Tokyo losses weigh on Asian market sentiment april 5, 2011

Tokyo losses weigh on Asian market sentiment april 5, 2011 : Asian stocks came under pressure as investors reacted to images of radioactive water pouring into the ocean off Japan while semiconductor shares retreated on a report of falling chip sales.

The FTSE Asia Pacific index fell 0.8 per cent, dragged down by a 1.1 per cent drop in Japan’s Nikkei 225 Stock Average to 9,615.55.

Tokyo Electric Power, the operator of the tsunami-stricken Fukushima Daiichi nuclear plant, tumbled 18.1 per cent to a fresh record low of Y362 as it began releasing moderately radioactive water into the sea to make room to store more highly contaminated water.

Toyota Motor lost 2.4 per cent to Y3,260 after it was reported that the world’s largest carmaker by sales volume may temporarily have to shut all its North American factories because of parts shortages in the aftermath of the March 11 earthquake and tsunami.

Furniture retailer Nitori Holdings fell 2 per cent to Y7,000 after forecasting its first annual profit decline in 25 years.

Tokyo Electron, the world’s second-largest maker of semiconductor equipment, slid 2.8 per cent to Y4,510, while Elpida Memory dropped 4.2 per cent to Y1,068 after the Semiconductor Industry Association said the three-month average for global chip sales had fallen 1.1 per cent to $25.5bn in February from the previous month.

In Seoul, however, Hynix Semiconductor rose 2 per cent to Won32,450 after Goldman Sachs raised the stock’s rating to “buy” from “neutral”, citing its competitive position in the global chip industry.

The Kospi Composite index climbed 0.7 per cent to 2,130.43.

Shares in Singapore Stock Exchange jumped 4.2 per cent to S$8.35 after the Australian government in effect killed off SGX’s planned A$8.4bn takeover of ASX, the Sydney bourse operator. ASX shares, however, were 3.3 per cent lower at A$33.70.

The Straits Times index edged 0.2 per cent higher to 3,147.73.

Australian shares were lifted by further gains for mining companies. Equinox Minerals extended its advance, up 1.1 per cent to A$7.43, after China’s Minmetals Resources launched a $6.5bn bid for the copper miner in the largest unsolicited takeover attempt by a Chinese mining company.

Extract Resources rallied 3.1 per cent to A$8.23 after saying a feasibility study had shown that it could develop its Husab uranium deposit in Namibia into one of the largest uranium mines in the world for $1.48bn.

The S&P/ASX 200 index climbed 0.3 per cent to 4,900.1.

Markets in Hong Kong, China and Taiwan were closed for holidays. For the latest updates PRESS CTR + D or visit Stock Market news Today

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