| ||
| ||
| ||
 |
|
|
|||||||||||||||||||||||||||||||||||||||||||||
Asia jumps on Baghdad raid
TOKYO, Japan -- Asian stocks closed sharply higher Monday, as investors drew confidence from a raid into the center of Baghdad by U.S. forces. Markets were up from the start of trade, rising initially on reports that coalition forces were tightening their grip on most access roads into Baghdad. That -- and the later raid -- raised expectations that the conflict in Iraq may soon be over. South Korea was the region's best performer, the Kospi climbing 5.0 percent. Japan's Nikkei picked up speed in the afternoon to close 2.18 percent higher, with banks among the biggest beneficiaries. The dollar was also higher at 120.73 yen in late Asian trade on Monday, while gold and oil prices fell. Spot gold lost 1.5 percent to $320.20 an ounce. In Tokyo, the Nikkei 225 average finished at 8249.98, its highest close since March 28. The 2.18 percent gain followed a rise of 0.70 percent on Friday. The broader Topix index put on 1.89 percent to 810.58. Other Asian markets also made good gains, with Australia, New Zealand and Taiwan all up more than 1.5 percent. Singapore is almost 2 percent higher heading towards the close. The impact of the SARS disease continues to weigh on Hong Kong, where the Hang Seng index initially was in the red before putting on 1.58 percent by the close. The performance in Asia follows a modest 0.45 percent gain on Friday for the Dow Jones industrial average in New York, and a more robust result in Europe, where London's FTSE put on 1.15 percent and Frankfurt's DAX put on 3.3 percent. (Full story) Japan's big exporters, including carmakers Toyota, Nissan and Honda, and tech-related stocks such as Kyocera and Hitachi, were all higher. Mitsubishi Electric jumped 7 percent to 350 yen. The market's biggest stock, mobile phone company NTT DoCoMo, closed 4.35 percent firmer at 240,000 yen, though its parent NTT managed a gain of only about 0.7 percent to 418,000 yen. Banks jumped higher after their intra-day slumps last Friday. Mizuho, which touched a record low of 68,000 yen during Friday trade, finished 4.57 percent higher at 77,800 yen. UFJ rose 6.93 percent, while Sumitomo Mitsui Financial Group added 7.22 percent and Mitsubishi Tokyo Financial Group put on 5.95 percent. Both marked record lows before closing with gains on Friday. Video game market Nintendo gave up early gains to finish 1.24 percent lower at 9520 yen after a downward earnings revision. (Full story) Korea, Australia higher
In Seoul, the Kospi soared 5 percent higher to 585.90, its highest close since March 3. Leading automaker Hyundai Motor jumped 7.51 percent to 26,500 won and big chipmaker Samsung Electronics finished up 5.47 percent to 299,000 won. Mobile telephone company SK Telecom gained just over 5 percent to 177,500 won and big banks Kookmin, Shinhan and Chohung were also firmer. Hong Kong's Hang Seng index overcame a slow start after more SARS cases were reported, to be 1.58 percent higher at 8962.21 at the close. Banking leader HSBC was up 1.51 percent to HK$84.00. China Mobile rose 4.14 percent higher to HK$16.35 and PCCW was up 2.21 percent to HK$4.62. Taiwan's Taiex rose 1.7 percent to 4575.83 as tech-related stocks and industrials showed good gains, with chip foundries TSMC and UMC putting on 2 percent and Formosa Plastic making a similar gain to T$48.00. Singapore's Straits Times index is up 1.85 percent to 1338.03 near the close. Singapore Airlines, DBS and SingTel are all posting good gains. Australia's S&P/ASX200 put on 1.56 percent to 2979.4. News Corp, the market's biggest stock, finished 3.17 percent higher to A$11.70. The media group looks to have a clear run to bid for U.S. satellite broadcaster DirecTV. Resources leaders BHP Billiton and Rio Tinto were firmer, as were other blue chips NAB and Telstra. Shares in miner MIM were halted Monday morning ahead of an announcement later in the day that Swiss-based Xstrata plc would buy the company for $3 billion in cash and debt. (Full story) MIM last traded at A$1.60, while Xstrata said it would pay A$1.72. Airline Qantas ended 1.27 percent higher at A$3.18. New Zealand's Top 50 rose 1.52 percent to 1975.59 with Telecom NZ up 1.74 percent to NZ$4.68. Air New Zealand finished unchanged at NZ$0.48. "There is little doubt that the unfavorable impact of the war on the global economy is fading a little more each day," HSBC Chief Economist John Edwards told Reuters in Sydney. But analysts also caution that the market gains may not be sustainable and that problems in the U.S. economy may resurface once the war euphoria dims. Reuters contributed to this report.
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
