- TOKYO (UPI) -- Stock prices
on the Tokyo Stock Exchange fell to their lowest level in 19 years Wednesday,
knocked down by broad selling amid persistent concerns over the outlook
for the Japanese economy.
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- Japan's blue-chip Nikkei Stock Average of 225 selective
issues, which rose 4.40 points Tuesday, lost 26.25 points, or 0.3 percent,
to 8,438.52 -- its lowest close since April 1983. The broader Topix Index
lost 3.19 points, or 0.4 percent, to 836.43.
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- Volume declined to an estimated 626.02 million shares
from 662.62 million shares changing hands Tuesday. Declines outpaced advances
1,108 to 278, while 105 issues settled unchanged.
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- Investors gave a muted reaction to slightly better-than-expected
gross domestic product data for the July-September quarter released before
the market opened. Japan's economy grew 0.7 percent on quarter in the 3-month
period, marking the third consecutive quarter of expansion as stronger
consumer spending overcame a drag from slipping external demand.
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- The expansion in GDP was slightly above the estimate
of economists who forecast on average 0.5 percent growth.
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- Bargain-hunting in selected high-tech stocks helped offset
broad selling in domestic demand-oriented stocks, limiting the Nikkei 225's
downside, experts said.
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- Telecom carriers were higher after Japan Telecom Holdings
beat market expectations in its fiscal half earnings. Japan Telecom, which
saw a sharp improvement in its 6-month results due to the strong performance
of its J-Phone mobile service unit as well as cost-cutting measures, jumped
12.7 percent. Its rival KDDI gained 5.1 percent.
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- On the other hand, investors sold a broad array of domestic-oriented
issues, including those in such sectors as fishery, paper, oil and construction.
Paper maker Nippon Unipac Holding fell 3.9 percent. Seafood marketer Maruha
lost 3.8 percent and contractor Kumagai Gumi sank 25 percent in value.
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- Overall sentiment was also hurt somewhat after the government
late Tuesday downgraded its assessment of the economy for the first time
in a year, traders said.
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- Among some of the other active issues, UFJ Holdings lost
1.5 percent, Japan's largest chip maker Toshiba rose 2.6 percent, Hitachi
fell 3.9 percent, Fujitsu lost 1.7 percent, Nippon Steel added 1.5 percent
and Mitsubishi Heavy Industries rose 2.5 percent.
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- Elsewhere in Asia, prices ended little changed on the
Hong Kong Stock Exchange. The blue-chip Hang Seng Index settled virtually
flat at 9,616.62, failing to find inspiration from Wall Street's stronger
finish.
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- After the market closed, the Hong Kong government announced
a plan to suspend land auctions for the rest of this fiscal year as part
of its steps to stabilize the territory's property market, which has seen
residential prices fall 65 percent from their 1997 peak.
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- Ahead of the announcement, Sung Hung Kai Properties added
0.4 percent but New World Development ended flat.
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- Cathay Pacific Airways fell 1.4 percent building on the
previous day's 1.8-percent drop. The stock has been hit by growing fears
that a U.S.-led war against Iraq might raise crude oil prices while dampening
demand for air travel.
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- Prices also ended little changed on the Taiwan tock Exchange.
The Weighted Index slipped 0.1 percent to 4,671.77.
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- Taiwan Semiconductor Manufacturing ended unchanged on
reports the world's largest chip foundry lost an order to produce chips
for Silicon Storage Technology, due to the Taiwan government's delay in
allowing it to set up a chip plant in Shanghai.
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- China Steel climbed 6.4 percent following a local media
report that the steelmaker will sign a manufacturing venture agreement
with Sumitomo Metal Industries later this month.
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- Prices also ended little changed on the South Korean
Stock Exchange. The key Kospi Composite Index slipped 0.1 percent to 653.85,
following an economic report which raised doubts about the country's consumer
sentiment.
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- South Korea's consumers confidence index fell to 97.1
in October from 103.9 in September, the government said. The index fell
below 100 for the first time since November 2001. An index below 100 means
the number of consumers expecting to reduce spending exceeds those expecting
to spend more. In trading, KT Corp. lost 0.6 percent and Korean Air ended
flat.
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- Stocks ended lower on the Australian Stock Exchange.
The blue-chip All Ordinaries Index lost 0.4 percent to 2,932.20, led lower
by a 2.3 percent decline in Qantas Airways.
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