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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dealer who wrote (43711)	10/30/2001 11:39:33 PM
From: Dealer	Read Replies (1) \| Respond to of 65232

Asia Markets Nikkei on way to fourth-straight loss By Mariko Ando, CBS.MarketWatch.com Last Update: 10:20 PM ET Oct 30, 2001 TOKYO (CBS.MW) -- Japan's stock market dropped for the fourth straight session at midday Wednesday as overnight losses on Wall Street compounded anxiety about the dismal corporate results at home. Elsewhere in the Asia-Pacific region, other major markets were mixed. Tokyo's blue-chip Nikkei Average fell another 71.03 points, or 0.7 percent, to 10,441.79 at the close of the morning session. The broader TOPIX shed 0.2 percent to 1,065.26. Leading high-tech issues led the market after the Nasdaq closed down 1.9 percent, its third straight loss, following a fresh report of sharply lower U.S. consumer spending. The Dow also lost 1.6 percent. In Japan, ongoing jitters over domestic interim earnings reports also cast a cloud over the market. After the market closed Tuesday, Hitachi and Matsushita Electric both reported first-half losses. Mitsubishi Electric saw its profit plunge by 98 percent. See full story. Hitachi's shares (HIT) (6501) fell 0.2 percent to 845 yen and those of Matsushita (MC) (6752) gave up 0.3 percent to 1,439 yen. Mitsubishi (MIELY) (6503), however, jumped 2.3 percent to 454 yen. Among other tech giants, NEC (NIPNY) (6701) tumbled 5.1 percent to 1,109 yen and Sony (SNE) (6758) fell 1.7 percent to 4,670 yen. Fuji Photo Film (FUJIF) (4901) sank 4.6 percent to 3,970 yen ahead of its earnings report later in the day. Nomura (8604) dropped 2.6 percent to 1,627 yen. Japan's biggest brokerage is expected to post its business results later in the day. The dollar fetched at 122.02 yen in late morning Tokyo, up from 121.95 yen in New York late Tuesday. Telecom stocks up in Korea; Taiwan index steady In Seoul, South Korea's leading Kospi advanced 0.3 percent to 535.36 at midday, overcoming earlier weakness. The index, which has gained 6.4 percent this month, stands about 1.1 percent below its level on the eve of the Sept. 11 attacks. SK Telecom (SKM), the nation's second-biggest company by market capitalization, added 0.4 percent to 241,000 won. Korea Telecom (KTC) rose 1.7 percent to 48,250 won. But Samsung Electronics lost 0.9 percent to 172,500 won. In Taipei, Taiwan's benchmark Weighted Index was standing steady at 3,913 points in midmorning trade. Shares of United Microelectronics (UMC) dropped 2 percent to 28.70 Taiwan dollars. The world's second-largest contract chipmaker posted a third-quarter loss of NT$0.30, in line with analyst estimates. UMC rival Taiwan Semiconductor Manufacturing (TSM) fell 2.4 percent to NT$61. Hong Kong's Hang Seng Index was trading down 82.56 points, or 0.9 percent, at 9,990.02 in early trade. Manila steady ahead of holiday In the Philippines, stocks were little changed, with investors planning for the market to be closed Thursday and Friday for national holidays. The key PSE Composite Index was standing flat at 994.26 points, or down only 0.09 percent. Among active stocks, Philippine Long Distance Telephone (PHI) rallied 4.7 percent to 392.50 pesos. Australia's All Ordinaries Index fell 0.4 percent to 3,175.80, dragged down by a weakness in resources sector. BHP Billiton (BHP) sagged 2.3 percent to 9.03 Australian dollars and WMC lost 1.2 percent to A$9.30. Coca-Cola Amatil (CCLAF) lost 2 percent to A$4.96 ahead of a third quarter financial results briefing later in the day. In New Zealand, the benchmark NZ Top 40 picked up 0.4 percent to 1,948.86, despite a 8.2 percent dive in volume leader Nuplex Industries to NZ$2.8. Investors rushed to sell their shares in chemical and waste manufacturer after Chairman Fred Holland said U.S.-based Shamrock Holdings has sold its 16 percent stake in the company. --------------------------------------------------------------------------------