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HK and Australia gain, Japan split
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets are treading water going into Friday afternoon, with Tokyo's main indexes split and the rest of the region showing slight gains. The Nikkei 225 average ended the morning up 0.48 percent at 8,399.56, but it has moved into negative territory as the afternoon session starts, down 0.16 percent. The Topix was up 0.44 percent at 822.80 at noon and is still in the black in early afternoon trade. There are gains for stocks in Hong Kong and Australia, both up less than 0.3 percent, and for Singapore, where the market is putting on almost 1 percent. But South Korean stocks are lower by almost 1 percent, and Malaysian stocks are down. Taiwan is closed for the Peace Memorial Day holiday. U.S. stocks advanced on Thursday, with the Dow Jones industrial average closing up 1.0 percent to 7,884.9 and Nasdaq adding 1.55 percent to 1,323.94. (U.S. roundup) Sega jumps in TokyoIn Tokyo on Friday, the market opened higher after Wall Street's rise but is losing its headway as the day progresses.
The yen has weakened slightly to 117.44 to the U.S. dollar, giving exporters a little relief. Honda Motor is up 2.37 percent to 4,320 yen, with Sony flat at 4,470 yen. Video game maker Sega Corp. jumped 15.6 percent to 740 yen after the Wall Street Journal stated Friday that Microsoft Corp. and Electronics Arts are both considering bids for the company. Rival Nintendo is up 2.85 percent to 9,390 yen on the merger mania. Bank stocks are generally lower, though Mizuho Holdings is flat at 103,000 yen after a tumultuous Thursday. Traders said pension funds stepped into the market to stem selling, which has resumed Friday, driving UFJ Holdings down 3.45 percent to 140,000 yen. Elsewhere on the financial front, Nomura Holdings is up 0.72 percent to 1,407 yen, reflecting some bullish market sentiment. In Hong Kong, the Hang Seng is up 0.2 percent at 9,152.31, with utilities and property developers inching forward. Hongkong Electric is up 0.51 percent to HK$29.75, a gainer as defensive investors lock in positions. Hong Kong China & Gas is up 1.57 percent to HK$9.70. HSBC is steady at HK$83.50 ahead of earnings on Monday, while subsidiary Hang Seng is up 1.19 percent to HK$85.00. Legend Group, the biggest computermaker in mainland China, is up 0.75 percent to HK$2.675 after Nasdaq's overnight gains. In Australia, the S&P/ASX 200 index is also moving cautiously ahead, up 0.26 percent to 2,803.4. Telecom stock Telstra Corp. is topping the volume again, one day after its earnings. Telstra is down 1.23 percent to A$4.03 after reporting a 44 percent fall in profit. News Corp. is up after U.S. stock gains, adding 2.48 percent to A$10.35. That is propping a market that is seeing falls for airline Qantas and other big caps such as BHP Billiton. Fund manager and insurer AMP is setting a new record low again, down 3.31 percent to A$7.01 after disappointing results this week. New Zealand's Top 40 closed up 0.37 percent to 1,880.85 despite a 1.17 percent fall for Telecom New Zealand. The New Zealand stock exchange will replace the Top 40 with a Top 50 index starting next week, to reflect the market more accurately. South Korea lower
South Korea's Kospi index is down 0.87 percent to 577.41, with the largest listing, Samsung Electronics, off 0.88 percent to 281,000 won on fears of lower chip prices. Bank stocks are down with tensions with North Korea likely to raise the cost of borrowing in international markets. But most other big caps are generally higher. Steelmaker Posco is up 0.92 percent to 110,000 won, with gains also for LG Electronics, another favorite of overseas fund managers. Singapore's Straits Times index is up 0.86 percent to 1,282.18, the strongest showing in Asia. Banks UOB is ahead 0.95 percent to S$10.60, with DBS Group up 0.52 percent to S$9.65. There are also advances for Singapore Airlines, up 0.53 percent to S$9.45, and Creative Technology, up 0.90 percent to S$11.20. Malaysia's market is lower, with the Kuala Lumpur composite down 0.48 percent to 649.29.
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