Asian markets end up again


Technology stocks helped lift Tokyo's Nikkei to a 1.3% gain Thursday

By staff and wire reports

HONG KONG, China -- Asian markets held onto their gains Thursday. Though they dropped back off morning highs, they held onto a heady rise from the day before.

Technology buying sparked the Nikkei, which gained 1.3 percent to close at 10,857.28.

The market shook off news of another corporate failure, as construction company Aoki Corp. said in the afternoon that it had filed for protection from creditors.

Asahi Bank Ltd., one of its main creditors, fell 4.2 percent to 92 yen. The collapse also hit other construction stocks.

Techs still running on chip optimism

But gains in companies like Advantest, which makes chip-testing devices, offset the drops. Advantest was particularly strong, up 8.3 percent to 8,620 yen on a more positive view of the chip industry.

Tokyo's broader Topix index rose 1.02 percent to end at 1,058.03.

Stocks closed narrowly up in Australia and put on more than 1 percent in New Zealand.

They fired ahead in Taiwan, where the Taiex ended up 5.8 percent at 5,208.86, warming to Nasdaq's 4.3 percent rise in the U.S. Wednesday.

South Korea's Kospi index, which is now up 50 percent from its September low, suffered a setback, though, down 0.25 percent at 686.61.

Hong Kong locked in a solid day's gains. In Singapore, investors bid stocks up in late trade.

Indian shares were up more than 1.5 percent going into the afternoon.

Aoki collapse considered positive by some

In Japan, trading was active as the market got a boost from the Dow Jones industrial average's 2.2 percent rise overnight. That nudged the Dow past 10,000 to close at 10,114.29.

Collapses like Aoki's have been intensifying, but investors have taken heart from them, viewing them as signs Japan's banks are finally getting tough on problem borrowers.

Mizuho Holdings, the world's largest bank and another key Aoki creditor, in fact closed up 2.1 percent at 294,000 yen.

Other techs were also up, with electronic parts maker TDK jumping 8.2 percent to 6,710 yen.

Japan reports gross domestic product on Friday that is almost certain to make official its fourth recession in a decade.

Australia up on News, Telstra

In Australia, the S&P/ASX 200 index ended the day almost where it began it, up 0.15 percent at 3,352.8.

The index would have posted a loss if not for its two biggest listings.

News Corp. rose 5.7 percent to A$15.69, its highest close since September 5. It gets 70 percent of its sales in the United States, and is benefiting from the rosier outlook there.

There's some chance U.S. regulators might block a bid for Hughes Electronics by EchoStar, which might rekindle News Corp.'s hopes to lock in the company.

Sydney's second-largest listing, the telecom company Telstra, was the most active stock. It rose 2 percent to A$5.45.

Bank stocks were down again.

One fund manager said investors seem to be switching money out of safer markets like Australia in favor of riskier plays like Korea and Taiwan.

New Zealand's market rose a solid 1.3 percent to 2,075.47. Telecom New Zealand, the largest stock, rose 2 percent to NZ$5.10.

Taiwan fires ahead 5.77 percent

Taiwan's stocks were on fire again on Thursday, the benchmark Taiex climbing 5.8 percent to 5,208.86.

That puts them close to a six-month high. The chip-driven market got a frisson from Nasdaq's 4.3 percent climb overnight, then outdid that.

Taiwan's electronics subindex ended the day up 5.7 percent, and its banking stocks ran up 6.56 percent.

China Development Industrial Bank topped the most-active list, Taiwan's largest investment bank hitting the daily 7 percent one-day limit for a move in Taiwan to close at T$21.60.

A host of tech stocks rose the daily limit, not least among them Taiwan Semiconductor Manufacturing Co. Taiwan's largest listing ended at T$89.

Winbond Electronics also went limit-up to end at T$17, as did Macronix at T$28.

South Korea slightly off

In Seoul, the main South Korean index dropped 0.25 percent. The Kospi ended at 686.61.

Big-cap stocks were selling off after four days of heady gains.

Seoul's second largest stock, mobile-phone company SK Telecom, fell 5.3 percent to 269,000 won.

The largest listing, chipmaker Samsung Electronics, continued its rise, up 3.97 percent to 275,000 won.

Korean Air Lines, the country's largest airline, rose the daily 15 percent limit for a one-day move in Korea and ended at 8,910 won.

Asiana Airlines, the No. 2 carrier, climbed 12 percent to 2,910 won.

In Hong Kong, the Hang Seng index ended up 0.58 percent at 11,745.84 in a choppy day's trade.

Property developer Cheung Kong Holdings, the third-largest stock, ended up 1.54 percent at HK$82.75. After a morning jump, it went into the noon break with a slight loss.

Investors are betting that Hong Kong's property market has leveled out.

Hong Kong's China technology plays fared well. China Mobile, the country's largest cell-phone operator, rose 1.6 percent to HK$28.80.

The largest computer maker, Legend Holdings, rose 6.04 percent to HK$3.95.

On the mainland, China's B shares, open to overseas investors, rallied after Wednesday's drop. The Shanghai B share index rose 1.29 percent to 169.032, putting it above its September 11 close for the first time.

The Shenzhen B share index hasn't reached that level yet but was up 1.4 percent.

Singapore's Straits Times index was up 0.95 percent at 1,608.38 in the last hour of trade but losing ground after rising more than 2 percent earlier in the day.

The Mumbai index was continuing to gain pace, up 1.55 percent at 3,462.62 in early afternoon.