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Asia reels as techs fall
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November 13, 2000: 6:40 a.m. ET
Hang Seng hit by slump in First Pacific; Tokyo techs tumble after U.S. rout
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LONDON (CNNfn) - Asia's top markets closed sharply lower Monday, with technology stocks across the region succumbing to the latest round of selling on Wall Street while Hong Kong's key market index ended down more than 3-1/2 percent, led lower by a slump for conglomerate First Pacific.
In Tokyo, the Nikkei 225 average closed down 323.90 points, or 2.2 percent, at 14,664.64. Electronics powerhouse Sony sank 4.3 percent, while Taiyo Yuden, a maker of cell-phone parts, closed down 5.4 percent.
In Hong Kong, the Hang Seng index fell 573.70 points, or more than 3.7 percent, to close at 14,815.69. Conglomerate First Pacific plunged 12.1 percent amid speculation the company's stock could be ousted from the blue-chip index. 
The Straits Times index in Singapore ended down 2.4 percent at 1,937.97, while the S&P/ASX index in Sydney eased 0.3 percent to 3,290.8. In other markets, the KOSPI index in Seoul fell 4.6 percent and the Taiwan Weighted index in Taipei sank 4.9 percent.
Wall Street ended sharply lower Friday, with the technology sector especially hard hit after a warning of slowing sales growth at PC maker Dell Computer (DELL: Research, Estimates). The Nasdaq composite sank 5.4 percent, while the Dow Jones industrial average dropped 2.1 percent.
In the currency market, the U.S. dollar barely budged against the Japanese yen, at ¥107.67, from ¥107.66 at the end of trading in Tokyo on Friday.
Tokyo down on high-tech sell-offs
Uncertainty about the U.S. political scene also weighed on markets, as investors awaited the outcome of the cliffhanger presidential election, and OPEC's announcement over the weekend that it won't raise oil production, adding to concern that high oil prices could curtail economic growth in Asia.
Sony's decline was mirrored by falls for rival electronics producers. Matsushita Electrical Industries, the world's biggest consumer electronics company and parent of Panasonic, fell 2.3 percent, while Toshiba dropped 1.8 percent and Fujitsu shed 4 percent.
Chipmaker NEC declined 3.7 percent and circuit board company Ibiden lost 5.4 percent on disappointment over its weak earnings report Friday.
Internet investor Softbank, which holds stakes in several Nasdaq-listed companies, plunged 8.4 percent, while industry counterpart Hikari Tsushin dropped 3.7 percent.
Telecom company Nippon Telegraph and Telephone dropped 2.1 percent after a report in business newspaper Nihon Keizai Shimbun said Japan's government was considering cutting the stake it owns in NTT's cash cow, mobile telecom firm NTT DoCoMo, to less than 50 percent from more than 67 percent. NTT DoCoMo shed 1.4 percent.
Fellow telecom company KDDI shed 6.6 percent. Among optical cable makers, Sumitomo Electric Industries fell 4.1 percent and Furukawa Electric dropped 3.4 percent.
Bucking the negative trend, Nippon Mitsubishi Oil, Japan's leading oil refiner and distributor, rose 3.2 percent on optimism about the benefits of its restructuring drive.
In the banking sector, Tokai Bank, the world's biggest bank, rose 1.4 percent, while Sanwa Bank climbed 1.1 percent.
Hong Kong suffers broad losses
Among the top losers in Hong Kong was China Mobile, the mainland's biggest mobile-phone operator, which tumbled 4.8 percent, while ports-to-telecom company Hutchison Whampoa fell 3.7 percent and international bank HSBC Holdings gave up 3.5 percent.
Legend Holdings, China's biggest computer company, which has been said to model itself on Dell, sank 9.9 percent, while Richard Li's Internet and telecom firm Pacific Century CyberWorks closed down 5.6 percent.
Trading group Li & Fung dropped 9.9 percent, giving up much of last week's gain. 
In Singapore, chip sector companies slipped. Venture Manufacturing fell 5.5 percent and Chartered Semiconductor Manufacturing ended down 8.9 percent.
Heavyweight phone operator Singapore Telecommunications shed 1.4 percent.
Among other Asian markets, the KLSE composite index in Malaysia shed 2 percent, the PHS composite in Manila fell 2.2 percent, Jakarta's JSX fell 0.7 percent, the SET index in Bangkok slipped 2.1 percent and the Sensex in Mumbai declined 3.1 percent.
--from staff and wire reports 
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