Asian markets concerned about growth
by Brian Turner
Asian markets were lower Monday on worries about global growth and the dismal first-quarter earnings reports coming out of some of the world’s largest corporations.
In Taipei, a sell-off in the technology sector sent the market there down to close to a six-month low as the weighted index fell 2.9 percent to 5,715.16.
Taiwan Semiconductor Manufacturing was down 2 percent. Display screen manufacturer AU Optroncis was down 4.5 percent, and Powerchip was down 3.4 percent.
Mitak International, which makes personal computers and smart phones, bucked the trend, rising 2.3 percent after a strong first quarter earnings report.
The composite index in Seoul fell for the sixth straight session, down 2.4 percent to 925.00, under the continuing influence of Samsung Electronics’ poor first-quarter earnings report.
Seoul’s losses were driven by losses in the technology sector. Samsung was down 3.2 percent after a 2 percent fall Friday. Additionally, Hynix Semiconductor was down 3.4 percent, and LG Electronics dropped 2.1 percent.
In other sectors, consumer-related stocks posted some gains in Seoul.
In Hong Kong, the Hang Seng index was off 2.1 percent on selling in all sectors.
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