HONG KONG -- Japanese stocks fell for the fifth day in a row, as the unsettled outlook over higher interest rates in the U.S. combined with domestic political concerns to cap investor enthusiasm for stocks, now 21% off their high reached last month.
index fell 67.28 points, or 0.4%, to 16,318.73, while the
index, which includes all shares listed on the
Tokyo Stock Exchange's
first section, fell 2.65, to 1519.84. The
small-cap index lost 3.08 or 3.8%, to 78.19 while the Nikkei
index shed 48.70, or 2.8%, to 1696.91.
Helping to drive stocks lower were reports that the opposition could soon bring a
in the government of
Prime Minister Yoshiro Mori,
over Mori's remarks that Japan is "a divine nation centering on the emperor." Mori's standing in public opinion polls remains low since making the remarks.
NTT Data Corp.
plunged 150,000 yen, or 12.9% to 1.01 million, after it reported late Monday that it had lost 18.1 billion yen in the year ended March 31. The losses stemmed largely from a 64 billion yen write-off to make good on unfunded pension liabilities, a common problem in corporate Japan.
fell 280 yen or 2.7% to 10,000, while
lost 35, or 2.8% to 1235.
Against this trend,
rose 45 or 1.5% to 3000 on a report that it plans to spend $1.4 billion on a new Japanese chip plant with
Advanced Micro Devices.
NTT Data's parent,
Nippon Telegraph & Telephone
rose 30,000 to 1.23 million.
fell 1200 or 7.2% to 15,400.
In Hong Kong, the
index rose after being in negative territory for the most of the day, gaining 116.45 points, or 0.8% to 14,257.18 in light trading worth just HK$9.2 billion ($1.2 billion). Index heavyweight
rose HK$1.45, or 2.9% to 50.25. Conglomerate
fell 1.25 or 1.4% to 90.50, while banking group
rose 50 to 83.75.
is reportedly forming a strategic partnership with local phone giant
Cable & Wireless HKT,
which fell 0.10 to 17.95. HKT is the takeover target of local Internet investor
Pacific Century CyberWorks,
which also fell today, losing 0.05 to 14.40. According to the report on the local website, Quamnet, Intel will develop set-top boxes for HKT's multimedia customers.
index fell 11.85 points, or 1.7%, to 679.76, while Taiwan's
index lost 136.56 points, or 1.6%, to 8671.01.
Taiwan Semiconductor Manufacturing Co.
fell NT$5.00, or 3.2%, to 153.00. Korea's
Pohang Iron & Steel
fell 500 won, or 0.6%, to 91,000.
The dollar saw early gains against the yen more than erased, on concerns that further falls in stock prices in the U.S. could lead to more dollar selling in the weeks to come. The dollar recently bought 106.66 yen.