TOKYO -- Asian shares were flat to lower Friday, as selected telecom and electronic stocks fell lower on profit-taking before the weekend.
Korea took a beating, however, with the key
index falling more than 3% after U.S. auto giant
said it was pulling the plug on its planned buyout of troubled
index slid 21.94, or 3.4%, to close at 628.20.
index shed 145.90 to finish at 16,249.53 and Taiwan's
index rose 3.16 to stand at 7155.45. Tokyo markets were closed for a public holiday.
Market sentiment eroded in Seoul today after Ford confirmed reports that it will not buy Daewoo Motors as planned. Ford, which is battling a high-profile fallout with tire maker
, was scheduled to complete the deal by the end of this month after winning to exclusively negotiate a deal with Daewoo against rivals
"We believe that a proposal was not possible that would be in the interest of Daewoo and Ford and their respective shareholders," said Ford Vice Chairman Wayne Booker in a statement.
With market pressure already on due to higher oil prices, shares across the board fell hard.
slid 1000 won, or 10.2%, to 8700 ($7.86), while
Hyundai Electronic Industries
shed 2350, or 12.4%, to 16,550.
In Hong Kong, investors took profits in large-cap telecom shares before the weekend, traders said.
shed HK$1.25, or 2.2%, to 56.00 ($7.18), while
fell 1.50, or 1.4%, to 106.00.
Pacific Century Cyberworks
bucked the trend by rising 0.20, or 1.7%, to 11.70.
Friction between the government and opposition parities capped trading in Taiwan, as investors stayed away from the market today after the legislature scrapped its talks on the nation's 2001 budget. Chip makers were generally higher, however, with
up NT$1.00, or 1.3%, to 77.50 ($2.50), and
Taiwan Semiconductor Manufacturing
up 2.50, or 2.1%, to 122.50.