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Asian stocks heading higher
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are higher heading into Tuesday afternoon, as many markets resume trading after the Lunar New Year break. Japan's Nikkei 225 average is up 0.62 percent to 8,553.15 in early afternoon, with the broader Topix up 1.18 percent to 847.61. There are gains of around half a percent in Australia and South Korea, while New Zealand closed up almost 0.7 percent. Singapore is up almost 1 percent after the New Year long weekend, while Hong Kong is flat as trading resumes there. Taiwan's market remains closed in honor of the New Year, while the Malaysian market is closed for Federal Territory Day. Wall Street nudged ahead on Monday, with the Dow Jones industrial average up 0.7 percent to 8,109.82 and Nasdaq ahead 0.22 percent to 1,323.79. (U.S. roundup) Telecoms drive Tokyo higherIn Tokyo on Tuesday, the market is extending Monday's 2 percent runup. Banks and telecoms are seeing strong gains. Mobile-phone No. 2 KDDI is up 3.14 percent to 361,000 yen on a report that it will post a 100 billion yen ($831 million) pretax profit for the 2003 business year, outstripping forecasts.
That is boosting industry leader NTT DoCoMo, Tokyo's largest listing, which is up 3.07 percent to 235,000 yen. Parent NTT is up 2.75 percent to 411,000 yen. No. 2 bank Sumitomo Mitsui Financial Group is up 1.3 percent at 390,000 yen on a report that it will seek at least 100 billion yen ($831 million) in capital by issuing preferred stock. (Full story) Mitsubishi Tokyo Financial Group is topping the bank advances with a 2.93 percent rise to 667,000 yen. The yen is weaker at 120.52 but that is doing little to boost major exporters. Honda Motor is down 0.48 percent to 4,180 yen and Sony Corp. is off 0.42 percent to 4,780 yen. Nissan Motor is flat at 925 yen despite saying it will buy back 34.8 million shares before the end of March. Hong Kong flat after break
Hong Kong's Hang Seng is flat at 9,258.59, a negligible drop in points terms, after opening higher. The market was closed for a four-day weekend to honor the start of the Year of the Goat. Bank stock HSBC is clawing back some of the ground it has lost over the last two weeks, up 0.91 percent to HK$83.00. Small-motor maker Johnson Electric is up 2.79 percent to HK$9.20 after some encouraging economic figures out of the United States, its biggest market. Hutchison Whampoa is down 0.41 percent as it announces it will sell its European water business, Powwow, to Nestle for 560 million euros. News Corp. drives Sydney upIn Australia, the S&P/ASX 200 index is up 0.64 percent to 2,961.5 in early afternoon. News Corp. is giving the market a firm underpinning with a 2.15 percent advance to A$11.41 after U.S. gains. Resources stocks are also performing well, with Rio Tinto up 2.13 percent to A$33.02 and BHP Billiton ahead 2.72 percent to A$9.07. Bionic ear maker Cochlear, another beneficiary from U.S. strength, is up 1.23 percent to A$38.65. Gold miners are generally higher, with Lihir Gold up 2.68 percent to A$1.53, after gold surged in early trade to $374 an ounce, its highest since December 1996. New Zealand's Top 40 closed up 0.68 percent to 1,985.39 with Telecom New Zealand up 1.6 percent to NZ$4.52. New Zealand's largest listing posted a net profit of NZ$155 million for the quarter through December, slightly better than forecast. (Full story) The New Zealand stock exchange said a "Top 50" index will replace the Top 40 on March 3. South Korean big caps aheadIn South Korea, the Kospi is up 0.45 percent to 603.13 in afternoon trade, with most of its big caps narrowly ahead. Samsung Electronics, the largest listing on the market, is up 0.85 percent to 295,500 won, while No. 2 stock SK Telecom is up 0.82 percent to 185,000 won. Hyundai Motor is up 2.3 percent to 26,650 won after new figures showed U.S. car sales rose 0.2 percent in January, over a year ago. Union Steel is up 6.77 percent to 71,000 won as industrials draw buyers. Singapore up almost 1 percentSingapore's Straits Times index is up 0.84 percent to 1,302.46 in late morning, with Singapore Airlines up 2.07 percent to S$9.85. There are also gains for bank stock UOB, up 0.95 percent to S$10.60, though peer OCBC is off 1.65 percent to S$8.95. Natsteel is up half a percent to S$2.04.
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