Nikkei continues to gain ground


Tokyo's Nikkei is continuing its run Friday, to be at 11,733 at midday

TOKYO, Japan (CNN) -- Technology shares led Japanese stocks higher for a second day Friday, after U.S. Federal Reserve chairman Alan Greenspan said a U.S. recovery was underway.

The Nikkei 225 stock average rose 85.22 points or 0.73 percent to 11,733.56 by midday. The broader, capital-weighted Topix index put on 1.98 points or 0.18 percent to 1100.31.

Also buoying the market was the strong performance of the yen, which was trading at 127.8 to the U.S. dollar near midday in Tokyo, after touching the 126 level in New York overnight.

The Nikkei is now at its highest level since mid-August last year, despite figures Friday showing Japan's economy shrank 1.2 percent in the December quarter from the previous quarter.

While Tokyo's gains were echoed in Taiwan and Hong Kong, some other markets in the region eased after the heady advances of the week.

Australia's benchmark S&P/ASX200 was off 18.7 points or half a percent to 3479.4 after going close to its record level of 3506 in trade Thursday.

In Seoul, the Kospi was also lower, down 7.71 points or 0.93 percent to 821.73.

Along with Japanese tech stocks, most exporters also made ground again Friday.

Consumer electronics leader Sony eased 80 yen or 1.1 percent to 7120 yen, but chipmakers Toshiba, up 2.5 percent to 573 yen, Hitachi (up 2.3 percent to 965 yen) and Fujitsu, up 2 percent to 1000 yen, all advanced.

Test equipment maker Advantest rose 1.1 percent to 11,370 yen. Kyocera rose 2.9 percent to 9550 yen.

DoCoMo, parent on the rise


The picture is mixed for banks

Japan's biggest mobile phone company NTT DoCoMo put on 10,000 yen or 0.58 percent to 1.73 million yen, while parent NTT jumped 17,000 yen or 3.35 percent to 525,000 yen.

But the picture was mixed among the big banks. Mizuho Holdings, the world's biggest bank by assets, rose 2.73 percent to 339,000 yen.

In contrast, UFJ Holdings was down more than 1 percent to 367,000 yen, Mitsubishi Tokyo Financial Group dropped 2.2 percent to 885,000 yen and Daiwa Bank lost 4 percent to 93 yen.

Automakers Toyota, Nissan and Honda were also easier, but Nippon Steel Corp gained 1.5 percent to 200 yen.

In Seoul, memory chipmakers Samsung Electronics and Hynix Semiconductor were both slightly easier as they tracked falls in the U.S.

Hynix had fallen by its 15 percent limit Thursday after doubts were voiced on its future as a stand-alone company.

News, banks fall in Australia

In Australia media giant News Corp. was down 2.25 percent to A$13.92, and major banks NAB, CBA, ANZ and Westpac also eased.

Foodmaker Goodman Fielder rose 3.4 percent to A$1.52 after reporting a reasonably strong first half net profit.

In Hong Kong, the Hang Seng index was up about 62 points or 0.55 percent to 11,250 in late morning trade.

Banking leader HSBC was up just over 1 percent to HK$92.75, while telco PCCW gained almost 2.5 percent to HK$2.075.

Mobile phone giant China Mobile rose 2 percent to HK$25.45 and rival China Unicom was also up, putting on 1.84 percent to HK$8.30.

In Singapore, the Straits Times index was down about 5 points to 1789 in late morning trade, while Taiwan's Taiex was up 24 points or 0.4 percent to 6072.