Tokyo moves higher but Asia slips at close


The gainers outdid the losers by about five to one on the Tokyo stock exchange on Thursday, but Asian markets ended lower

staff and wire reports

HONG KONG, China -- Asian stocks drifted generally lower on Thursday, but the largest market, Tokyo, climbed.

The Topix index staged a strong rebound, gaining 1.67 percent at the close to 1,105.16. Many market professionals cite it as the best measure of the broader market.

The tech-oriented Nikkei 225 index rebounded from early losses to end up 0.82 percent at 11,738.69. That took it to an eight-week closing high.

Australia also closed on a gain. But most other markets were down, with South Korea losing half a percent and Taiwan falling almost 2 percent. New Zealand also lost ground.

Hong Kong ended flat, down 5.59 points or 0.055 percent to 11,832.77.

Singapore is trading lower by almost one percentage point in late afternoon. Indian stocks are down slightly more as afternoon gets going there.

Broad jump in Japan

In Tokyo, the broad market moved overwhelmingly higher, with gainers outdoing losers about fivefold.


Car companies are up on recent upbeat earnings and a weaker yen

Nissan, Toyota and Honda all climbed, with the yen further helping their prospects. It weakened to 127.53 to the U.S. dollar late in the trading day.

Large electronics exporters such as Sony, up 0.14 percent, and Toshiba, up 0.73 percent, were also fired up by the yen.

Cell-phone leader NTT DoCoMo rose 3.87 percent to 322,000 yen. Parent NTT rose 3.2 percent to 514,000 yen.

Japan Tobacco said after the end of trade that profit fell around 16 percent last year. Its stock ended up 2.32 percent at 793,000 yen.

Wine companies higher after Lion roars

In Australia, the S&P/ASX 200 index rose 0.57 percent to 3,395.3.

News Corp. gave back some of yesterday's gains. It dipped after a morning rise to end down 1.4 percent to A$13.39.

Beer and wine merchant Lion Nathan was up 2.8 percent to A$4.80, after posting better-than-expected first-quarter profits. Rival Foster's Group climbed 1.91 percent to A$4.81.

In New Zealand, the Top 40 closed 0.56 percent lower at 2,073.59. Air New Zealand was the most active stock, down 1.8 percent at NZ$0.55.

It topped Telecom New Zealand, which finished 2.2 percent lower at NZ$4.97.

Hynix up on management cuts

In Seoul, the benchmark Kospi index closed down 0.53 percent at 858.04.

Troubled Hynix Semiconductor soared 12 percent, to 830 won, and was the most active stock. It announced plans to trim management by 30 percent.

KT Corp. climbed 1.5 percent to 54,800 won. LG Electronics fell 3.4 percent to 52,000 won after saying it would buy a 3 percent stake in the telecom company (full story).

Taiwan's Taiex closed 1.85 percent lower at 5,801.47. It got no boost from Nasdaq's 0.38 percent jump overnight. The Dow fell 0.53 percent (full U.S. roundup).

Taiwan's electronics stocks fell 2.5 percent, breaking with techs in the United States after recent gains.

Taiwan Semiconductor Manufacturing Co., off 1.67 percent to T$88.50, and United Microelectronics Corp., down 2.94 percent at T$49.50, were both lower.

Hong Kong ends down

Hong Kong's Hang Seng index ended down 0.05 percent, essentially flat at 11,832.77.

It was dragged under par by broadcaster TVB, off 3.17 percent to HK$36.80, after it applied for an extension on selling off its interest in Galaxy, a pay-TV company.

In China, Shanghai B shares finished down 0.49 percent. Guangxia, a popular investment and a biomedical company, declared it had been fined for falsifying profits from 1998 to 2001.

In Singapore, the Straits Times index stands at 1,731.87 in late trade.

Indian stocks are lower again, the main Mumbai index off 1.07 percent just past 1 p.m. on tensions with neighbor Pakistan.