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Asian markets surging in afternoon
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are up strongly as Monday afternoon sets in, driven by gains in tech stocks. South Korea is surging more than 2.5 percent, with Taiwan up almost as much. Singapore is ahead 2 percent in early afternoon trade. Hong Kong's gains are approaching 1 percent, but its advances are modest compared to its regional peers. Australia has recovered from early selling and is narrowly in the black. New Zealand closed up half a percent and above the 2,000 mark for the first time since November. Japanese markets are closed on Monday for the Coming of Age Day holiday. They will reopen on Tuesday. The Nikkei finished Friday down 0.32 percent at 8,470.45, near a 19-year low of 8,303. Korea leading the chargeSouth Korea's Kospi is leading the charge higher, up 2.61 percent at 644.73 in early afternoon trade.
Samsung Electronics, the market's largest listing, is up 2.16 percent at 331,000 won, with rival Hynix Semiconductor ahead 10.3 percent at 320 won. Steelmaker Posco is topping the gains, up 6.40 percent at 133,000 won ahead of its fourth-quarter earnings on Thursday. It has already said profit close to doubled. Cell-phone company SK Telecom is also moving ahead, up 3.18 percent to 227,000 won. Korean Air and Asiana Airlines are well in positive territory after OPEC said it would boost oil production, a move that promises cheaper fuel costs. Chips leap in TaiwanIn Taiwan, the Taiex is almost matching Korea's gains, up 2.36 percent in early afternoon, to 4,965.23. The market has gained more than 9 percent this year. Chip foundry UMC is seeing the heaviest volume, up 4.34 percent at T$23.80. Larger rival TSMC is also seeing heavy trade, leaping the daily 7 percent limit to T$50.50 after gains in its U.S. peers.
But the industrial stocks that have driven the market's recent rise are also performing well. Taiwan Cement is up 2.78 percent to T$14.80. China Steel is ahead 1.83 percent to T$22.30. Mosel Vitelic is down 2.36 percent to T$6.20 after partner Infineon said it would pull out of their Promos joint venture. (Full story) Promos is off 2.30 percent to T$10.60, after Mosel prompted Infineon's departure when it won control of Promos's board. Computer maker Acer is racing up 5.35 percent to T$37.40 after the company set a target of an 18.9 percent rise in sales this year. (Full story) Esprit jumping in Hong KongHong Kong's Hang Seng index is up 0.80 percent at 9,799.14 just before the lunch break. Bank stock HSBC is up 0.57 percent at HK$88.75. Retailer Esprit Holdings is surging 4.98 percent to HK$14.75 on a more positive global economic outlook. Only two of the 33 Hang Seng components are posting losses, as the market reacts to a bullish move on Wall Street. U.S. stocks closed higher on Friday, with the Dow Jones industrial average up 0.1 percent to 8,784.89 and Nasdaq ahead 0.64 percent to 1,447.72. That made it two weeks in a row of gains. (Full story) U.S. markets are expected to drive moves in Hong Kong this week, with the U.S. earnings season starting and likely to be positive. (Full story) New World Development is flat at HK$4.125 on speculation it will move its New World Telephone subsidiary into New World Infrastructure, which is ahead 15.9 percent to HK$0.51. Airline Cathay Pacific is up 1.32 percent at HK$11.50 after OPEC boosted production. News boosts SydneyAustralia's S&P/ASX 200 index is back from the red with a 0.21 percent gain to 3,069.9 in early afternoon. Media group and largest listing News Corp. is the driver, up 1.68 percent to A$12.72 after gains in its U.S. listing. But gainers are equally balanced with losers, miner BHP Billiton off 0.61 percent to A$9.74 as metals prices drop. Rio Tinto is off 0.89 percent at A$34.47. Goodman Fielder is down 1.14 percent at A$1.73 after Burns Philp modified some of its terms in its takeover bid. It is still pushing Goodman management to verify its earnings statements. Billabong International is gaining after strong results from Pacific Sunwear of California Inc., which takes 20 percent of the company's sales. New Zealand's Top 40 closed up 0.57 percent at 2,006.17, the first time since November that it has moved over 2,000. No. 2 stock Carter Holt Harvey gained 1.60 percent to NZ$1.91, one cent off a five-month high. But leading listing Telecom New Zealand fell 0.64 percent to NZ$4.67. Singapore well into the blackSingapore's Straits Times index is up 2.0 percent at 1,374.13 in early afternoon, with chip foundry Chartered Semiconductor up 7.98 percent to S$0.88 and tracking its Taiwanese competitors. Creative Technology is up 3.91 percent to S$13.30, while the promise of cheaper fuel is driving Singapore Airlines up 3.92 percent to S$10.60. Steelmaker NatSteel is down 0.48 percent to S$2.06 after hotelier Ong Beng Seng won control of the company, gaining 50.3 percent of its shares. Malaysia's main index, the Kuala Lumpur composite, is up 2.12 percent to 649.31 as newly started investment company Valuecap, part-owned by the government's investment arm, buys up stock.
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