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Asia surges on export, chip gains
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are surging on Friday, led by a leap in South Korea's market. Seoul is up almost 4 percent in early afternoon trading, with bullish investors chasing blue chips after a strong start to trading on Wall Street. U.S. stocks started 2003 with a bang, Nasdaq running ahead 3.69 percent and the Dow Jones industrial average adding 3.19 percent to 8,607.52. Investors were reacting to a surprisingly strong manufacturing report, which showed activity picked up in December for the first time since the northern summer. (Full story) That heady start to trading is carrying through on Friday, with Taiwan's chip-heavy market up more than 2 percent. Hong Kong and Singapore have both added more than 1.5 percent in late morning trade, while Australia is up almost three-quarters of a percent in early afternoon. New Zealand's markets are back in action with a mild rise after the New Year's break. Japan's markets remain closed until Monday, January 6, after their extended holiday. Korea leaps on Samsung gainsIn South Korea, the Kospi has raced ahead 3.76 percent to 659.08 in early afternoon. The gains are led by a 6.38 percent rip in the shares of chipmaker Samsung Electronics, to 342,000 won.
Electronics stablemate Samsung SDI is up 4.29 percent at 73,000 won, while retailer Shinsegae has run up 7.69 percent to 161,000 won. Besides the U.S. stock market gains, the market is also warming to comments from Washington and Seoul suggesting tensions with North Korea over its nuclear program can be handled diplomatically. Steelmaker Posco is up 3.81 percent to 122,500 won after its chairman said operating profit and sales rose in 2002. (Full story) Korea Exchange Bank is up 4.27 percent to 4,150 won after it said it expects a net profit of over 300 billion won ($250.5 million) this year. All gains in Hong KongHong Kong's Hang Seng index is up 1.77 percent in late morning trade at 9,531.26, with all but two of its 33 components gaining.
Johnson Electric, which sells most of its small motors in the United States, is up 3.53 percent to HK$8.80, while trading house Li & Fung is up 4.70 percent to HK$7.80 after the strong numbers from its main market. The market's largest listing, HSBC, is continuing its recovery from war-induced selling, up 1.74 percent to HK$87.50. Telecom stock PCCW, the worst-performing big cap for both of the last two years, is up 3.88 percent to HK$1.34. Henderson Investment has plummeted 15.28 percent to HK$6.10 after majority owner Henderson Land failed in its bid to take the company private, due to resistance from minority shareholders. Hong Kong & China Gas is the only other decliner, profit concerns driving it down 0.50 percent to HK$10.00. Taiwan banks outstripping techsIn Taiwan, the Taiex is up 2.10 percent to 4,619.86 in late morning, in heavy trade. Screenmaker Au Optronics is up 5.19 percent to T$22.30, while chipmaker Winbond Electronics is ahead 6.00 percent to T$15.90. But financial stocks are outpacing electronics issues, on average, with Taishin Financial Holding up 3.68 percent to T$19.70 and First Financial Holding, which debuted Thursday, ahead 3.66 percent to T$25.50. Domestic plays such as Taiwan Cement and China Steel are also attracting buyers. News heading rise in SydneyAustralia's S&P/ASX 200 is up 0.74 percent at 3,050.0 in early afternoon, with U.S. oriented stocks benefiting the most. Media group News Corp., which gets most of its sales in the United States, is up 3.59 percent at A$12.12. Peptide Technology, which rocketed up 54 percent on Thursday, is ahead 2.37 percent at A$1.73 after the U.S. Food and Drug Administration approved its rheumatoid arthritis antibody for marketing. Peptide has licensed the antibody to Abbott, which is using it to make the drug Humira. Australasia's largest food group, Goodman Fielder, is flat at A$1.79 after the Australian Takeovers Panel rejected its attempt to delay a takeover bid from smaller Burns Philp, clearing the bid to proceed. Oil-related stocks are moving up again, with Rio Tinto ahead 1.34 percent to A$34.71 and BHP Billiton ahead 1.67 percent to A$10.35. New Zealand's Top 40, out of action for the holiday on Wednesday and Thursday, resumed with a modest 0.26 percent rise to 1,950.40. Telecom New Zealand added 0.66 percent to NZ$4.56, while Air New Zealand put on 2.0 percent to NZ$0.51 as it pushed ahead with its alliance with Qantas by issuing notes to the Australian carrier. Singapore techs move northIn Singapore, the Straits Times index is up 1.57 percent at 1,357.00, led by gains in tech companies that ship to the United States. Chip foundry Chartered Semiconductor is up 5.56 percent to S$0.76, having touched a record low of S$0.70 the day before. Creative Technology is ahead 4.84 percent to S$13.00, with Datacraft Asia up 5.19 percent to S$0.71. Bank stocks are recapturing some of Thursday's declines, with UOB up 1.72 percent to S$11.80 and DBS Group ahead 0.91 percent to S$11.10. Takeover target NatSteel is flat at S$2.06 after it sold its half share of Industeel Investment Holdings for S$625,000, boosting its cash reserves.
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