Asian Markets Update: Markets Mostly Lower Amid Regional Concerns

Investors got spooked from an array of regional woes Thursday.

Author:: TSC Staff
Publish date:: Nov 16, 2000 7:05 AM EST

Investors got spooked from an array of regional woes Thursday.

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

(SNE) - Get Report

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 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 Report

plummeted 6.5%.

South Korea's

Kospi

index fell 2.5, or 0.4%, to 555.0, as

Korea Electric Power

(KEP) - Get Report

fell 600 won, or 2.2%, to 27,000 ($23.71) and

SK Telecom

(SKM) - Get Report

rose 3,000 won, or 1.1%, to 270,000.