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Asia closes higher on tech gains
TOKYO, Japan (CNN) -- Asian markets closed sharply Monday, buoyed by Wall Street's tech gains last Friday and a slight easing of tensions over Iraq. Tech-sensitive markets South Korea and Taiwan showed some of the region's best advances, both finishing more than 2 percent higher. Singapore and Hong Kong closed up 0.42 percent and 1.6 percent respectively. In Tokyo, the Nikkei 225 average jumped 1.52 percent to 8,490.40, while the broader Topix index showed a more modest rise of 0.84 per cent to 825.63. Japanese exporters such as Toyota notched up good gains, but the country's big banks again lost ground. Mitsubishi Tokyo Financial Group plunged more than 7 percent. Australia's S&P/ASX200 finished 0.57 percent higher, while New Zealand's new Top 50 index ended its first day just in the black, up 0.28 percent to 1,886.12. (Full story) Monday's strong showing in Asia followed Wall Street's performance on Friday, when the tech-heavy Nasdaq closed 1.03 percent higher at 1,337.52 and the Dow Jones industrial average put on 0.08 percent to 7,891.08. (Full story) The U.S. currency also was stronger, trading at 118.10 yen late in Asia's day, up from 117.73 yen at the close of trading Friday. In Tokyo, one of the biggest gains was for Internet investor Softbank, which jumped 10.76 percent to 1,730 yen after confirming that it will sell part of its stake in Yahoo Japan to help fund the expansion of its broadband business Yahoo BB. (Full story) Banks down again
But major banks fell again on concerns about their capital-raising plans. Mitsubishi Tokyo Financial Group, which is due to price its ordinary share offer this week, fell 7.44 percent to 485,000 yen and Mizuho Holdings lost 5.14 percent to 99,600 yen. UFJ Holdings slipped 0.72 percent lower to 138,000 yen and Sumitomo Mitsui Financial Group ended down 5.07 percent to 262,000 yen. Toyota, Japan's biggest carmaker, jumped 2.7 percent to 2,850 yen, Nissan rose 1.69 percent to 902 yen and Honda added 2.55 percent to 4,430 yen. Fuji Photo Film, the world's second-largest maker of photographic film, rose 1.07 percent at 3,790 yen. The market's biggest stock, mobile phone service NTT DoCoMo closed 2.24 percent higher at 228,000 yen, while parent NTT and rivals KDDI and Japan Telecom also were higher. U.S. chip giant Intel's 3.4 percent rally last Friday helped tech stocks. Kyocera rose 2.09 percent to 6,340 yen and Mitsubishi Electric jumped 6 percent to 335 yen. In Seoul, the Kospi finished 2.54 percent higher at 590.04, led by a gain of 5.5 percent for market heavyweight Samsung Electronics to 295,000 won. Monday's share market gains followed an announcement from South Korea's Commerce Ministry that the country's trade deficit nearly quadrupled in February from a month earlier as imports soared on higher oil prices. Exports were dented also by a sluggish global semiconductor industry. (Full story) Big exporter Hyundai Motor rose 3.39 percent to 25,950 won and LG Electronics finished 3.72 percent higher at 41,800 won. SK Telecom, rival KT Corp and Kookmin Bank also made good gains. In Australia, big-cap stocks led the broader market higher. Media group News Corp rose 2.16 percent to A$10.27 and telecom leader Telstra firmed 2.75 percent to A$4.11. Among big banks, NAB did best with a gain of 1.8 percent to A$29.42. But troubled insurer and funds manager AMP continued to fall, losing another 3.29 percent to A$6.77. It is now down 40 percent for the year and is barely a third of its share price a year ago. (Full story) Aristocrat Leisure fell 1.12 percent to A$1.76 after purging its U.S. management ranks. (Full story) Taiwan's Taiex finished 2.13 percent higher at 4,526.69 on tech strength, with TSMC, the market's biggest stock and the world's biggest chip foundry, up 4.76 percent to T$44.00. In Hong Kong, the Hang Seng index is 1.9 percent higher near the close, buoyed by a 1.5 percent gain for banking leader HSBC. The world's No. 2 bank by market capitalization will report earnings later Monday. Hong Kong's business activity showed a slight pickup last month, according to a new survey. (Full story) Singapore's Straits Times index is 1.2 percent higher at 1,289.34 near the close, with good gains for Singapore Airlines and SingTel. But bank DBS is down slightly.
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