Asian Stocks: Japan's Tokyo Electron Declines; Australia Drops
By Tomoko Yamazaki
quote.bloomberg.com
Tokyo, April 24 (Bloomberg) -- Japanese stocks fell, led by Tokyo Electron Ltd. and other computer-related companies, after investors said their two-day, 3.3 percent gain as a group outpaced their earnings outlook.
The Nikkei 225 stock average declined 0.4 percent to 11,693.53. The Topix index fell 0.4 percent to 1100.67. Some 200 companies are reporting earnings this week, including Toshiba Corp., which will probably post a fiscal fourth-quarter loss because of slowing demand.
``The recent gains in technology stocks reflect improved businesses in the first quarter,'' said Koichi Ogawa, who helps manage $7.6 billion at Daiwa SB Investments Ltd. ``For us to keep buying them, we need to see more evidence that demand will continue to rise.''
In other markets, Australia's S&P/ASX 200 Index fell 0.8 percent with Mayne Group Ltd. taking its biggest tumble in 15 years after the health-care company said profit will fall short of analysts' forecasts. South Korea's Kospi lost 1.2 percent, led by Korea Exchange Bank on a report Hynix Semiconductor Inc. creditors may have to write off 5 trillion won ($3.8 billion) in debt.
Taiwan's TWSE Index rose 0.7 percent after the island's overseas orders unexpectedly increased in March, boosting optimism a reviving economy will help corporate profits. |
