DEBORAH MARCHINI, CNN ANCHOR: Well, they're selling stocks in Asia, too. Dalton Tanonaka joins us live from Hong Kong with a look at what happened -- Dalton.</s>DALTON TANONAKA, CNN CORRESPONDENT: Good morning, Deborah. Tokyo stocks retreated as investors took profits on the Nikkei's seven biggest percentage gain ever reached in its previous session. The Nikkei slipped 1.9 percent this trading day, on weakness an old economy plays, such as supermarket operator Ito-Yokado. But analysts say this pullback is healthy, and expect the market to resume its rebound, at least until May's corporate earnings season. In Hong Kong, stocks fell sharply lower on concerns that banking giant HSBC could be vulnerable to the global economic slowdown. HSBC shares slumping 2.6 percent, as investors worry about the bank's large exposure to the U.S. and European markets, where companies are warning of lower profits. The benchmark Heng Seng index dropping more than 4 percent, to a 17-month low. But it was a different story in Taiwan, with a market ended firmer on strength in chip stocks, of which there are a lot there. The Taipei Weighted index gaining 1.9 percent. That's the business day in a nutshell here in Asia. Back to you, Deborah in New York.</s>MARCHINI: Any comments, Dalton, on why the decline in Hong Kong was so steep?</s>TANONAKA: In Hong Kong, well, there are several reports today, earnings reports by major land holders. Property stocks are -- make up the bulk of the Heng Seng index. And the property giants, such as Chungkong, Hutchison, anticipated that their earnings would be considerably off, as much as 60 to 70 percent. That did happen late in this day. So those anticipations or those fears were founded. That's why the Heng Seng fell so sharply, analysts say.</s>MARCHINI: Dalton, thank you.
Nikkei Retreats From Previous Gain; Heng Seng Falls Sharply