Asian Markets Update: Markets Mostly Lower Amid Regional Concerns
TOKYO -- Most Asian stock markets ended Thursday lower, as investors got spooked from an array of regional woes.
In Tokyo,
Prime Minister Mori
faced increased pressure to step down. Many in opposition, and even some of Mori's own ruling party, are concerned over the slow recovery and reform of the economy. The
Nikkei 225
closed down 212.1 points, or 1.4%, at 14,587.0 and the
Topix
index, which includes all shares listed on the
Tokyo Stock Exchange
, rose 21.8, or 1.6%, to 1380.3.
Techs and telcos didn't care much for the political uncertainty, as
NEC
(NIPNY)
fell 65 yen, or 3%, to 2,105 ($19.32),
Sony
TheStreet Recommends
closed down 180 yen, or 2.1%, at 8,340 and
NTT DoCoMo
(NTDMY)
dropped 60,000 yen, or 2%, to 2.95 million.
Carmaker
Toyota
(TM) - Get Toyota Motor Corporation Report
was one of the day's big losers, as the firm reported slipping profits in the first half after the market close Wednesday. Toyota shares closed down 180 yen, or 4.2%, at 4,110.
The dollar traded at 108.94 yen from 108.18 yen Wednesday.
Elsewhere, Taiwan's
TWSE
index tanked 282.9 points, or 4.9%, to 5454.1, as the central bank admitted the country's bad loans were higher than the government had estimated. Heavyweight chipmaker
Taiwan Semiconductor
(TSM) - Get Taiwan Semiconductor Manufacturing Company Ltd. Report
plummeted 6.5%.
South Korea's
Kospi
index fell 2.5, or 0.4%, to 555.0, as
Korea Electric Power
(KEP) - Get Korea Electric Power Corporation Report
fell 600 won, or 2.2%, to 27,000 ($23.71) and
SK Telecom
(SKM) - Get SK Telecom Co. Ltd. Report
rose 3,000 won, or 1.1%, to 270,000.
Hong Kong's
Hang Seng
index bucked the downward trend, rising 171.0, or 1.1%, to 15,298.4 amid very low volume.
China Mobile
(CHL) - Get China Mobile Ltd. Report
rose HK$1.60, or 3.2%, to 51.50 ($6.60).
