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Tokyo holds onto gains
HONG KONG, China -- Asian stock markets ended mainly higher Wednesday as some investors reacted positively to signs of a civil uprising in southern Iraq, while others preferred to take a wait and see approach to the war. Japan, Australia and Singapore posted the biggest gains, while Taiwan, Hong Kong and South Korea showed marginal losses. Japanese blue chips attracted buyers after a rebound on Wall Street, though share selling by banks eased ahead of the fiscal year-end on March 31. Tokyo's Nikkei 225 rose 1.37 percent to 8351.92. The broader Topix added 1.13 percent to 821.43, its fifth advance in six sessions. Wall Street finished higher on Tuesday, with the tech-heavy Nasdaq putting on 1.55 percent and the Dow Jones industrial average closing 0.8 percent up at 8280.23. Reports from Basra, Iraq's second biggest city, of a revolt against forces loyal to Saddam Hussein helped restore confidence on Wall Street a day after U.S. stocks posted the year's biggest percentage losses. (Full story) NTT Docomo, the largest issue on the Tokyo bourse, rose 1.76 percent to 231,000 yen after a six percent dive in the previous session. Consumer electronics giant Sony erased some of Tuesday's 2.41 percent drop with a rise of 0.22 percent to 4,460 yen. Video game maker Nintendo rose 1.65 percent to 9,880 yen as it prepares to launch its revamped Game Boy Advance console on the European market. (Full story) With the financial year drawing to a close next week, big banks have been a focus of attention. They showed some strength, with UFJ Holdings up 3.45 percent to 120,000 yen and modest rises for Mizuho, MTFG and SMFG. Shiseido higher
Shiseido, the world's fourth biggest cosmetics maker, slipped 0.86 percent to 1,269 yen. A day earlier, Shiseido's President Morio Ikeda said the company was on track to meet forecasts for record profits and sales in the year to March 31, reversing two years of losses. (Full story) All Nippon Airways, Japan's number-two airline, was another notable loser, tumbling 8.14 percent to 237 yen amid concerns that the war in Iraq will depress air traffic. In Australia, the S&P ASX 200 index finished up 1.32 percent at 2,892.1, ending a two-day drop. News Corp., the world's fifth-largest media company, rallied 4.19 percent to A$11.18. Financial issues also drove the market higher, with National Australia Bank, Westpac, ANZ and CBA all rising between one and three percent. Shares of widely-held phone company Telstra ended 1.52 percent higher at A$4.02. New Zealand's Top 50 index edged up 0.14 percent to 1.908.16, largely missing out on the region's rally. National carrier Air New Zealand fell 3.85 percent to NZ$0.50; while Telecom New Zealand ended unchanged at NZ$4.22. Singapore blue chips managed a second straight day of gains. The Straits Times index closed the day up 1.04 percent at 1,325.00. Bargain hunting in Singapore Press Holdings (up 1.63 percent to S$18.70) led trading along with bank stocks. DBS Group Holdings rose 1.58 percent to S$9.65, while rivals OCBC Bank ended 1.54 percent firmer. United Overseas Bank was steady at $10.80. Asia's other major stock markets posted minor falls on Tuesday. In Seoul, the Kospi wiped out an early rise of more than one percent to close down 0.03 percent at 554.79. Brokers blamed the reversal of fortune on worries about developments in the U.S.-led war in Iraq. Also weighing on investors' minds is the situation with North Korea, which at the weekend abruptly cancelled economic cooperation talks due to be held Wednesday. Market heavyweight Samsung Electronics lost 0.65 percent to 304,000 won. Hong Kong's Hang Seng index finished 0.17 percent weaker at 9.047.09. HSBC Holdings, the city's largest bank, was unchanged at HK$82.50. But export stocks were higher on expectations that the war in Iraq may end quickly without serious damage to the U.S. economy. Garment supply chain manager Li & Fung added 3.64 percent to HK$8.55 making it one of the top blue chip winners. In Taipei, the benchmark Taiex ended 0.06 percent lower at 4,496.05. Tech shares provided some support to the market thanks to buying interest from overseas funds. Contract chipmaker TSMC rose 0.86 percent to T$47.00. Reuters contributed to this report.
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