INTEL WORRIES REACH ASIA & JAPAN (cnnfn)


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13793 Postings, 8940 Tage ParocorpINTEL WORRIES REACH ASIA & JAPAN (cnnfn)

 
  
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22.09.00 08:00
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Intel worries reach Asia

Chipmaker's warning sparks wider tech worries, sinks Asian markets
September 21, 2000: 11:29 p.m. ET


NEW YORK (CNNfn) - The revenue warning by leading U.S. computer-chip maker Intel Corp. sent shock waves across Asian markets Friday morning.

In Japan, the Nikkei 225 fell 2.14 percent to 15,962.57 by midday. In Hong Kong, the Hang Seng index lost 2.03 percent to 14,857 in early-morning trading. The markets in Taiwan, Singapore and South Korea were also down significantly.


Intel fears send Tokyo stocks tumbling


Japanese stocks tumbled in Friday morning trade after Intel's profit warning renewed anxiety over the outlook for global technology shares.

Semiconductor-related issues such as chipmakers NEC Corp and Toshiba Corp were hit in particular by fears Intel's warning signaled waning global demand for microprocessors and personal computers.

On the Tokyo Stock Exchange, the benchmark Nikkei average fell 348.48 points to 15,962.57 by midday. The broader TOPIX index fell 33.78 points or 2.23 percent to 1,479.93.

"Semiconductor demand in Japan has been on the rise, and chipmakers have been raising their profit forecasts. But no one knows what the market will look like next year and a profit-warning from Intel does not bode well," said Haruki Takahashi, equity dealing manager at Tsubasa Securities.

NEC Corp, the world's second-largest chipmaker, fell 5.51 percent to ¥2,570. Its main domestic rival, Fujitsu Ltd, tumbled 5.1 percent to ¥2,700.

Toshiba fell 3.92 percent to ¥906 and was the most heavily traded issue on the first section of the Tokyo Stock Exchange.

Tokyo Electron, a trading firm specializing in semiconductor manufacturing equipment, sank 6.66 percent to ¥11,210. Semiconductor testing device maker Advantest Corp fell 4.16 percent to ¥18,450.

Other large-cap technology stocks were also sold heavily as the market anticipated more losses on Nasdaq. Telecom giant NTT DoCoMo Inc, Japan's biggest issue by market capitalization, fell 5.07 percent to ¥3.18 million.

In the currency market, the U.S. dollar lost value against the Japanese yen at the start of the Tokyo business day Thursday.

The 9 a.m. quote on the Tokyo Foreign Exchange has the dollar at ¥106.68, down ¥0.02 from the end of the previous business day in Tokyo.


Hang Seng falls


Hong Kong's Hang Seng Index fell 2.03 percent just after the opening on Friday following a sharp fall in telecom stocks in overseas markets overnight and Intel's profit warning.

The HSI was down 307 points at 14,857 a minute into trade.

Telecom and Internet company Pacific Century CyberWorks, which dived 15.81 percent on Thursday after a large placement in the shares by Cable & Wireless Plc, continued to suffer selling pressure. The stock was trading at HK$8.70, down 3.87 percent after 15 minutes of trade.

Local telecom stocks were following a sharp slide in the sector in overseas markets overnight, due in part to a profit warning from U.S. company Sprint Corp.

HSI benchmark China Mobile was down 4.51 percent at HK$48.70; telecom conglomerate Hutchison Whampoa was off 1.96 percent at HK$100 and computer maker Legend Holdings was 7.41 percent lower at HK$6.25.


Elsewhere in Asia Pacific


The Taiwan Weighted index was down 288.25 points, or 4.16 percent, at 6,632.65 in early morning trading, as Intel's warning battered heavily weighted local semiconductors shares.

In South Korea, the KOSPI index was down was down 5.04 percent at 565.04 in the early morning, as index heavyweight Samsung Electronics fell sharply in the wake of the fall in U.S. technology shares.

Singapore's blue chip share index slumped more than 50 points to a low of 1,936.68 points in early trade before rebounding to 1,946.31, down 42.50 points, or 2.14 percent.  


Australia opens lower


Australian shares opened solidly lower on Friday, spooked by some weakness on the U.S. technology market, and by further international disenchantment with the telecom sector.

The S&P/ASX 200 index fell 38.9 points, or 1.2 percent, to 3,213.9. That was outstripped by a 2.2 percent fall in the media sector and a 2.1 percent slide in telecoms.

CIBC Eyres Reed dealer Martin Angel said some negative stories overseas about telecom stocks, plus news that the U.K.'s Cable & Wireless Plc sold 4.9 percent in Telstra alliance partner Pacific Century CyberWorks at a sharp discount, was weighing on the local sector.

"People are getting a bit nervous," said Angel.

Early market turnover was A$146 million. Declining stocks outpaced advances by a ratio of almost three to one, while about 30 percent of stocks traded remained steady.  

--from staff and wire reports  
 

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