Asian Market Update: Tech Sell-Off Dominates; Bridgestone Reports Worst Earnings in 10 Years
DEBORAH MARCHINI, CNN ANCHOR: It was the selling in the technology sector yesterday that preoccupied Asian markets this morning, sending virtually all of them lower -- one of the biggest losers was Hong Kong. We go there now, to Dalton Tanonaka, for a look at the Asian performance overnight -- Dalton.</s>DALTON TANONAKA, CNN CORRESPONDENT: Good morning, Deb. Today wasn't going to be the day that prices were going to turn around, falling stock prices throughout this region, as you said. First, let's go to Tokyo, where the Nikkei closed weaker, as gains in the banking sector helped offset heavy losses in tech shares. After the market closed, the tire maker Bridgestone reported its worst earnings report in 10 years. Bridgestone had profits of $52.4 million last year, a plunge of 80 percent from the year before. This is because of the product recalls and lawsuits at its U.S. division, Firestone. The company, as you recall, recalled more than six million defective tires in the U.S., after reports linked them to more than 170 car accidents. Bridgestone says it expects profits to double this year. The U.S. market accounts for 30 percent of Bridgestone's revenues. Bridgestone stock price skidding more than 1 percent. Since the defective tire allegations hit, it's lost 57 percent of its value. Hong Kong's Hang Seng index slipped 1 2/3 percent, wiping out all gains it had made for the year, and that came on China Mobile's more than three percent drop. And the Nasdaq's decking left Taipei's Weighted Index on the ropes, tumbling three percent by the end of the trading day. And that is our business and trading day here in Asia. Deborah, back to you in New York.</s>MARCHINI: All right, Dalton, thank you.