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Nikkei closes at 19-year low
HONG KONG, China (CNN) -- Japanese stocks closed at a 19-year low Wednesday after big banks and techs eased again, on worries about earnings and the strength of a recovery. After topping 8,500 earlier in the day, the Nikkei 225 average sank 0.31 percent to 8,438.52 by the bell. That was just below the October 10 close of 8,439.62 and the lowest since April 1983. The broader, capital-weighted Topix dipped 0.38 percent to 836.43. Most other markets in Asia were also lower, though the losses were muted. Australia dipped 0.39 percent, Taiwan eased 0.1 percent and South Korea lost just 0.09 percent. New Zealand finished in the black, up 0.81 percent. Hong Kong ended with a very slight gain and Singapore's Straits Times index is almost 1 percent lower near the close. No GDP boost in Tokyo
Japan got little joy out of data released Wednesday morning showing its economy grew more than expected in the September quarter. That 0.7 percent quarter-on-quarter growth translates as an annualized growth rate of 3.0 percent, compared with 2.6 percent in the June quarter. (Full story) Asian stocks showed little reaction to a return to winning ways on Wall Street. Nasdaq pushed forward on Tuesday to end up 2.3 percent, with the Dow Jones industrial average back in positive territory with a 0.32 percent gain. (U.S. roundup) Despite the GDP figures, investors in Tokyo sold down, worried that a stronger yen and the falloff in U.S. consumer demand for Japanese exports could threaten the recovery. The yen was steady at 119.61 in late Asian trade after Japanese officials suggested on Tuesday they could step into the market again if it strengthens much more. Banks sell off againBig banks continued their weaker trend, with Mizuho Holdings down another 2 percent to 142,000 yen, UFJ Holdings off 1.5 percent to 132,000 yen and Sumitomo Mitsui and Mitsubishi Tokyo both half a percent lower. Among techs, Kyocera and Hitachi both lost almost 4 percent. But telecom stocks were higher, with Japan Telecom up a massive 12.7 percent to 346,000 yen after its strong results on Tuesday. (Full story) Mobile phone leader NTT DoCoMo put on 0.9 percent to 223,000 yen and rival KDDI rose 5.06 percent to 353,000 yen. Troubled construction company KumagaiGumi fell 25 percent to 9 yen, as companies with high debt levels suffered. Australia slips lowerIn Australia, the S&P/ASX 200 index closed 0.39 percent lower at 2,971.0. Bank stocks fell, except for NAB. Insurer and funds manager AMP dipped 2.9 percent to A$11.82. Telstra Corp. added 0.66 percent to A$4.57 after the competition watchdog approved an alliance between pay TV operators Foxtel and Optus. (Full story) Telstra owns half of Foxtel, with media groups News, Telstra and PBL sharing the rest. All of them got a boost from the deal. But Optus owner SingTel lost 2.17 percent to A$1.35. BHP Billiton and Rio Tinto rose 0.6 percent each as investors sought safety in miners. New Zealand's Top 40 closed up 0.81 percent at 1,962.10, with Telecom New Zealand up 0.41 percent to NZ$4.90. Hong Kong flatIn Hong Kong, the Hang Seng finished flat, just in the black with a 0.03 percent rise to 9,601.01. Investors were cagey ahead of a package to prop up the property market, due from the government on Wednesday evening. Legend Computer ended stable but down 0.74 to HK$2.70 after reporting disappointing sales but solid profits the day before. (Full story) Chinese oil producer CNOOC lost 1.0 percent to HK$9.80, with PetroChina also trading down. Bank stock HSBC bucked the selling trend with a 0.86 percent rise to HK$87.50. In Taiwan, the Taiex lost 0.1 percent to 4,671.77 despite early gains. Industrial stocks Taiwan Cement, Asia Cement and China Steel were among the biggest gainers. Techs were weaker despite Nasdaq's overnight rise. Au Optronics lost 2.1 percent slide to T$23.50. Market heavyweight TSMC was flat at T$46.80, while rival chip foundry UMC was off about 0.4 percent. Korea, Singapore in redIn South Korea, the Kospi finished 0.09 percent lower at 653.85. Chipmaker Samsung Electronics put on 0.72 percent at 349,000 won. LG Electronics also gained, as did leading bank Kookmin Bank. SK Telecom dipped 0.88 percent to 224,000 won. Singapore's Straits Times index is down 0.8 percent to 1,394.72 near the close. DBS and Singapore Airlines are higher, but SingTel is down about 1.5 percent.
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