Nikkei closes at seven-month high


Technology shares led the Nikkei to a seven-month high Friday

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

The Nikkei 225 stock average rose 237.45 points or just over 2 percent to close at 11,885.79. The broader, capital-weighted Topix index put on 11.01 points or 1 percent to 1109.47.

At one point the Nikkei broke through the 12,000 level for the first time since early August last year. Its close was the highest since August 15 and represents a gain of more than 25 percent since touching an 18-year low of 9420 on February 6.

The market's gains came despite the government unveiling on Friday worse than expected GDP figures of a 1.2 percent contraction in the December 2001 quarter, compared with the previous quarter.

Also buoying the market was the strong performance of the yen, which was trading at 127.65 to the U.S. dollar late in the day in Tokyo, after touching the 126 level in New York overnight.

Australia, Korea ease


UFJ Holdings had a volatile day before closing 6.2 percent higher at 394,000 yen

While Tokyo was powering ahead, some other markets such as Australia, Korea and Taiwan eased after the heady gains of the week. Hong Kong and Singapore were just in the black, as was New Zealand.

Australia's benchmark S&P/ASX200 was off 12.3 points or 0.35 percent to 3485.3 after going close to its record level of 3506 in trade Thursday.

In Seoul, the Kospi was also lower, down 4.17 points or 0.5 percent to 825.27.

In Japan, tech stocks and some exporters made good ground.

Consumer electronics leader Sony eased 40 yen or 0.55 percent to 7160 yen, but chipmakers Toshiba, up 4.1 percent to 582 yen, Hitachi (up 2 percent to 962 yen) and Fujitsu, up 4.5 percent to 1024 yen, all made good advances.

The fourth big chip and computer maker NEC put on 21 yen or 1.87 percent to 1146 yen. Test equipment maker Advantest rose 1.1 percent to 11,370 yen. Kyocera rose 2.9 percent to 9550 yen.

Japan's biggest mobile phone company NTT DoCoMo put on 40,000 yen or 2.33 percent to 1.76 million yen, while parent NTT jumped 8000 yen or 1.57 percent to 516,000 yen.

The picture was mixed among the big banks. Mizuho Holdings, the world's biggest bank by assets, jumped a massive 33,000 yen or 10 percent to 363,000 yen.

UFJ Holdings had a volatile day, opening at 371,000 and dropping as low as 359,000 before closing 6.2 percent higher at 394,000 yen. In contrast, Mitsubishi Tokyo Financial Group dropped 2.2 percent to 885,000 yen.

Carmakers slip

Automakers Toyota, Nissan were both easier, while Honda had the sharpest fall, down 4.66 percent to 5520 yen.

Leading steelmaker Nippon Steel Corp gained 1.5 percent to 200 yen.

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

Hynix dropped 2.8 percent to 1735 won. It had fallen by its 15 percent limit Thursday after doubts were voiced on its future as a stand-alone company. Samsung Electronics was down just under 2 percent to 349,000 won.

In Australia media giant News Corp. was down 1.7 percent to A$14.00. Resources leaders BHP and Rio Tinto, along with major banks NAB, CBA, ANZ and Westpac, also eased.

Foodmaker Goodman Fielder rose 4 percent to A$1.53 after reporting a reasonably strong first half net profit.

HSBC up again

In Hong Kong, the Hang Seng index was up about 30 points or 0.2 percent to 11,208.96 near the close.

Banking leader HSBC was up 0.8 percent to HK$92.50, while telco PCCW lost 1.23 percent to HK$2.00.

Mobile phone giant China Mobile was unchanged at HK$24.95, while rival China Unicom was up 0.6 percent to HK$8.20.

In Singapore, the Straits Times index was up about 2 points to 1796 in late afternoon trade, with SingTel down 0.6 percent to S$1.67. Banking leader DBS rose 2 percent to S$14.80.

Taiwan's Taiex closed 36.5 points or 0.6 percent lower at 6011.65. Contract chipmaker TSMC fell just over 2 percent to T$91.50 while rival UMC was unchanged at T$51.50.