Asian stocks rebound with Japan well up


Japan's strong run and this fan's cheers in the soccer World Cup ended on Tuesday, with a 1-0 defeat to Turkey

HONG KONG, China -- Asian stocks jumped back into the black on Tuesday, with Japan rising more than 1.5 percent.

The Topix came off its worst one-day loss in 2002 to gain 1.53 percent, leaving it at 1041.40. The Nikkei 225 climbed 1.65 percent to 10,839.93.

South Korea closed with an almost negligible gain, while Taiwan posted a loss of a similar amount.

But stocks in Australia moved ahead, and New Zealand's market climbed to a 22-month high.

Hong Kong gave back earlier strong gains but still closed in the black by a small amount. Singapore is up almost 1 percent heading into the close.

In Japan, stocks were rebounding from four days of losses. But early buying gave way during the day.

Techs get a boost

Toshiba Corp. leaped 4.2 percent to 501 yen, with rivals Fujitsu up 0.82 percent to 856 yen and NEC moving ahead 1.04 percent to 875 yen.


Japan's stock market rose solidly Tuesday, but Japan's defense lapsed at key times in their first knock-out game

Techs got a boost from a strong showing from Nasdaq on Monday, with that U.S. index moving ahead 3.23 percent. The Dow gained 2.25 percent (Monday roundup).

Some of the bigger issues moved ahead, including carmaker Toyota Motor Corp., up 3.25 percent to 3180 yen.

Matsushita Electric Industrial climbed 1.98 percent to 1,648 yen. It said Panasonic sales are on track for a 30 percent leap for the June quarter (full story).

The yen is relatively stable on Tuesday, slightly weaker at 124.67 to the U.S. dollar in early London trade. It traded in a narrow range for the Asian day.

HSBC up more than a point

Hong Kong's Hang Seng index closed up 0.18 percent at 10,852.04.


This fan was cheering both Turkey and Japan, and South Korea is still to take on Italy in an evening game

HSBC Holdings, the largest counter, posted a solid gain. It closed up 1.4 percent to HK$90.25, recouping some of its losses stemming from uncertainty in Latin America.

Airline Cathay Pacific was another strong gainer, up 0.83 percent to HK$12.15 after saying cargo jumped 21 percent in May. Passengers increased 2.1 percent.

Sources suggest the Bank of China is ready for a July listing, though it has not confirmed the move (full story).

In South Korea, the Kospi finished up 0.03 percent, essentially flat at 809.40.

The world's largest memory chipmaker, Samsung Electronics, came back from strong early gains but still closed up 1.1 percent at 363,000 won.

Big caps gain in Seoul

Carmaker Hyundai Motor Co., another favorite of overseas investors, bumped up 1.0 percent to 40,200 won after averting a strike with its union over wages.

SK Telecom climbed as much as 2.6 percent during the day, with support riding high for the national soccer team. They play in a knock-out World Cup game against Italy tonight. But SK, which is a main sponsor of the Red Devils, ended flat at 270,000 won.

In Taiwan, the Taiex closed down 0.03 percent at 5536.42 after posting a rise for most of the day.

The electronics index moved ahead but less than Nasdaq, putting on 0.83 percent.

Chipmaker Winbond Electronics rose 2.91 percent to T$21.20.

News Corp. ahead in Sydney

In Australia, the S&P/ASX 200 index rose 0.37 percent to 3,311.9.

News Corp. led a big-cap surge, jumping 2.2 percent to A$11.86. But Telstra Corp. left its early gains to close 0.2 percent lower at A$4.61.

Foodland reached a record high during the day, and ended up 3.2 percent at A$19.61, after putting through its equity sale to fund its takeover of Woolworths New Zealand.

New Zealand's Top 40 index closed up 1.07 percent, at 2161.26. It hit its highest point since August 2000 during the day.

Telecom New Zealand gained 1.14 percent to NZ$5.31.

Singapore is up 0.8 percent heading towards the close, with the Straits Times index sitting at 1610.56. Banks such as DBS Group and other large-cap stocks have led the gains.

But one investor said it was the push from Wall Street and recent losses in Singapore that had driven the gain.

Reuters contributed to this report.