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Asian Markets Lose Ground


Markets in Asia lost ground on the week, in what traders say was a further correction in overbought shares. Analysts say Thursday's terror attacks on Istanbul, Turkey, had a small impact on trading Friday.

Hong Kong's Hang Seng index finished the week about three percent lower on Friday, closing at 11,839.

Weakness in HSBC holdings led the market lower in morning trading on Friday, after the bank's Istanbul offices were bombed Thursday. The bank, headquartered in London, is listed on three stock markets including Hong Kong. HSBC closed almost one percent lower on Friday while the Hang Seng's financial sub-index closed 71 points lower.

Robert Fong, an equities analyst with Citigroup, says the terror attacks did not do too much damage to Asia's markets.

"In the last few sessions, we've had a general downward drift," he said. "There hasn't been anything to excite the market per se, but at the same time there hasn't been anything to really spook it. Certainly what's happened in Turkey is a tremendous tragedy but it hasn't had any adverse affects in Asia."

The Taiwan stock market's main share index closed 3.5 percent lower on the week, ending Friday at 5,830.

Tokyo's Nikkei 225 shed three percent between last Friday and this Friday, ending this week at 9,852. The market plunged on Monday after a security threat from a group believed linked to the al-Qaida terrorist network named Japan as a potential target for a terrorist strike.

South Korea's Kospi index lost almost five percent on the week to end Friday at 770.

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