26/06/2003 15:59
Asian markets closed mainly lower on Thursday after the U.S. Federal Reserve cut interest rates less than some investors had expected. Australia fell 1.2 percent.
In Tokyo the picture was mixed. The tech-sensitive Nikkei 225 average lost just 0.1 percent to 8923.41, following its slight rise on Wednesday. The broader Topix index put on 0.38 percent to 887.86.
Japanese big banks and tech-related stocks recovered from early falls to post gains, with UFJ rising 2.5 percent.
Hong Kong closed 0.24 percent lower and Singapore was down about 1 percent near the close. Taiwan fell 0.8 percent and New Zealand closed 0.2 percent lower.
South Korea managed to stay in the black, with the Kospi up 0.26 percent.
Investors in Asia were unimpressed by the Fed's decision to cut interest rates by 0.25 percentage points, taking the benchmark rate to a 45-year low of 1 percent. Some investors were hoping for a half-point cut. (Rates cut)
Asia's reaction followed Wall Street's mood, where the Dow Jones industrial average closed down 1.1 percent and the Nasdaq composite slipped 0.2 percent. (Wall St.)
The dollar was firmer, trading at 118.24 yen in Tokyo late in the day. The euro was buying $1.1507.
In Tokyo, market heavyweight NTT DoCoMo finished down 1.15 percent at 259,000 yen. Rival phone company KDDI lost 2.75 percent to 459,000 yen.
Among automakers, Nissan did best with a gain of 2.45 percent to 1088 yen. Honda was up 1.8 percent to 4470 yen and Toyota ended 1 percent higher at 3070 yen.
Consumer electronics leader Sony recovered from early falls to close unchanged at 3270 yen. Canon was up 0.37 percent to 5430 yen and rival Matsushita Electric Industrial put on 1.36 percent to 1121 yen.
Among big banks, UFJ was up 2.5 percent to 164,000 yen while MTFG and SMFG had gains of about 1.6 percent.
Industrials also turned around, with Nippon Steel up almost 2 percent to 159 yen. But retailer Ito Yokado was down 2 percent to 2950 yen.
In South Korea, the Kospi closed 0.26 percent higher at 675.75. Hyundai Motor rose almost 2 percent to 31,600 won and market leader Samsung Electronics finished 1.4 percent higher at 364,500 won.
Big bank Shinhan ended flat at 12,350 won, but SK Telecom lost 0.24 percent to 207,000 won.
Australia's S&P/ASX200 had the region's biggest fall, off 1.22 percent to 3028.3.
The market's biggest stock, media group News Corp, lost 2.12 percent to A$11.07. Resources leader BHP Billiton ended down 2.5 percent to A$8.62 and National Australia Bank was off 1.78 percent to A$33.70.
Airline Qantas lost 3 percent to A$3.25, while leading telco Telstra ended down 0.9 percent to A$4.40 as the government introduced legislation for its full sell-off.
In Hong Kong, the Hang Seng index finished down 0.24 percent to 9606.11. Big bank HSBC was down 1.06 percent to HK$93.25 and China Mobile was 0.82 percent lower to HK$18.20. PCCW ended 0.5 percent lower at HK$4.92.
Singapore's Straits Times index is 0.9 percent lower to 1449.65. Blue chips SingTel and DBS Bank are in the red. Singapore Airlines is unchanged at A$10.30
In Taiwan, the Taiex closed 0.81 percent lower at 4894.01. Market leader TSMC was flat at T$57.00, while UMC slipped 0.4 percent and Formosa Plastic was down 1.44 percent to T$47.90.
New Zealand's Top 50 dipped 0.2 percent to 2165.42. Air New Zealand was down 3.7 percent to NZ$0.52.
In Tokyo the picture was mixed. The tech-sensitive Nikkei 225 average lost just 0.1 percent to 8923.41, following its slight rise on Wednesday. The broader Topix index put on 0.38 percent to 887.86.
Japanese big banks and tech-related stocks recovered from early falls to post gains, with UFJ rising 2.5 percent.
Hong Kong closed 0.24 percent lower and Singapore was down about 1 percent near the close. Taiwan fell 0.8 percent and New Zealand closed 0.2 percent lower.
South Korea managed to stay in the black, with the Kospi up 0.26 percent.
Investors in Asia were unimpressed by the Fed's decision to cut interest rates by 0.25 percentage points, taking the benchmark rate to a 45-year low of 1 percent. Some investors were hoping for a half-point cut. (Rates cut)
Asia's reaction followed Wall Street's mood, where the Dow Jones industrial average closed down 1.1 percent and the Nasdaq composite slipped 0.2 percent. (Wall St.)
The dollar was firmer, trading at 118.24 yen in Tokyo late in the day. The euro was buying $1.1507.
In Tokyo, market heavyweight NTT DoCoMo finished down 1.15 percent at 259,000 yen. Rival phone company KDDI lost 2.75 percent to 459,000 yen.
Among automakers, Nissan did best with a gain of 2.45 percent to 1088 yen. Honda was up 1.8 percent to 4470 yen and Toyota ended 1 percent higher at 3070 yen.
Consumer electronics leader Sony recovered from early falls to close unchanged at 3270 yen. Canon was up 0.37 percent to 5430 yen and rival Matsushita Electric Industrial put on 1.36 percent to 1121 yen.
Among big banks, UFJ was up 2.5 percent to 164,000 yen while MTFG and SMFG had gains of about 1.6 percent.
Industrials also turned around, with Nippon Steel up almost 2 percent to 159 yen. But retailer Ito Yokado was down 2 percent to 2950 yen.
In South Korea, the Kospi closed 0.26 percent higher at 675.75. Hyundai Motor rose almost 2 percent to 31,600 won and market leader Samsung Electronics finished 1.4 percent higher at 364,500 won.
Big bank Shinhan ended flat at 12,350 won, but SK Telecom lost 0.24 percent to 207,000 won.
Australia's S&P/ASX200 had the region's biggest fall, off 1.22 percent to 3028.3.
The market's biggest stock, media group News Corp, lost 2.12 percent to A$11.07. Resources leader BHP Billiton ended down 2.5 percent to A$8.62 and National Australia Bank was off 1.78 percent to A$33.70.
Airline Qantas lost 3 percent to A$3.25, while leading telco Telstra ended down 0.9 percent to A$4.40 as the government introduced legislation for its full sell-off.
In Hong Kong, the Hang Seng index finished down 0.24 percent to 9606.11. Big bank HSBC was down 1.06 percent to HK$93.25 and China Mobile was 0.82 percent lower to HK$18.20. PCCW ended 0.5 percent lower at HK$4.92.
Singapore's Straits Times index is 0.9 percent lower to 1449.65. Blue chips SingTel and DBS Bank are in the red. Singapore Airlines is unchanged at A$10.30
In Taiwan, the Taiex closed 0.81 percent lower at 4894.01. Market leader TSMC was flat at T$57.00, while UMC slipped 0.4 percent and Formosa Plastic was down 1.44 percent to T$47.90.
New Zealand's Top 50 dipped 0.2 percent to 2165.42. Air New Zealand was down 3.7 percent to NZ$0.52.
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