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S. Korea, Australia build on gains
SYDNEY, Australia (CNN) -- Markets in South Korea and Australia have opened higher again Friday, continuing their good start to the 2003 trading year. Seoul's Kospi index is streaking ahead, jumping 3.17 percent to 655.31 in early trade. That follows its gain of 1.21 percent on Thursday, breaking a five-day losing streak. Market heavyweight Samsung is leading the way, up 5.13 percent to 338,000 won. Leading exporter Hyundai Motor is another big gainer, up 3.32 percent to 29,550 won. Japanese markets remain closed Friday for the New Year holidays and will resume trading on Monday, January 6. In Australia, the S&P/ASX200 is up 0.6 percent to 3045.4. The market's biggest stock, media group News Corp., is up a strong 3.16 percent to A$12.08, following the hefty rises in Wall Street on Thursday. U.S. shows strengthAfter a disappointing year for U.S. markets in 2002, the Dow Jones industrial average began the new trading year with a jump of 3.19 percent to 8607.52, while the tech-heavy Nasdaq composite was up 3.69 percent to 1384.85. News Corp. gets most of its sales and profits from the U.S. market. Resources groups BHP Billiton and Rio Tinto are also higher, as are the four big banks. But gold stocks are giving back some of their recent gains, with Lihir Gold down 2 percent to A$1.45 and Newcrest Mining off 1 percent to A$7.27. In New Zealand, the NZSE Top 40 is about a third of a percent higher at 1951.85. Air New Zealand is up 2 percent to NZ$0.51 and Telecom is up 1.32 percent to NZ$4.59.
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