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Asian markets hold onto gains
SYDNEY, Australia (CNN) -- Asian markets are holding onto narrow gains at midday Friday after a slow start. South Korea is again showing the biggest rise. Australia, Hong Kong, Singapore and New Zealand are all slightly higher, while Taiwan is just in the red. The region's biggest market, Japan, is closed for the vernal equinox national holiday and will reopen on Monday. The subdued start in Asia follows Thursday's strong gains, led by Japan and South Korea, that came after the U.S.-led attack on Iraq began. But the overall picture for global equity markets remains unclear, with Wall Street posting modest gains Thursday, and European stocks ending lower as investors wait to see how the war unfolds. (Full story) On the currency front, the U.S. dollar is firmer against the yen, trading at 120. 34 in Asia. Gold is half a percent higher at $333.20 and oil for May delivery is at $28.39 in NYMEX after-hours trading. In early afternoon trade, Australia's S&P/ASX200 is up 0.10 percent to 2869.0, lifted by a gain of almost 2 percent to A$11.30 for the market's biggest stock, media group News Corp. In South Korea, where the Kospi index surged almost 5 percent on Thursday, the market is up about 0.8 percent near midday. The Kospi is standing at 572.57, with Samsung Electronics, one of the biggest gainers on Thursday, up 0.16 percent to 312,000 won. Big exporter Hyundai Motor, which jumped more than 6 percent Thursday, has added another 4.47 percent to 25,700 won. SK Telecom is flat at 160,000 won. Data released Friday morning shows that growth in private consumption in South Korea is slowing. Gross domestic product grew 6.8 percent in the fourth quarter of 2002, and 6.3 percent for the year overall. (Full story) In New Zealand, where the Top 50 index is a third of a percent higher at 1908.56 near the close, Air New Zealand is the big gainer, up 6 percent to NZ$0.53. Australia higher
In Australia, where the market was languishing at four-year lows last week, traders are forecasting brisk demand on Monday if the U.S.-led attack on Iraq shows early signs of success over the weekend. Australian carrier Qantas is 2.4 percent higher at A$3.43. Other Australian stocks to show strength are telecom leader Telstra, up 0.75 percent, oil and gas producer Woodside Petroluem, up 2.3 percent to A$11.07, and shopping center giant Westfield, up 0.76 percent to A$13.28. But big banks are relatively flat and resources leader BHP Billiton is 0.2 percent lower at A$9.45. Singapore's Straits Times opened 0.16 percent lower and is flat at 1308.23 near midday. Singapore Airlines, which announced on Thursday it was suspending 65 services because of softer passenger demand, is down about 1 percent. Taiwan's Taiex is down about half a percent to 4575.52. The market's biggest stock, chip foundry TSMC is 0.4 percent lower at T$48.40. In Hong Kong, the Hang Seng index is 0.14 percent higher at 9205.13 at midday, with big bank HSBC flat at HK$83.75. Telecom PCCW, which announced a loss Thursday of almost $1 billion for 2002, is down 5.45 percent to HK$4.775. ( Full story) Hutchison Whampoa, which also released earnings Thursday, is up 0.64 percent to HK$47.00. (Full story)
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