12 October 2005, 15:32  Most Asian markets dropped

Most Asian markets dropped Wednesday, with technology shares in Tokyo leading the decline while Hong Kong stocks were hurt by a policy address that investors said lacked economy-boosting measures. Seoul lost 2.2 percent, weighed down by tech and banking issues. Japan's Nikkei 225 index fell 92.97 points, or 0.69 percent, to 13,463.74. On Tuesday, it jumped 328.97 points, or 2.49 percent, its biggest single-day point gain since Aug. 7, 2002. Tech stocks like Kyocera Corp. fell, dragged down partly because of declines overnight on the tech-heavy Nasdaq in the U.S. The Nasdaq dropped 17.83, or 0.86 percent, to 2,061.09. In Hong Kong, shares plunged 2.2 percent on concerns that the local leader's first policy address didn't propose any major economy-boosting measures. Also, stocks were hurt by prospects for higher U.S. interest rates -- which usually means higher local rates. The blue-chip Hang Seng Index dropped 323.75 points, or 2.2 percent, to 14,575.02. The Hang Seng rose 50.98 points, or 0.3 percent Monday. Tuesday was a holiday. China Mobile (Hong Kong) Ltd. plunged 4.2 percent and Chinese computer maker Lenovo Group Ltd. fell 3.5 percent. In currency trading, the U.S. dollar gained against the Japanese yen and the euro. The dollar bought 114.64 yen in Tokyo Wednesday, up 0.56 yen from Tuesday and above the 114.42 yen it bought late Tuesday in New York. The euro fell to US$1.1974 from US$1.2034 late Tuesday

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