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Nikkei: no rate-cut benefit
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February 13, 2001: 5:57 a.m. ET
Japan shrugs at last week's rate cut, Hong Kong buoyed by property stocks
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LONDON (CNN) - Tokyo stocks retreated on Tuesday as optimism faded after last week's Japanese rate cut, but property stocks lifted Hong Kong.
The Nikkei 225 average fell 148.13 points, or 1.1 percent, to close at 13,274.70. Traders said positive feelings among investors after last Friday's interest rate cut by the Bank of Japan was beginning to wear off.
Tokyo's market was closed on Monday for a holiday.
The Hang Seng index in Hong Kong closed up 149.61 points, or 1 percent, at 15842.72, with Sun Hung Kai Properties tacking on 5.4 percent, while Henderson Land rose 3.8 percent.
Property stocks got a lift after the government announced a drastic cut in the amount of land it would auction to developers next year, a move seen by analysts as supporting property prices.
In Singapore, the Straits Times index ended down 0.1 percent to 1,988.79 while Sydney's S&P/ASX 200 closed up 0.3 percent as media group News Corp., the index's heavyweight, climbed 2.8 percent.
Elsewhere, Korea's KOSPI index fell 0.1 percent and the Taiwan Weighted index in Taipei climbed 3.1 percent as chip and PC makers soared. PC maker Acer jumped 6.5 percent.
In the currency market, the dollar fetched ¥117.18, compared to ¥116.58 at the end of Tokyo trading in the previous business day.
Japanese bank shares rose as investors took last week's central bank gesture as a commitment to act on behalf of the ailing sector. Mizuho Holdings, the world's largest banking group by assets, rose 5.1 percent.
Stocks in the sector has been under pressure recently as investors weighed the possible impact of the sluggish stock market on bank balance sheets. The Japanese financial year closes on March 31.
In the tech sector, Panasonic parent Matsushita Electrical Industries dropped 4.7 percent. Internet investor Softbank fell 2.1 percent.
Among other Asian markets, the KLSE composite fell 0.9 percent, Bangkok's SET rose 1.2 percent, the PHS composite in Manila shed 1.2 percent and the BSE Sensex in Mumbai droped 1 percent. Jakarta's JSX added 0.4 percent.
-- from staff and wire reports 
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