WRAP Asian stock markets mixed in early trade ADDS Seoul and Hong Kong
(31 Oct 2008) SHOTLIST Tokyo 1. Various interior shots Tokyo Stock Exchange Seoul 2. Close-up of computer screen with KOSPI (Korea Composite Stock Price Index) 3. Tilt-down of computer screen showing rise in stock 4. Wide of digital index board 5. Close of numbers 6. Trader 7. Pan of index board 8. Close of figures on digital strip 9. Focus in on numbers 10. Close of graph 11. Tilt-down of KOSPI index board 12. Pan of index board Hong Kong 12. Wide of floor opening for trading 13. Close of digital index board 14. Close of Heng Seng Index figures showing it is opened down 292.48 points to 14,037.37 points 15. SOUNDBITE (English) William Belchere, Chief Economist of Macquarie Capital Securities: "The global economy is moving into recession. We saw that in the United States last night with the third quarter GDP (Gross Domestic Product), it's likely to deepen and what that means for Asia is that Asia's economies are going to begin weakening as their exports slow, its tourism declines; and then we have to look at the fundamentals that companies make earnings on and those are deteriorating and try to price those properly for the coming downturn." 16. Various of dealers on floor STORYLINE Asian stock markets were mixed in early trade on Friday as investors took money off the table after three days of strong gains and await a rate cut decision from Japan's central bank. Tokyo stocks retreated on Friday morning, with the key Nikkei index failing to maintain the 9,000 mark, as investors secured quick profits following gains from the past three days and as Japan's corporate earnings outlook continued to cast a cloud on the market. The 225-issue Nikkei Stock Average lost 245.64 points, or 2.72 percent, from Thursday to 8,784.12, falling below the 9,000 level after it just retook the key mark the previous day for the first time in about a week. South Korean stocks opened slightly lower on Friday but soon gained ground as foreign and retail investors were heartened by overnight Wall Street gains. The benchmark Korea Composite Stock Price Index (KOSPI) edged up 2.88 points, or 0.27 percent, to 1,087.6 in the first 15 minutes of trading after opening 7 percent higher. Hong Kong Heng Seng Index opened down 292.48 points, or 2.04 percent, at 14,037.37. Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter: / ap_archive Facebook: / aparchives Instagram: / apnews You can license this story through AP Archive: http://www.aparchive.com/metadata/you...
