| ||
| ||
| ||
 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Asian markets again close higher
HONG KONG, China (CNN) -- Asia's key stock markets edged to a mostly higher close Friday as the U.S. and its allies launched a second wave of attacks in Iraq and also took their first casualties. South Korean blue chips were the biggest gainers, while Hong Kong and Taipei were the only major markets to suffer a decline. The region's biggest bourse, Japan, was closed for the vernal equinox national holiday and will reopen on Monday. Asia's relatively subdued performance contrasted with Thursday's strong gains, led by Japan and South Korea, that came after the U.S.-led attack on Iraq began. Analysts described financial markets as stuck in a holding pattern. Investors were torn between expectations that the war could end swiftly and worries about possible torching of oil wells, terror attacks, chemical warfare or a worsening of the North Korean crisis. "The market is hesitating and waiting for news. What happens to Saddam Hussein is key, whether he surrenders or is killed," Y.K. Chan, strategist at VC CEF Brokerage in Hong Kong, told Reuters. Asian stocks also failed to get much inspiration from Wall Street, which posted modest gains on Thursday. European markets earlier had ended lower as investors waited to see how the war unfolds. (Full story) Asian shares that were punished in the run up to the start of the war, such as Hyundai Motor, were among the best performers. The South Korean automaker rose 4.47 percent to 25,700 won, adding to Thursday's 6 percent jump. Prior to the conflict, the stock had fallen 16 percent since the start of the year. Hyundai Motor's rally helped Seoul's Kospi finish up 1.29 percent at 575.77, its fourth consecutive daily rise. Samsung Electronics, the world's top memory chipmaker, climbed 1.12 percent to 315,000 won. Australia's S&P ASX200 just managed to extend its gains into a fourth session. The index closed up 0.02 percent at 2866.7. After Australian blue chips languished 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. Oil major Woodside Petroleum rose 3.14 percent to A$11.16 as oil prices bounced off three-month lows. Australia's flag carrier Qantas Airways, which normally suffers from oil price spikes, rallied 2.99 percent to a one-month high of A$3.45 as investors bet on a quick end to the U.S.-led offensive in Iraq. In New Zealand, the Top 50 index climbed 0.31 percent on heavy turnover to 1908.30. Air New Zealand put in a strong showing, with a rise of 8 percent to NZ$0.54. Singapore's Straits Times index extended its winning streak to four days, ending at a seven-week high of 1,326.15, up 1.37 percent on the day. The close was its best level since January 28 when it closed at 1,339.69. Banks were favored with OCBC hitting its best close in two-months at S$9.90, up 2.59 percent after it was revealed chief executive David Conner bought almost S$1 million ($566,000) worth of OCBC shares. Hong Kong blue chips were mixed at the close. The Hang Seng Index was down 0.17 percent at 9,179.19. Telecom PCCW, which announced a loss Thursday of almost $1 billion for 2002, fell 4.95 percent to HK$4.80. ( Full story) Hutchison Whampoa, which also released earnings Thursday, slipped 0.64 percent to HK$46.40. (Full story) Taiwan's Taiex finished 0.27 percent lower at 4586.92. The market's biggest stock, chip foundry TSMC, lost 0.21 percent to T$48.50. Heavily weighted technology issues lost momentum after the market surged nearly 8 percent in the previous two weeks.
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
