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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (60737)	2/20/2002 2:13:21 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

Asian Stocks Fall; Taiwan Semiconductor, Hong Kong's HSBC Drop By Brett Cole quote.bloomberg.com Taipei, Feb. 20 (Bloomberg) -- Asian stocks fell, led by Taiwan Semiconductor Manufacturing Co. and HSBC Holdings Plc, after the Nasdaq Composite Index had its biggest drop in two months on concern U.S. companies inflated profits through accounting tricks. Taiwan's TWSE Index fell 2.9 percent, while Hong Kong's Hang Seng Index dropped 1 percent. Korea's Kospi slid for a second day, shedding 0.7 percent. Asian companies, which rely on the largest economy to buy a third of their exports, dropped on concern that a recovery in U.S. corporate profits may not come as soon as expected. ``U.S. accounting problems are another excuse for frightened housewives and commercial bankers to reduce their U.S. exposure,'' said Emil Wolter, who helps manage about $1.5 billion in global emerging markets at Pictet Asset Management Ltd. in London. ``Clearly, corporate governance can still improve.'' In other markets, Japan's Nikkei 225 stock average shed 0.1 percent to 9834.13, while the broad Topix index lost 0.3 percent to 956.91. Matsushita Electric Industrial Co. led declines, after its mobile phone unit widened its annual loss forecast by almost half because of declining handset sales and costs related to job cuts. Hong Kong, Taiwan, Korea Taiwan's TWSE Index fell 169.48 to 5692.18, its biggest one- day drop in percentage terms since Jan. 11. Hong Kong's Hang Seng Index dropped 102.61 to 10,737.88, while Korea's Kospi Index shed 5.38 to 776.89. The Nasdaq Composite Index shed 3 percent to 1750.61, the biggest drop since Dec. 20. International Business Machines Corp. dropped after the computer maker said it will provide more detailed financial reporting, responding to criticism it didn't adequately disclose a $300 million asset sale. Hong Kong, Korea and Taiwan export about a fifth of their exports to the U.S.