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Most Asian Markets End Week Down - 2002-06-07

Most major markets in Asia ended down or flat this week with losses on Wall Street influencing technology and exporter shares in Japan and Taiwan.

Taipei's main index ended 4 percent down from last Friday, to close at 5,433 at the end of this week. Tech stocks led the fall, with Taiwan Semiconductor closing 7 percent lower. The losses came after Intel, the world's largest chipmaker, slid 10 percent in after-hours trading on Wall Street. It earlier cut its revenue forecast because of slack demand from Europe.

David Simmonds, a market analyst with Citigroup in Singapore, said "Asian equity markets generally have been lower over recent sessions, led by Taiwan, weakness in technology news after hours in the U.S., has a very direct knock on effect there."

Japan also saw losses, despite the release of economic data showing that export growth is pulling the country out of recession.

The Nikkei ended 3 percent down from last week to close at 11,383.

Nikon, which is a major supplier for Intel, shed almost 5 percent.

Hong Kong's Hang Seng Index closed on Friday at 11,284, 17 points down from last Friday's end. The selling came despite Merrill Lynch's recommendation that investors buy Hong Kong shares on dips, asserting that overall improvement in the world economy will eventually drag Hong Kong's market up.

Korea's Kospi index ended nearly flat from last Friday's close, finishing this week at 795.