Market Updates
Asia Posts Heavy Losses
Elena
22 Mar, 2006
New York City
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Asian-Pacific markets sharply dropped Wednesday on continuous interest-rate concerns and weakness in the tech sector after Microsoft announced a delay of its operating system. South Korean Kospi tumbled 2%, dragged by tech stocks, Hong Kong slipped 1.8%, followed by Taiwan Weighted index, down 1%. The Nikkei lost 0.8% with losses limited by Nippon Steel. Australia was one of the very few gainers, up 0.4%.
8:00AM Interest-rate concerns dragged Asian markets down.
Asian-Pacific benchmarks finished Wednesday session with heavy losses, reflecting interest-rate concerns and weakness in the tech sector, following news that Microsoft will postpone the release of its Windows operating system until next year. The biggest loser was South Korea’s Kospi which plunged 2% on heavy sell-off among tech stocks, including Samsung Electronics and Hynix Semiconductor. The Nikkei dropped 0.8% to 16,495.48 with Nippon Steel limiting losses with an advance of 1.3% on expectations of higher steel demand. Hong Kong also posted a sharp decline, falling 1.8%, followed by Taiwan Weighted index, down 1%, while Australia’s All Ordinaries gained 0.4%.
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