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Asia gains, Korea hit by downgrade
HONG KONG, China (CNN) -- Asian markets are generally higher Tuesday moving into afternoon trade, with gains in Hong Kong, Taiwan and Singapore. But Australia and South Korea are both down. The largest Asian market, Japan, is closed for a national holiday. Seoul's Kospi opened up almost 1 percent but soon turned around and is off 1.2 percent in early afternoon. That's after it slid to a 15-month closing low of 577.25 on Monday. In Australia, the S&P/ASX200 is down a third of a percent in early afternoon. But New Zealand's market closed up over half a percent. U.S. markets arrested their slide on Monday, with some signs that war might still be averted in the Gulf. Nasdaq jumped 1.11 percent to 1,296.68, while the Dow Jones industrial average advanced 0.71 percent to 7,920.11. (U.S. roundup) Hong Kong moves higher againIn Hong Kong on Tuesday, the Hang Seng is up 0.29 percent at 9,259.27 in late morning trade.
Developers are generally up, with Sun Hung Kai Properties adding 0.68 percent to HK$44.70. Hutchison Whampoa is ahead 0.21 percent to HK$48.10 after the company said it will sell $1 billion in 10-year bonds. There are declines for HSBC, off 0.29 percent to HK$82.50, though Bank of East Asia is flat ahead of earnings later in the day. Telecom PCCW is down 1.68 percent to HK$5.85 after the company said it has abandoned efforts to buy British phone No. 2 Cable & Wireless. (Full story) Investors were disturbed by the company's conflicting statements over its interest in C&W and are also worried it is now on another buying spree instead of cutting its debt. Foster's sinks in SydneyIn Sydney, Foster's, the biggest Australian beer and wine group, reported a 4.1 percent lift in first-half profit to A$335.3 million, slightly below analysts' expectations. Foster's shares are off 0.23 percent at A$4.39. But there are gains for Australia's biggest stock, News Corp., while No. 2 Telstra is up 0.23 percent to A$4.31. Troubled insurer and funds group AMP has slipped again, down almost 5 percent to A$8.28 on fears it might see ratings agency downgrades. Commonwealth Bank is down 1.2 percent to A$25.93 ahead of earnings on Wednesday. New Zealand's Top 40 index closed up 0.6 percent at 1,959.58, with Telecom New Zealand up 0.67 percent at NZ$4.52 and The Warehouse ahead 1.17 percent to NZ$6.03. New Zealand's largest listed power company, Contact Energy, leaped 4.93 percent to NZ$4.47 as the company said it will raise $302 million in debt in the United States, as well as upgrade a power plant. (Full story) Techs break Taiwan losing streakIn Taiwan, the Taiex is breaking its string of sharp losses with a 0.54 percent rise to 4,668.98. Its largest listings are moving up after Nasdaq advanced, with chip foundry TSMC up 2.21 percent to T$41.60 and UMC ahead 1.55 percent to T$19.60. Au Optronics is flat in heavy trade, with techs balancing out losses for Taiwan's typically high-flying industrial plays. China Steel is topping the volume and down 2.16 percent to T$22.70, with Taiwan Cement second in volume terms with a 1.91 percent slip to T$15.40. Seoul turns around on ratings downgrade
In Seoul, the Kospi is down 1.17 percent to 570.50, turning around sharply after rating service Moody's downgraded the country's outlook. (Full story) South Korea's biggest stock, Samsung Electronics, has turned around from early gains, trading down 0.56 percent to 270,000 won. There are gains for the country's biggest bank, Kookmin Bank, up 1.72 percent to 41,400 won, and electronics maker Samsung SDI, up 0.98 percent to 61,800 won. Steelmaker Posco is down 2.4 percent at 122,000 won and leading the blue chip declines. Singapore showing Asia's strongest gainsIn Singapore, the Straits Times index is up 0.87 percent at 1,293.86, the strongest gains in Asia. Creative Technology is ahead 2.75 percent to S$11.20 after Nasdaq drove forward. Banks have also arrested Monday's losses, UOB trading up 1.92 percent to S$10.60. Singapore Airlines is up 2.07 percent to S$9.85, though airline investors are still watching for fuel prices to rise if war breaks out in Iraq. Malaysia's market is basically flat, the Kuala Lumpur composite index trading up 0.05 percent at 658.79. Tokyo's market resumes Wednesday after the National Foundation Day holiday on Tuesday.
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