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Asian markets open strongly
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are higher in morning trade on Monday, with strong gains in Taiwan and South Korea. Singapore and Hong Kong are also well in the black. But Australia's market is posting a slight loss. 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. Taiwan surgingOn Monday, Taiwan's Taiex is surging 2.04 percent in early trade, to 4,949.55. Both techs and industrials are fueling the rise.
Taiwan Cement is topping the volume with a 3.47 percent jump to T$14.90. China Steel is ahead 1.37 percent to T$22.20. But chip foundry UMC is also well ahead, up 4.39 percent at T$23.80 and second in volume terms. Larger rival TSMC is up even more, leaping 5.72 percent to T$49.90 after gains in its U.S. peers. In South Korea, the Kospi is up 1.11 percent at 635.33 in late morning trade. Steelmaker Posco is up 3.20 percent at 129,000 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 2.05 percent to 224,500 won. Hong Kong all blackHong Kong's Hang Seng index is up 0.49 percent to 9,769.10. Bank stock HSBC is up 0.57 percent at HK$88.75. Hong Kong & China Gas is the only decliner on the Hang Seng, off 1.00 percent to HK$9.95. 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) 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) Australia flat despite News gainAustralia's S&P/ASX 200 index is down 0.03 percent at 3,062.8 at noon. Miner Rio Tinto is off 0.95 percent at A$19.63 as metals prices drop. Bank stocks are also down. But News Corp. is ahead and clothing maker Billabong is up 6.1 percent at A$7.32 after Pacific Sunwear of California Inc. reported strong fourth-quarter sales. It takes around 20 percent of Billabong's sales. Singapore's Straits Times index is up 1.02 percent in morning trade, at 1,360.93, with chip foundry Chartered Semiconductor ahead and tracking its Taiwanese competitors.
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