| ||
| ||
| ||
 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Asian markets surge into the black
TOKYO, Japan (CNN) -- Asian markets are sharply higher heading into Friday afternoon, following strong performances on Wall Street and Europe, and a share support plan unveiled by the Japanese government. The Nikkei 225 average, which set a fresh 20-year low of 7862.43 on Tuesday, is up 1.75 percent to 8006.58 at midday. The broader Topix is up 1.29 percent at 788.56. Taiwan is the region's best performer, with a gain of more than 3.3 percent, reflecting a broad advance in techs and industrials. Markets in Australia, South Korea and Hong Kong are following suit, each with gains of more than 2 percent . Singapore's Straits Times is about 1.6 percent higher. In Tokyo, Japanese blue chips are leading the way, Toyota putting on 1.85 percent to 2755 yen at the midday break and Honda up 1.51 percent to 4030 yen. Nissan has surged 3.58 percent to 811 yen. Big exporters are welcoming a rise in the dollar to a two-week high against the yen of 118.50. Sony is up 4.14 percent to 4280 yen after touching a 17-month low earlier in the week. Other consumer and tech-related stocks are also sharply higher, with Matsushita Electric Industrial up 3.54 percent to 1082 yen and Kyocera 6.03 percent higher at 6150 yen. Toshiba, Fujitsu, NEC and Hitachi are among the big gainers, up between 3 and 4 percent. The market's biggest stock, NTT DoCoMo, is up 4.29 percent to 219,000 yen. Tech bellwether Advantest has surged 7.45 percent to 4760 yen. Tokyo Electron is up 5.42 percent to 4860 yen. Support plan
Japanese stocks have been given a boost Friday by the support plan unveiled late Thursday by the Financial Services Agency (FSA). The plan makes it easier for companies to buy back their own shares and the FSA says it will discourage short-selling as part of the package. (Full story) The plan is also designed to help the big Japanese banks deal with huge losses on stock holdings that they will have to make clear at the end of the financial year on March 31. Bank stocks are mixed, with Mizuho and UFJ both down more than 1.5 percent but Sumitomo Mitsui Financial Group up 2.7 percent to 229,000 yen. Mitsubishi Tokyo Financial Group is 1.5 percent higher at 472,000 yen. Among industrials, Nippon Steel is 4.35 percent higher at 144 yen. The Nikkei average, which hit a one-year high of 12,081 in late May last year, has fallen relentlessly since then. On Thursday it closed at 7,868.56, down 0.94 percent on the day and just six points away from Tuesday's 20-year closing low. U.S., Europe rallyU.S. and European markets rallied strongly on Thursday after a run of losses that saw Europe reach six-year lows. In London the FTSE jumped more than 6 percent on hopes a war in Iraq could be delayed. In the U.S. the Dow Jones industrial average put on 3.57 percent and the tech-heavy Nasdaq rose 4.81 percent. (Full story) In Australia, where the S&P/ASX200 reached a fresh four-year low on Thursday, the market is bouncing back in Friday trade. The index is up 2.08 percent to 2756.5 early in the afternoon. Media giant News Corp, the market's biggest stock, is up 5 percent to A$10.23 on the better U.S. performance. Big resources groups BHP Billiton and Rio Tinto are up 4.72 percent and 3.54 percent respectively. Banks are also higher, as is widely held telco Telstra, up 2.25 percent to A$4.09. Insurer and funds manager AMP, which has seen its stock tumble over the past 12 months on FTSE-linked losses, is the day's big mover, up 12.56 percent to A$7.26.
In South Korea, the Kospi is 2.01 percent higher at 542.46, with big-cap Samsung Electronics up 2.07 percent to 296,000 won. Leading exporter Hyundai Motor is 4.78 percent higher at 24,100 won and steelmaker POSCO is up 2.4 percent to 98,300 won after naming president Lee Ku-taek as its new chairman. Yoo Sang-boo resigned Thursday as chairman. (Full story) In Hong Kong, the Hang Seng index is up 2.37 percent to 8996.05. Two of the biggest gainers are the flagship companies of tycoon Li Ka-shing. Conglomerate Hutchison Whampoa is up 4 percent, and property group Cheung Kong Holdings is 3.4 percent higher. HSBC and other big banks are also firmer, as are mobile phone companies China Unicom and China Mobile. PCCW is up 1.58 percent to HK$4.825. In Taiwan, the Taiex is 3.3 percent higher at 4517.75. The market's biggest stock, TSMC, is up 4.08 percent to T$45.90. Singapore's Straits Times index is 1.58 percent higher at 1251.23, with big gains for Singapore Airlines, SingTel and banking leader DBS. New Zealand's Top 50 is up about 1.24 percent to 1897.22 near the close. Telecom NZ is 1.44 percent higher at NZ$4.22.
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
