Asia shares mixed as Tokyo tumbles<\/p>\n
SINGAPORE (Agencies): Gloomy Tokyo stocks fell to 17-year lows
\non Thursday while the rest of Asia put in a mixed performance
\ndespite a firm Wall Street buoyed by hints that the worst may be
\nover for the anaemic U.S. economy.<\/p>\n
Tokyo's Nikkei average tumbled 2.36 percent to 11,126.92
\npoints, the lowest close since October 1984.<\/p>\n
Taiwan, Indonesia and South Korean markets closed lower, while
\nin mid-afternoon dealings Hong Kong and Singapore were higher.<\/p>\n
Wall Street had appeared to offer Asia a cue to rise on
\nThursday.<\/p>\n
Car maker General Motors and software maker Intuit Inc said
\ntheir business conditions were unlikely to get any worse,
\nprompting the Dow Jones industrial average to rise one percent to
\n10,276.90 and the Nasdaq to gain 1.57 percent to 1,860.01.<\/p>\n
However, concerns about the dwindling profits of high tech
\nfirms dominated sentiment in Tokyo. In addition, a slump in
\nheavyweight stock NTT DoCoMo weighed on the market.<\/p>\n
DoCoMo shares fell 6.88 percent to 1.49 million yen each as
\ninvestors bet the company would have to write down the value of
\nits overseas investments, including in AT&T Wireless<\/p>\n
Hong Kong's benchmark Hang Seng index was up 0.98 percent at
\n11,297.95 points at 0700 GMT, helped by money flowing into
\nproperty and bank stocks following the U.S. Federal Reserve's
\ninterest rate cut on Tuesday.<\/p>\n
However, many investors were sidelined waiting for the release
\nof interim results from bellwether ports-to-telecoms conglomerate
\nHutchison Whampoa, expected around 0800 GMT. Its shares were up
\n1.15 percent at HK$65.75 at 0700 GMT.<\/p>\n
Singapore's Straits Times Index was up a modest 0.25 percent
\nat 1,636.42 in generally mixed trade.<\/p>\n
Singapore Telecommunications firmed 1.6 percent to S$1.92
\nafter the U.S. approved of its deal to acquire C&W Optus in
\nAustralia. U.S. approval was needed because of the use of U.S.
\ntechnology by Optus.<\/p>\n
Indonesian shares closed marginally lower following a delay in
\nan expected agreement between the government and the
\nInternational Monetary Fund (IMF), dealers said.<\/p>\n
The Jakarta Stock Exchange composite index ended down 2.288
\npoints or 0.5 percent at 439.69.<\/p>\n
Volume was 477.1 million shares valued at Rp 400.6 billion
\n(US$45.9 million).<\/p>\n
South Korean shares fell, led by Hynix Semiconductor and
\nHyundai Securities The composite index ended down 0.83 percent at
\n570.07.<\/p>\n
The troubled Hynix dropped 14 percent to 1,400 won on worries
\nthat creditors might reduce the company's capital in exchange for
\ngranting a debt-for-equity swap.<\/p>\n
Hyundai Securities fell 10 percent to 9,000 after a consortium
\nled by insurance giant AIG announced it was taking management
\ncontrol of the Hyundai Group's financial units, including Hyundai
\nSecurities, for around $864 million.<\/p>\n
The deal would include AIG investing in a rights issue at
\n8,940 won, much lower than Hyundai Securities' previous closing
\nprice of 10,050.<\/p>\n
Australian stocks closed firmer. Bangkok and Kuala Lumpur
\nmarkets were firmer in mid-afternoon trading, while shares in
\nChina were trading lower.<\/p>",
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