Tokyo Electric pulls down other utilities

Nikkei:9,620.82 (–41.26) Hang Seng:23,163.38 (+152.24) Shanghai Comp:2,859.74 (–13.03)

THE NIKKEI average slipped yesterday as Tokyo Electric tumbled, dragging down other utilities after the government’s chief spokesman said its shareholders would be asked to support the company as it compensates victims of the nuclear crisis. Tokyo Electric tumbled 8 per cent to 358 yen

Chip equipment makers also fell after Goldman Sachs cut its rating on the shares of Intel, the world’s biggest chipmaker, to “sell” from “neutral” on slowing processor shipments and more competition.

Hong Kong shares finished slightly higher, with property developers and construction issues providing the biggest support to the market. The property sub-index rose 2.03 per cent, with bellwether Cheung Kong up 2.7 per cent.

China Wireless Technologies plunged 29 per cent, its biggest single-day drop, as a grim forecast for first-half earnings sent investors rushing for the exits.

Commodities-related names extended their recovery. CNOOC rose 1.5 per cent after oil prices steadied following high volatility over the past two weeks. Coal counters powered higher, with Yanzhou Coal Mining jumping 5 per cent. – (Reuters)