Asian shares weak by midday
January 11, 2002 Posted: 1:03 PM HKT (0503 GMT)
Investors in Japan are staying on the sidelines due to the country's bearish economic fundamentals
asia.cnn.com
HONG KONG, China -- Asian shares were trading weak by midday Friday, with trading lackluster and little to shake up markets.
Tokyo shares ended the morning lower, dragged down by poor investor confidence and debt-ridden retailer Daiei.
The benchmark Nikkei was down 0.50 percent at 10,485.25 at noon, while the Topix lost 0.7 percent to 1,003.14.
It briefly dropped below 1,000 for the first time since December 27.
Daiei remained under the spotlight after ratings agency Standard & Poor's cut its corporate creditworthiness on Thursday, tossing cold water on its recent bull runs.
Daiei lost 17.27 percent to 91 yen. It had gained 47 percent in the past two days, on a report of a bailout.
Korea cautious but up
Analysts attributed the Tokyo market drop to weakening confidence over the country's bearish fundamentals, particularly on the prolonged bad loan woes of Japan's banks.
The Nikkei index has lost a total of 4.18 percent since Monday's close.
In Seoul, shares shaved early gains and were little changed near noon on caution after mixed U.S. stocks.
The benchmark Kospi was up 0.06 percent to 728.65, but the over-the-counter Kosdaq was down 0.97 percent to 75.59.
Analysts said players remained on the sidelines due to concerns that fluctuating overseas markets may increase volatility in the local market.
South Korea posted some good news Friday, with a lower jobless rate. It is faring better than most economies in Asia in the current downturn.
In recession-ridden Taiwan, stocks gave up early gains to trade slightly lower as semiconductor shares tracked the losses of their U.S. counterparts.
The Taiex slipped 0.85 percent at 5,821.46 by midday. |
