsche Telekom has now put forth a $53 billion bid, or offered $206.50 in cash for each VoiceStream share. It seems that Deutsche was threatened by a supposed bid from Japan's
, which is assumed to have submitted a $52 billion bid recently. Shares of Hutchison Whampoa climbed HK$2.50, or 2.1%, to 122.00 ($15.65), supporting the rest of the market, traders said. Check out
Large-cap tech shares were mixed.
shed 1.00, or 1.4%, to 72.00 and
Pacific Century Cyberworks
lost 0.15, or 1.0%, to 15.50.
jumped 0.45, or 2.3%, to 20.45 after news that it closed a $190 million deal with
, to jointly expand in three Chinese provinces.
Bank of East Asia
climbed 0.30, or 1.5%, to 20.05 as the market acted on expectations that the firm will become the first non-mainland bank to set up an Internet banking operation in China.
In other markets, Korea's
index lost 18.40, or 2.3%, to 778.90, while Taiwan's
index fell 192.53, or 2.3%, to 8219.53.
Shares of Korean chip makers were shed in earnest after
said in a report that the industry had already hit its peak.
lost KW15000, or 4.2%, to 345,000 ($310.22),
shed 2400, or 10.8%, to 19,800, while
fell 5000, or 1.3%, to 370,000.
Taiwan's tech sector was also hit by a separate Merrill report that recommended investors to hold onto chip shares.
lost TD$7.00, or 4.9%, to 135.00 ($4.36), while
shed 3.50, or 4.3%, to 78.00.