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Asian markets close sharply higher
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks closed up sharply higher on Monday, with South Korea rallying more than 3 percent. There were also strong gains in Taiwan, where the market crested to a five-month high, up almost 3 percent. Hong Kong closed with a gain of more than 1 percent, and Singapore ended up almost 3 percent on tech advances. Australia recovered from early selling to end 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. Airlines up as Korea soarsSouth Korea's Kospi shot up in afternoon trade, to end 3.14 percent higher at 648.06. Korea is one of Asia's most oil-dependent countries, so it benefited from OPEC's decision to boost production. (Full story)
That fired up Korean Air Lines, which gained 7 percent to 13,500 won, and No. 2 carrier Asiana Airlines, up 4 percent to 2,100 won. They will see cheaper fuel prices as a result of OPEC's move. Samsung Electronics, the market's largest listing, was also strong ahead of earnings on Thursday. The chipmaker closed up 3.24 percent at 334,500 won. Rival Hynix Semiconductor moved ahead 12.07 percent at 325 won and topped the volume as usual. Steelmaker Posco zoomed ahead 6.40 percent to 133,000 won ahead of its fourth-quarter earnings on Thursday. It has already said profit close to doubled. Cell-phone company SK Telecom added 3.18 percent to 227,000 won, while fixed-line phone company KT Corp. moved forward 4.89 percent to 53,600 won. Investors were also reassured by U.S. Assistant Secretary of State James Kelly's statement that the United States is 'ready to talk' with North Korea over its nuclear program. (Full story) Techs jump in TaiwanIn Taiwan, the Taiex kept pace with South Korea's advances, having opened stronger. It ended up 2.90 percent at 4,991.26. The Taiex is at its highest close since the end of July and has gained almost 9 percent this year.
Chip foundry UMC saw the heaviest volume, up 4.34 percent to T$23.80. Larger rival TSMC also saw heavy trade, leaping the daily 7 percent limit to T$50.50 after gains in its U.S. peers. Screenmaker Au Optronics was up 4.20 percent to T$24.80 as techs topped the gains. But the industrial stocks that have driven the market's recent rise also performed well. Taiwan Cement ended up 5.56 percent to T$15.20. China Steel put on 2.74 percent to T$22.50. Computer maker Acer raced ahead 4.79 percent to T$37.20 after the company set a target of an 18.9 percent rise in sales this year. (Full story) Mosel Vitelic fell 5.51 percent to T$6.00 after partner Infineon said it would pull out of their Promos joint venture. (Full story) Promos ended off 3.23 percent to T$10.50, after Mosel prompted Infineon's departure when it won control of Promos's board. Mainland plays move Hong KongHong Kong's Hang Seng index closed up 1.16 percent at 9,834.08, a relatively modest showing by Monday's standards. Bank stock HSBC advanced 0.85 percent to HK$89.00. Computer maker Legend Group jumped 5.26 percent to HK$3.00 as investors moved into mainland China plays. Oil refiner Sinopec, China's largest, moved ahead 4.2 percent to HK$1.49 after J.P. Morgan upgraded the company. Airline Cathay Pacific rose like its Korean counterparts, up 0.88 percent to HK$11.45 after OPEC boosted production. None of the 33 Hang Seng components ended in the red, as the market drew strength from U.S. gains. 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) Billabong bounds in SydneyAustralia's S&P/ASX 200 index ended up 0.19 percent gain to 3,069.4. Media group and largest listing News Corp. closed up 1.8 at A$12.74, outdoing Friday's gains in its U.S. listing. Clothing maker Billabong International jumped 7 percent to A$7.38 after strong results from Pacific Sunwear of California Inc., which takes 20 percent of the company's sales. But gainers were balanced with losers, miner BHP Billiton off 0.61 percent to A$9.74 as metals prices drop. Industry peer Rio Tinto lost 1 percent to A$34.43. Banks were also down, with National Australia Bank off 0.50 percent to A$32.12. Goodman Fielder dropped 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. 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 races ahead on tech gainsSingapore's Straits Times index ended up 2.89 percent at 1,386.05, gaining in late trade. Chip foundry Chartered Semiconductor topped the volume with a 9.20 percent leap to S$0.89, outstripping its Taiwanese competitors. Creative Technology added 4.69 percent to S$13.40, while the promise of cheaper fuel drove Singapore Airlines up 4.90 percent to S$10.70. Steelmaker NatSteel ended steady at S$2.07 after hotelier Ong Beng Seng won control of the company, by a narrow margin, making his offer for the company unconditional. (Full story) Malaysia's main index, the Kuala Lumpur composite, closed up 2.46 percent to 651.48 as newly started investment company Valuecap bought stock in its second day in action. Valuecap, part-owned by the government's investment arm, boosted shares of Renong Bhd. and Malaysian Resources Corp. in particular.
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