Asian markets cautious, HK shares dip<\/p>\n
SINGAPORE (Agencies): Hong Kong sank over two percent on
\nFriday while Tokyo drifted after hitting a 17-year low a day
\nearlier to cap a largely dismal week for Asian equities hit by
\nfears of a worsening U.S. economy.<\/p>\n
Taiwan fell more than three percent to end at a four-week low
\non expectations of poor first-half corporate earnings, Seoul
\nedged a touch lower and Singapore shed 0.66 percent.<\/p>\n
On the positive side, Sydney was led almost one percent higher
\nby heavyweight stocks, Malaysia jumped almost two percent
\nfollowing better-than-expected second quarter economic
\nperformance and Bangkok rallied over two percent.<\/p>\n
The Dow Jones industrial average closed 0.46 percent lower on
\nThursday and the technology-rich Nasdaq lost 0.92 percent as poor
\nretailing profits reinforced worries over the slow economy.<\/p>\n
Investors are bracing for more bad news when the U.S.
\ngovernment releases its durable goods orders data for July at
\n1230 GMT (7.30 p.m. Jakarta time), with an average month-on-month
\nfall of about 0.6 percent expected.<\/p>\n
Tokyo got a welcome reprieve from a rebound in select
\ntechnology shares led by Murata Manufacturing Co Ltd, but the
\ngains were limited by falls in real estate issues and some retail
\npowerhouses such as Fast Retailing Co Ltd<\/p>\n
But traders remained wary over high-tech earnings downgrades.<\/p>\n
The benchmark Nikkei average crept up 0.35 percent to end at
\n11,166.31, but the capital-weighted TOPIX index fell 0.18 percent
\nto 1,145.34.<\/p>\n
Hong Kong hit a near 29-month low, driven by shares of China's
\nleading wireless carrier China Mobile, which slid over seven
\npercent, while rival China Unicom lost almost five percent amid a
\nmurky outlook for the Chinese telecoms sector.<\/p>\n
The blue chip Hang Seng Index lost 2.07 percent, to end at
\n11,110.30.<\/p>\n
Uncertainty over the weekend's economic advisory committee
\nmeeting compounded worries over Taiwan company results, sending
\nthe main TAIEX down 3.35 percent to 4,310.32. The TAIEX has shed
\nnearly five percent in the past five sessions.<\/p>\n
Malaysia's benchmark Composite Index rallied 1.94 percent to
\nend at 682.87, recouping all its previous losses for the year-to-
\ndate as investors cheered a 0.5 percent year-on-year growth in
\nsecond quarter gross domestic product, beating expectations of a
\ncontraction.<\/p>\n
The Korea Composite Stock Price Index (KOSPI) ended down 0.13
\npercent at 569.31 led by Hynix Semiconductor, which plunged 10
\npercent, as creditors appeared at odds over providing fresh funds
\nto the world's third-largest chipmaker.<\/p>\n
Australia's benchmark S&P\/ASX 200 index closed 0.8 percent
\nhigher at 3,348.0 as investors bought blue chips such as miners,
\nbanks and telcos.<\/p>\n
Bangkok stocks kept their winning ways led by banking, finance
\nand property issues, gaining 2.24 percent near the close, but
\nSingapore shares were hit by nagging earnings woes.<\/p>\n
The JSX Composite index ended up 0.4 percent, or 1.529 points,
\nat 441.219. But decliners led gainers 57 to 51, with 90 stocks
\nunchanged.<\/p>\n
Volume was 260 million shares valued at Rp 268 billion rupiah
\n(US$30.7 million).<\/p>\n
Dealers said trade was slow as most market players were
\nsidelined until the outcome of a meeting between the
\nInternational Monetary Fund and the Indonesian government which
\nends Monday.<\/p>",
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