MARCHINI: Well, the Tokyo market didn't have any opportunity to anticipate today's action by the Federal Reserve. It was closed for a holiday. But there was trading elsewhere in Asia. And some negative economic news to consider. Lian Pek has a look at the Asian markets now live from Hong Kong. Hello.</s>LIAN PEK, CNN CORRESPONDENT: Hello, Deborah. Hong Kong stocks were among the region's biggest losers Tuesday. Investors took profits on property shares, fearful that Wall Street could slump even if the Federal Reserve cuts interest rates by at least 50 basis points. The market was also weighed down by heavyweight China Mobile. China's largest cell phone company lost more than 3 percent, as investors worried that a looming price war would hurt earnings. That Hang Seng index ended down 1.7 percent. In Seoul, blue chips closed weaker, as investors were unsure about how U.S. stocks would react to the Fed's decision. The KOSPI slipped 1/2 percent. In Singapore, the market closed higher, led by gains in Creative Technology. Creative added 1.7 percent after the company announced job cuts and a plant shutdown in the U.S. The Straits Times index finishing up 1/2 percent. And while Japan's markets were closed Tuesday for the Spring Equinox holiday, the country's prime minister, Yoshiro Mori, said he was ready to carry out major economic reforms. Mr. Mori made the comments after meeting with U.S. president, George W. Bush, in Washington Monday. U.S. officials said Mr. Bush told the Japanese leader structural reforms should be taken as quickly as possible to revive the country's economy. And that's a wrap of the business day here in Asia. Back to Deborah in New York -- Deborah.</s>MARCHINI: All right, thank you, Lian Pek reporting live from Hong Kong.
Hong Kong Stocks Hurt As Investors Fear Fed Rate Cut