Asian markets faltered Thursday as investors dumped shares in shipping and technology companies amid ongoing worries about a global economic slump, AP reported. In Japan, the Nikkei 225 index shed 1.04 percent to 12,557.66 _ its lowest close since March 24. Taiwan's market led the region's declines as the main index fell 2.6 percent following lower-than-expected second-quarter results from major tech companies earlier this week. Hong Kong's benchmark slid to its lowest close in more than a year. Also lower were stock measures in Singapore, India and Australia. China and South Korea's benchmarks ended flat. Oil prices weakened slightly during Asia trade but still hovered above US$109 as investors waited for a weekly U.S. crude inventory report for evidence that slowing economic growth has cut demand. In Japan, big losers included marine transport issues and trading houses, which are being pressured by spreading slowdowns in developing countries, said Naoki Fujiwara, a fund manager at Shinkin Asset Management in Tokyo. Looking ahead, «the situation (for Japanese stocks) looks difficult,» Fujiwara said. Major trading house Mitsui & Co. fell 5.84 percent, and Mitsubishi Corp. was off 5.19 percent. Cargo shipper Mitsui O.S.K. Lines nose-dived 7.31 percent after the Baltic Dry Index, a key measure of rates on 40 shipping routes, fell sharply. Japanese glass makers were also hammered after Corning Inc. cut its third-quarter sales and profit forecasts to reflect slower shipments of glass used in flat-screen televisions and computers. Asahi Glass dropped 3.35 percent to 1,068 yen. Among gainers, Honda Motor Co. jumped 3.12 percent to 3,640 yen after posting less severe declines in U.S. auto sales in August than U.S. car makers or rival Toyota Motor Corp. Hong Kong's blue-chip Hang Seng Index slid 0.95 percent to 20,389.48, with shipping companies also among the worst hit. The country's biggest shipper conglomerate, China Cosco Holdings, tanked 6.2 percent. China Shipping Development fell back 5.1 percent. With investors still worried about technology spending, computer maker Lenovo shed 5.1 percent. Foxconn International Holdings, the leading contract mobile phone maker and Motorola's primary contract manufacturer, dropped 3 percent. Its Taiwanese anchor company, Hon Hai Precision Industry Co., the world's largest contract electronics maker, posted its first profit decline in seven years on Monday. Elsewhere, China's main Shanghai benchmark gained 0.03 percent to 2,277.41. Australia's S&P/ASX 200 benchmark dropped 1.6 percent as softening commodities prices led investors to sell energy and mining companies. In currencies, the dollar stood at 108.23 yen, down slightly from 108.30 yen late Wednesday. The euro rose to US$1.4531 from US$1.4516.
