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Japan bucks broader Asian selling
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks closed generally lower on Friday after a decline on Wall Street. But Japan's market, by far the biggest in the region, locked in a decent gain. Japan's Nikkei average ended up 0.94 percent at 8,690.25, a slight improvement on its noon close, having opened lower on war fears. The Topix finished up 0.34 percent to 859.25, unchanged for the afternoon. The discovery of empty chemical warheads in Iraq is not disrupting Japanese stocks. (Warheads found) But war fears and a fall in U.S. stocks on Thursday eventually got to the rest of the region. South Korea sold off almost 2 percent, while Singapore and Taiwan had losses approaching 1 percent, and Hong Kong lost a little more than that. Australia and New Zealand ended very slightly in the red, but basically flat. Malaysia's market was a gainer again, locking in a strong week after a state fund started buying into the market. Asian stocks gave way in afternoon trade, after 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 techs, banks climbIn Tokyo on Friday, market watchers said U.S. pension funds appear to be buying into stocks for the second day. Chip and computer maker NEC Corp. added 4.03 percent to 465 yen.
Banks enjoyed a second day of strong advances, with UFJ Holdings up 7.75 percent to 139,000 yen and Mizuho Holdings up 2.73 percent to 113,000 yen. Mitsubishi Tokyo Financial Group saw heavy trade in a 2.09 percent climb to 731,000 yen. Chip-equipment maker Advantest Corp. added 5.54 percent, proving a strong boost to the Nikkei, while circuits maker Kyocera Corp. lifted 2.64 percent. Advertising agency Dentsu was up 2.36 percent to 391,000 yen, with other domestically oriented plays like real estate also moving ahead. But Japan Tobacco, a favorite defensive stock, ended down 3.65 percent to 765,000 yen and leading the net losses. The yen was steady around 118 to the U.S. dollar as Asian trade ended, despite the tensions in the Persian Gulf. Cathay falls in Hong Kong
In Hong Kong, the Hang Seng ended down 1.32 percent at 9,614.59, with the market mapping Wall Street closely as usual. Rising oil prices hit Cathay Pacific. The airline's shares lost 2.16 percent to HK$11.35, with fuel making up 20 percent of its costs. But oil producer CNOOC forged ahead for the same reason, up 0.48 percent to HK$10.40. Techs and telecoms were generally lower, and property stocks were off. Cheung Kong Holdings fell 2.38 percent to HK$51.25. Esprit Holdings lost 2.35 percent to HK$14.55, the clothing retailer easing after its runup to six-month high. Sydney just off at closeIn Australia, the S&P/ASX 200 index ended just in the red, down 0.15 percent at 3,051.7, having spent most of the day around par. Telecom stock and No. 2 listing Telstra came back from gains to end flat at A$4.66. Banks came off their earlier highs on concern about the Middle East.
Food group Goodman Fielder rose 1.13 percent to A$1.78 after its board advised shareholders to reject a takeover offer from smaller Burns Philp, which closed flat at A$0.51. But the buying has died down over all the merger activity on the Sydney market. Winemaker BRL Hardy is suspended waiting for further word on its talks with Constellation Brands of the United States. Wine rival Southcorp fell 5.3 percent to A$4.83, giving up all its gains over merger speculation. 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. Taiwan down againTaiwan's Taiex closed down 0.72 percent at 4,907.78, its second day of losses. The Taipei market typically follows U.S. techs more than any other in Asia. But domestic plays have recently dominated trade in Taiwan. They were also lower on Friday. China Steel ended down 2.60 percent to T$22.50. Taiwan Cement fell 3.87 percent to T$14.90. China Motor is performing very strongly, up 4.48 percent to T$70.00, while smaller rival Yulon Motor finished up 3.24 percent limit to T$44.60. Korea falls hard in afternoon
In Seoul, the Kospi ended down 1.89 percent to 636.46, the heaviest selling in Asia, after ending the morning up. Samsung Electronics fell 2.88 percent to 320,500 won, after rising on its profits the day before. (Samsung profits) Its consumer electronics rival LG Electronics dropped 3.17 percent to 41,200 won, while carmaker Hyundai Motor declined 2.4 percent to 26,900 won. Cell-phone service SK Telecom also moved lower, off 2.80 percent to 226,000 won having gained recently. Malaysia off for first time in a weekSingapore's Straits Times index ended down 0.92 percent to 1,366.83, with techs and telecoms topping the declines. Chartered Semiconductor topped the volume, the chip foundry slipping 4.7 percent to S$0.82. SingTel ended down 1.47 percent to S$1.34 in heavy trade. Malaysia's market made it a week of gains, the Kuala Lumpur composite up 0.06 percent to 670.53. The government's new investment fund, Valuecap, 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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