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Asian Markets Reverse From Gains |
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12:39 PM EDT July 21 2006 |
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Asian-Pacific benchmarks sharply reversed from yesterday’s strong rally due to a heavy sell-off on profit taking. Negative sentiment was also generated by lower close on Wall Street, following disappointing quarterly results from Intel Corp. and weaker manufacturing data. The Nikkei rebounded from 3.1% advance Thursday to close down 0.84%, with notable weakness in property shares-Mitsubishi Estate off by 2.4% and Sumitomo Realty & Development, down 1.7%. Among other losing stocks, Softbank lost 3%, Yahoo Japan declined 2%, and Toyota Motor lost 0.7%. Across the region, Hong Kong’s Hang Seng finished down 0.27%, South Korea’s Kospi lost 0.1%, and Australia’s benchmark slid 0.72%. China’s Shanghai Composite rose 0.6%, led by financial stocks, benefiting from strength of the yuan against the dollar.
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