Asian Stocks: Japan's Nikkei Falls, NTT Down; Taiwan, Korea Up
By Tomoko Yamazaki
quote.bloomberg.com
Tokyo, May 24 (Bloomberg) -- Japan's Nikkei 225 stock average fell, led by Nippon Telegraph & Telephone Corp., after Moody's Investors Service cut the company's rating on rising competition at home and losses on overseas investments.
The rating cut ``helped remind the market about NTT's mistakes in aggressively expanding abroad,'' said Yukihisa Sanada, who helps manage 10 billion yen ($80 million) in Japanese equities at UAM Japan Inc.
The Nikkei 225 stock average shed 0.5 percent to 11,926.32. The Topix index dropped 0.2 percent to 1,134.10. Automakers such as Toyota Motor Corp. gained after the Japanese currency fell for the first time in a week in New York trading.
In other markets, Taiwan's TWSE Index advanced 2.8 percent, led by AU Optronics Corp. after the flat-panel display maker sold shares to overseas investors at a smaller discount than anticipated. South Korea's Kospi index rose 1.2 percent, led by Kookmin Bank as investors bought companies that won't be hurt by the strengthening local currency.
Hong Kong's Hang Seng Index rose 0.2 percent, led by HSBC Holdings Plc and other companies that rely on U.S. sales as climbing orders for U.S. durable goods boosted optimism the city's economy will see an increase in demand from its second-largest export market.
NTT, DoCoMo Slide |
