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Asia Closes Slightly Lower On Weak Tech Stocks |
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10:36 AM EDT July 24 2006 |
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Asian-Pacific benchmarks closed slightly lower as gains for automakers helped limit losses brought by the tech sector after the Nasdaq hit a 14-month low. The Nikkei lost 0.18% as signs of strengthening domestic economy and strong June production figures for automakers offset declines among technology stocks. Japan’s largest PC maker NEC Corp. dropped 2.08%, while the country’s biggest chip maker Toshiba slipped 1.55%. Steel stocks and industrials shares also showed weakness. Automotive shares advanced after Toyota Motor reported domestic production increase of 10.25, and Honda Motor posted 8.8% growth. Across the region, Hong Kong’s Hang Seng lost 0.06%, with China’s Lenovo down 1.89% on Dell’s profit warning and modest weakness in the financial sector. South Korea’s Kospi dropped 0.6%, dragged by Samsung Electronics, down 1.5% and LG Electronics, down 0.56%. Stock markets in China, Taiwan, Thailand, and Australia also ended down.
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