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Asia resists Wall Street's selling
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are rising on Friday and shaking a decline on Wall Street. Japan's Nikkei average ended the morning session firmly ahead, up 0.79 percent at 8,677.58, having opened lower on war fears. The Topix is also in positive territory as the afternoon trading begins, up 0.34 percent to 859.25. The discovery of empty chemical warheads in Iraq is not disrupting markets substantially. (Warheads found) Australia and South Korea are very slightly in the black, but basically flat, in afternoon going. New Zealand closed with a slight loss. There are negatives, with Taiwan down a third of a percent and both Singapore and Hong Kong off more than half a percent. But Asian stocks are not reacting as sharply as might be expected to a 1.05 percent fall in Nasdaq overnight, to 1,423.75. The Dow Jones industrial average also closed lower, off 0.29 percent to 8,697.87. (U.S. roundup) Tokyo rises as banks fireIn Tokyo on Friday, market watchers said U.S. pension funds appear to be buying into stocks for the second day. Banks are enjoying a second day of strong advances, with UFJ Holdings up 6.98 percent to 138,000 yen and Mizuho Holdings up 114,000 yen. Mitsubishi Tokyo Financial Group is also seeing heavy trade, though its advance is muted, up 1.82 percent to 729,000 yen.
Camera maker Minolta Co. is up 3.17 percent to 520 yen after Kyocera Corp. set its offer for the company at 0.621 Konica shares per Minolta share. Konica is down 2.86 percent to 850 yen. Advertising agency Dentsu is up 1.05 percent to 386,000 yen, with other domestically oriented plays like real estate also moving ahead. But Japan Tobacco, a favorite defensive stock, is down 2.27 percent to 776,000 yen and leading the net losses. The yen is a little weaker at 118.04 to the U.S. dollar, despite the tensions in the Persian Gulf. Hong Kong maps Wall Street
In Hong Kong, the Hang Seng is down 0.65 percent to 9,680.05, with the market mapping Wall Street closely as usual. Rising oil prices, now near a two-year high, are hitting Cathay Pacific. The airline's shares are down 1.29 percent to HK$11.45. But oil producer CNOOC is forging ahead for the same reason, up 0.48 percent to HK$10.40. Techs and telecoms are generally lower, but China Unicom is mustering a gain, up 0.85 percent to HK$5.90. Esprit Holdings is down 3.02 percent to HK$14.45, the clothing retailer easing after its runup to six-month high. Sydney still in the blackIn Australia, the S&P/ASX 200 index is essentially flat, up 0.03 percent at 3,057.2, after opening higher. Telecom stock and No. 2 listing Telstra is up 0.43 percent to A$4.68. But banks have been coming off their earlier highs on concern about the Middle East.
The buying has died down over all the merger activity on the Sydney market. Food group Goodman Fielder is up 0.56 percent to A$1.77 after its board advised shareholders to reject a takeover offer from smaller Burns Philp. Winemaker BRL Hardy is suspended waiting for further word on its talks with Constellation Brands of the United States. New Zealand's Top 40 index closed down 0.07 percent at 2,009.22, despite an 11.01 percent leap in Trans Rail Ltd. , to NZ$1.21. Local media reported the government is considering buying up its rail network. Air New Zealand ended steady at NZ$0.55 in heavy trade. Taiwan slightly downTaiwan's Taiex is down 0.33 percent to 4,926.79, shrugging off the worst of Nasdaq's selling. The Taipei market typically follows U.S. techs more than any other in Asia. But domestic plays have recently dominated trade in Taiwan. They are making up most of the volume on Friday, with China Steel down 3.03 percent to T$22.40. But shoemaker Pou Chen Industrial is up 1.71 percent to T$35.70. China Motor is performing very strongly, up 4.68 percent to T$70.00, while smaller rival Yulon Motor is up the daily 7 percent limit to T$46.20. Bank stocks are also generally up. Korea back from lossesIn Seoul, the Kospi is up 0.02 percent to 648.83, having come back from earlier selling. It staged a remarkable comeback Thursday afternoon, as Samsung Electronics rallied after earnings-induced selling. (Samsung profits) It is down 0.61 percent to 328,000 won on Friday. Cell-phone service SK Telecom is also lower, off 2.37 percent to 227,000 won after recent advances. But steelmaker Posco is up 1.56 percent to 130,000 won after posting earnings on Thursday. Some local manufacturers such as Asia Cement, up 3.23 percent to 24,000 won, and Dong Shin Pharmaceuticals, up 6.02 percent to 13,200 won, are seeing buying. Malaysia off for first time in a weekSingapore's Straits Times index is down 0.7 percent to 1,369.88, with techs and telecoms topping the declines. Chartered Semiconductor is leading the volume, the chip foundry slipping 5.23 percent to S$0.815. SingTel is down 1.47 percent to S$1.34 and second in volume terms. Malaysia's market is down for the first time in six days, the Kuala Lumpur composite off 0.45 percent to 667.12. The government's new investment fund, Valuecap, has sparked buying in the moribund market since its inception last Friday. It has been moving its 10 billion ringgit ($2.63 billion) into the market ever since.
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