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Tokyo zips to six-week high
By Alex Frew McMillan
HONG KONG, China (CNN) -- Stocks closed up in Asia as Tokyo surged, despite further declines on Wall Street. Japan's Nikkei average closed up 2.08 percent at 8,790.92, with a surge in afternoon trade taking it to a six-week high. The broader Topix added 1 percent in the afternoon session to end up 1.33 percent at 865.43. There were also strong gains in Taiwan, where the benchmark gained 1.7 percent after its largest stock won initial approval to build a plant in China. South Korea ended up almost half a percent, while Hong Kong shook weakness in its biggest stock to put on one quarter of a percent. New Zealand's market also ended with a gain of a quarter of a percent, though there was a slight decline in Australia. Singapore ended down a third of a percent, with Malaysia down for a second day. U.S. stocks made it five straight days of losses on Wednesday, and are now trading lower for the year so far. The Dow Jones industrial average fell 1.47 percent to 8,318.73. But techs held up better as earnings season continues, Nasdaq ending off 0.35 percent at 1,359.48. (U.S. roundup) After the close, Texas Instruments and Computer Associates both posted losses. But TI beat out its forecasts. (Earnings summary) Japan storms forward in afternoonIn Tokyo, the market zoomed ahead in afternoon trade, after a quiet morning. Techs fired ahead after the -after-the-bell earnings in the United States.
Chip-equipment maker Tokyo Electron lead the runup with a 5.57 percent leap to 6,070 yen after Texas Instruments surpassed forecasts. Toshiba Corp. climbed 5.33 percent to 415 yen as it said it would invest $1 billion over the next few years in China. Computer and chipmaker NEC Corp. closed ahead 5.3 percent at 497 yen. The largest listing, NTT DoCoMo, gained 1.22 percent to 249,000 yen in the p.m. session. Stablemate NTT Data was up 3.68 percent to 338,000 yen, while parent NTT rose 1.62 percent to 440,000 yen. Kirin Brewery, Japan's second-biggest brewer, shot up 4.69 percent at 803 yen after it said it is likely to beat its forecast of a 26 billion yen ($220 million) profit for the year. There were gains for banks Sumitomo Mitsui Financial Group, up 2.83 percent to 400,000 yen, and UFJ Holdings, up 2.76 percent to 149,000 yen. Mizuho Holdings recovered from early declines to end up 1.56 percent at 130,000 yen, a new seven-week high thanks to its decision to restructure and speed up loan writeoffs. The yen is steady against the U.S. dollar, at 118.20 to the buck at the close of Tokyo trade. Hong Kong forges forwardHong Kong's Hang Seng index closed up 0.26 percent at 9,584.70, restrained by a decline in HSBC.
The bank stock, the market's largest, fell 0.58 percent to HK$85.75 after soggy earnings from J.P. Morgan Chase and the Bank of New York. U.S.-oriented stocks also lapsed, with small-motor maker Johnson Electric down 1.08 percent to HK$9.15. But it was gains elsewhere. Property stocks were particularly strong, with Sun Hung Kai Properties up 0.89 percent to HK$45.30 and Henderson Land up 1.68 percent to HK$24.25. Swire Pacific, with property holdings and a large stake in Cathay Pacific, was the biggest blue chip gainer, up 3.17 percent to HK$32.50. Profit shocks rock SydneyIn Australia, the S&P/ASX 200 index closed much where it started, down 0.06 percent to 3,024.0. Defensive plays such as bank and gold stocks offset weakness in the broader market. ANZ Banking Group led the financial sector with a 1.3 percent rise to A$17.86. National Australia Bank climbed 0.5 percent to A$32.38. Thanks to higher bullion prices, Newcrest Mining was up 3.3 percent to A$7.12 and Lihir Gold added 4.03 percent to A$1.55. There were declines for most of the biggest players, with telecom stock Telstra Corp. down 0.85 percent to A$4.64 and miner BHP Billiton off 1.58 percent to A$9.34. AMP dropped 2.0 percent to A$9.86, its lowest ever close, after sinking to A$9.80. Australia's biggest insurer and fund manager warned on profits again due to losses in the United Kingdom. (Full story) Developer Lend Lease fell 5.4 percent to A$9.51 as its new management took a bigger-than-expected writedown on its property holdings in the United States. (Full story) New Zealand's Top 40 ended up 0.24 percent at 1,988.63, with Telecom New Zealand up 0.66 percent to NZ$4.60. Taiwan only just outpacedTaiwan's Taiex was outstripped only by the Nikkei. The market rose 1.71 percent to 5,078.80.
The main impetus was its largest listing, TSMC, up 5.65 percent to T$50.50. The world's largest chip foundry won preliminary approval from Taiwan's government to build a plant in mainland China. (Full story) The company would be the first to do so, as Taiwan eases restrictions on one of its most vital industries investing in China. TSMC's smaller rival, UMC, lifted 2.8 percent to T$22.00 and is also expected to benefit from the regulatory change. Banks also gained, with Hua Nan Financial up 4.03 percent to T$28.40 and Grand Commercial Bank up 6.25 percent to T$11.05. Mega Financial Holding was the biggest stock by volume, up 4.21 percent to T$19.80. SK Telecom plunges in SeoulIn South Korea, the Kospi finished up 0.43 percent to 625.18, shaking off a precipitous decline in its second-largest listing. SK Telecom, the country's largest cell-phone service, fell the daily 15 percent limit to 185,500 won, after it came in with a surprise fall in profit for the fourth quarter. That prompted brokerage downgrades. (Full story) Many of the stocks that attract overseas interest were higher, with steelmaker Posco up 1.98 percent to 129,000 won. The market's largest listing, Samsung Electronics, gained 1.44 percent to 316,000 won. Chartered up but Singapore downSingapore's Straits Times index closed down 0.34 percent to 1,364.41. Singapore Airlines fell 1.92 percent to S$10.20. Bank stock OCBC was also off, down 1.02 percent to S$9.70. But chip foundry Chartered Semiconductor, the third-largest in the world, climbed 3.23 percent to S$0.795 thanks to gains in its Taiwan rivals. Shipper Neptune Orient Lines fell 2.6 percent to S$0.94, the market's largest blue chip decline, after warning on earnings. Malaysia's market closed down 0.24 percent at 670.78 for a second day of decline, after cresting to four-month highs.
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