Asian stock markets fall in early trading despite gains on Wall Street

Thursday, April 15, 2010

Asian stocks down early, bucking Wall Street trend

TOKYO — Asian stock markets fell in early trading Friday, bucking overnight gains on Wall Street as investors locked in profits amid a dearth of fresh leads.

Japan’s benchmark Nikkei 225 stock average dropped 152.26 points, or 1.4 percent, to 11,121.53.

South Korea’s Kospi index lost 0.6 percent to 1,733.82, with Australia’s benchmark down 0.4 percent at 5,003.30.

Hong Kong’s Hang Seng index fell 0.4 percent to 22,064.24, with markets in Singapore and Taiwan both falling in early trade.

Sentiment turned sluggish in Asia even though the Dow Jones industrial average climbed by 0.2 percent Thursday to 11,144.57 — its highest finish since Sept. 19, 2008. Traders said Asian markets were under pressure on profit-taking with investors awaiting new leads.

In New York overnight, the technology-heavy Nasdaq composite index posted the biggest rise of major indexes ahead of earnings from Google Inc. The Internet search company reported after the closing bell that its first-quarter profit jumped 37 percent with revenue rising 23 percent to $6.78 billion.

The results released Thursday underlined the latest indication that the online advertising and technology sectors are bouncing back from the recession quicker than many other parts of the U.S. economy.

In currencies, the dollar slipped to 92.72 yen in Tokyo Friday from 92.94 yen in New York late Thursday. The euro stood at $1.3566, little moved from $1.3570.

will not be displayed