|
  |
|
 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Japan bursts back as stocks rise
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets are higher heading into Wednesday afternoon, with solid gains in Japan. The Nikkei average ended the morning up 1.65 percent to 8,624.77, while the broader Topix index added 1.25 percent to 853.23. There are gains for the rest of the region, though stocks in Australia and Taiwan are only just in positive territory. Hong Kong and South Korea are both up a quarter of a percent, with the region shaking off a slight fall from U.S. trading. New Zealand is the only decliner, with markets closed for the Muslim festival of Hari Raya Haji in Singapore, Malaysia and Indonesia. Wall Street was stricken with war fears on Tuesday. The Dow Jones industrial average dipped 0.97 percent to 7,843.11, while Nasdaq was basically flat, down 0.09 percent to 1,295.46. (U.S. roundup) Chip maker Applied Materials gave investors more bad news after the close, disappointing on earnings and warning on the fourth quarter. Tokyo techs forge aheadBut Tokyo techs are moving forward on Wednesday as the market returns to action after a holiday on Tuesday.
Chip-equipment maker Advantest is up 2.34 percent at 5,240 yen, with Tokyo Electron up 1.68 percent to 5,440 yen. There are also strong gains for computer and chip maker Fujitsu, up 3.12 percent to 331 yen, and tape maker TDK, ahead 3.86 percent to 5,110 yen. Big caps are forging ahead, with market players speculating that the state pension fund may be buying into the market again. The largest listing, NTT DoCoMo, is up 2.54 percent to 242,000 yen, with parent NTT up 2.39 percent 429,000 yen. Mizuho Holdings, the biggest bank in the world by assets, is up 4.80 percent to 131,000 yen on a report that Merrill Lynch is in final talks to buy 150 billion yen in shares in the bank. (Full story) Car stocks and other exporters are generally higher, with a gain of 2.41 percent to 4,250 yen for Honda Motor. The yen is steady at 120.86 in early afternoon trading out of Tokyo. Hong Kong tentatively higherIn Hong Kong, the Hang Seng is up 0.24 percent to 9,216.57, showing tentative gains amid light trade. The market had opened lower but soon bounced.
Clothing retailer Esprit Holdings is down 0.65 percent to HK$15.30 ahead of earnings later in the day. Also on the earnings front, Bank of East Asia is up 2.5 percent to HK$14.35 after falling almost 5 percent the day before as it reported disappointing earnings. The bank, one of Hong Kong's smallest, is seen as a disappointing sign of things to come from the city's mid-size financial players. (Full story) Oil producer CNOOC is up 0.96 percent to HK$10.50 after the release of a new tape said to be from Osama bin Laden, pledging support for Iraq in a battle against the United States. Earnings focus in SydneyIn Australia, the S&P/ASX 200 index is basically flat, up 0.07 percent to 2,881.1 as investors react to earnings. Commonwealth Bank of Australia is down 0.31 percent to A$25.81 after it posted steady first-half numbers. (Full story)
News Corp. is up 2.63 percent to A$11.30 ahead of the media group's figures for the December quarter on Thursday. Australia's largest food group, Goodman Fielder, is steady at A$1.80 after it said profits slumped for its latest quarter. It is still trading below Burns Philp's offer of A$1.85 for the company. (Full story) Foster's Group is up 0.23 percent to A$4.38 after the beer and wine maker released its numbers on Tuesday. (Full story) New Zealand's Top 40 closed down 1.03 percent at 1,939.36, as Telecom New Zealand fell 0.66 percent to NZ$4.49. Taiwan banks prop techsIn Taiwan, the Taiex is just above water with a 0.04 percent rise to 4,620.88. Bank stocks are driving the gains, with the financial subindex up 0.99 percent, despite a slip in electronics stocks. Chip foundry TSMC, the largest listing, is down 1.93 percent to T$40.70, though rival UMC is flat at T$19.40 after gains in its U.S. shares. Screenmaker Au Optronics is up 0.86 percent to T$23.50 after posting strong January sales on Tuesday. There are still gains in some industrial plays, with Formosa Plastics up 2.03 percent to T$45.20 and Grand Petrochemical ahead 6.08 percent to T$15.70. Korean big caps upSouth Korea's Kospi is 0.27 percent higher at 577.56. with Samsung Electronics up 0.55 percent to 273,000 won as investors look for bargains. The market hit a 15-month low on Tuesday after Moody's Investors Service downgraded its long-term outlook for South Korea from positive to negative. (Full story) Steelmaker Posco is recovering from Tuesday's selloff with a 0.80 percent gain to 125,500 won. The country's largest lender, Kookmin Bank, is carrying through its strength of the day before with a 0.73 percent rise to 41,200 won. Exporters are benefiting from a weaker won, which hit a two-month low against the dollar on Tuesday. Hyundai Motor is up 1.16 percent to 875 won.
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
