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

To: Dealer who wrote (46566)	1/16/2002 9:45:18 PM
From: Dealer	Respond to of 65232

All fall down: Nikkei, yen and the rest HK, Korea, Taiwan slide in Wall St.'s wake; News Corp. off By Bill Clifford, CBS.MarketWatch.com Last Update: 9:23 PM ET Jan 16, 2002 TOKYO (CBS.MW) -- Japan's Nikkei Average tried to reverse a slide of more than 700 points over the last six trading days, but its early bounce Thursday was nothing more than a half-hearted head fake. Tokyo stocks, and those across the Asia-Pacific region, swooned after the U.S. Dow and Nasdaq benchmarks lost more than 2 percent each. The Nikkei was up 0.68 percent to 10,246.37 in the first 15 minutes of trading but erased that gain to end the morning, to linger at 10,140.28, down 98.98 points, or nearly a percent, at 10,078.60. Hong Kong's Hang Seng Index opened down 1.15 percent at 10,838.13, off 125.96 points. In currency trading, the yen fell to 132.25 yen, compared with the low 131 yen range the day before. Tech shares were still licking bruises from Wednesday's Intel-inspired sell-off, although some exporters may benefit from a weaker yen. Stock markets in South Korea, Taiwan and Australia declined. Seoul's blue-chip Kospi Index shed a percent to 703.91, bled by chip stocks. Volume leader Hynix Semiconductor (HXSDY) added a 12 percent loss to Wednesday's 5.1 percent drop in price, trading at 2,480 won. Heavyweight Samsung Electronics also fell further, after posting a 65-percent fall in net profit and slashing its 2002 capital expenditure budget to $2.3 billion from $3.2 billion last year. Taiwan's tech-heavy Weighted Index fell 1.7 percent to 5,395.38. In Sydney, only gold stocks shone. The All Ordinaries and S&P/ASX 200 indexes were both down about 0.8 percent, led by Rupert Murdoch's News Corp. Shares of News (NWS) slid 3.6 percent to A$14.51. The company's Fox Entertainment Group could see an operating loss of $15 million to $20 million operating loss from televising the Super Bowl, the U.S. football championship, according to a report from brokerage ABN AMRO. Shares of telecom operator Telstra (TLS) fell 0.6 percent to A$5.41. Gold producer Normandy Mining (NMDMF), a takeover target, extended its rally by 5.2 percent to A$2.04, after touching its highest level in five years of $2.06 at the open.