Asian Stocks: Japan's Banks Fall, Sony Gains; Steelmakers Drop
By Michael Tsang
quote.bloomberg.com
Tokyo, March 6 (Bloomberg) -- Japan's Topix index fell, led by Mizuho Holdings Inc., after Moody's Investors Service said the government hasn't acted fast enough to end deflation, renewing concern steps to prop up stock prices may not be enough to help banks stave off a financial crisis.
``The Moody's report highlights concern the government has done little to fix the economy and help banks clear off their bad loans,'' said Sadaji Shibata, who helps manage $60 billion in assets at Daiwa Asset Management Co. The four-week, 23 percent gain in the Topix Banks Index was too much ``given their fundamentals.''
The Topix index fell 0.2 percent to 1073.36, with lenders the biggest drag. The Nikkei 225 stock average rose 0.1 percent to 11,358.53. Exporters such as Sony Corp. rose after faster-than- expected growth in the U.S service industry fueled optimism of a recovery in Japan's No. 1 trading partner.
Chipmakers in Taiwan, Singapore and Korea also rose after Morgan Stanley Dean Witter & Co. raised its rating for industry leader Intel Corp.
Steel-related stocks including Japan's Nippon Steel Corp., Australia's BHP Billiton Ltd., Korea's Pohang Iron & Steel Co. and Taiwan's China Steel Corp. dropped after the U.S. said it will impose tariffs on steel imports. |
