DEBORAH MARCHINI, CNN ANCHOR: In overnight trading, technology stocks in the Asian markets sure felt the effect of the Nasdaq's tumble on Wednesday. The old favorites, though, came out once again to stem the losses there.</s>DAVID HAFFENREFFER, CNN ANCHOR: Our Ann Quon has got the wrap up the Asian markets from our studios in Hong Kong. Good morning, Ann.</s>ANN QUON, CNN CORRESPONDENT: Good morning to you, Deb and David. Indeed, the Asian markets could have been hurt a lot more following the Nasdaq's more-than seven-percent tumble, but old-economy stocks proved their worth today, breaking the market's fall. In Japan, the Nikkei index lost 1 1/2 percent on the day after closing at its highest level in more than three years yesterday. But, at one point, the index did fall more than two percent before rebounding as investors shifted their holdings to non-high-tech issues. Here in Hong Kong, the key Hang Seng index lost ground largely due to shares of index-heavyweight China Telecom taking a beating. Investors dumped China Telecom after it disclosed a massive one-time charge for the company. Internet player Pacific Century Cyberworks was the bright spot in Hong Kong. its shares surged nearly eight percent, boosted by news of its $3-billion joint venture with Australia's Telstra announced Wednesday. The Hang Seng still ended more than two percent lower on the day. Taipei got pounded, despite gains in financial stocks; it lost 2 1/2 percent due to a selloff in electronic issues. And that's a quick wrap of the Asian markets. Now it's back to you, Deb and David, in New York.</s>HAFFENREFFER: All right, thank you, Ann. Search CNN.com CNNSI.com CNNmoney.com The Web
Old-Economy Stocks Stem Losses in Asian Markets