Asian markets fall on technology and energy stocks (MarketWatch) (04-09-2008)

HONG KONG (MarketWatch) -- Asian markets fell Thursday on worry of reduced spending on technology.

China's Shanghai Composite recovered to close just inside positive territory after falling as low as 2,252.80, its lowest level since December 2006.

In Hong Kong, the Hang Seng China Enterprises Index, which was declining by 1.6% to 10,904.11, eventually closed. The benchmark Hang Seng Index lost 0.9% to 20,406.08. Thin trading volumes led some analysts to say shares might find support around the psychologically important 20,000-point level.

In Tokyo, meanwhile, the Nikkei 225 Average lost 0.7% to 12,605.54 and the broader Topix index gave up 1% to 1,208.77.

South Korea's Kospi rose 0.1% to 1,428.14, reversing early declines. Australia's S&P/ASX 200 fell 1.4% to 4,991.20 and New Zealand's NZX 50 index dipped 0.2% to 3,366.31, with both indexes unable to hold on to early gains.

Singapore's Straits Times index fell 1.6% to 2,663.36, while Taiwan's Weighted index declined 1.3% to 6,499.52.

Shares of Mitsubishi UFJ Financial Group Inc. lost 2.3%, amid broad market weakness. Earlier in the day, the Japanese banking giant denied a newspaper report it was considering and investment in Lehman Brothers Holdings.

Energy-related stocks fell further after crude-oil prices dropped overnight. Shares of BHP Billiton slipped 1.3% and Santos gave up 2.7% in Sydney.

In Tokyo, Inpex Holdings Inc. fell 2.8%, while commodity trading firm Mitsubishi Corp. lost 5.6%. In Hong Kong, Cnooc lost 2.2%.

Source: MarketWatch