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Japan rebounds to join Asian gains
By Alex Frew McMillan
HONG KONG, China -- Japanese stocks rebounded in late trade to join the rest of Asia in posting a gain by the close. The Nikkei average bounced back in very late trade to end on a 0.36 percent gain, at 8,757.51. It was down 1.46 percent at lunchtime and spent most of the day in the red. The broad Topix index came back to close essentially flat, up 0.03 percent to 872.13. South Korea roared ahead more than 3 percent on a large rise from market heavyweight Samsung Electronics. Hong Kong closed up more than 1 percent. Australia and Taiwan both rose almost 1 percent. Markets in New Zealand were closed for the Labour Day holiday. Sony up ahead of earningsIn Tokyo, tech gains turned around initial disquiet on the policy front, with banks still bracing for a key report on bad loans and a package to combat deflation. Data released Monday showed retail sales declined again in September. (Full story) UFJ Holdings fell 1.9 percent to 155,000 yen, with Mizuho Holdings was off 0.61 percent to 162,000 yen. But both showed steeper losses in morning trade.
Sony Corp. rose 1.86 percent to 5,490 yen ahead of earnings. It said after the close that it returned to a profit for the September quarter, having posted a loss the same time last year. (Full story) Honda Motor Co. fell 2.13 percent to 5,060 yen ahead of its own earnings. After the bell, it revealed a 2.7 percent rise in operating profit. (Full story) Car stocks were weaker across the board after some recent strong gains. Toyota Motor fell 0.95 percent to 3,130 yen. Only Mazda Motor made it into the black, up 0.74 percent to 273 yen. Toshiba Corp. fell 3.59 percent to 295 yen after reporting earnings last week. (Full story) Volume was very low in Tokyo as investors wait for a bank report and deflation package on Wednesday. Financial Services Minister Heizo Takenaka met with bankers again on Monday to sell his proposals for the banks, but met with heavy opposition. There are signs his task-force plan will be watered down when it comes out. (Full story) South Korea surges over 3 percentIn South Korea, the Kospi raced ahead 3.39 percent to 678.14, its highest close since September 23.
Memory chipmaker Samsung led the way with a 6.13 percent leap to 173,000 won, aided by a rise in chip prices. Hynix Semiconductor ran up the daily 15 percent limit to 590 won. Technology stocks had a field day, Samsung SDI Co. surging 6.67 percent to 81,600 won, again because of the gain in chip prices. Cell-phone company SK Telecom added 1.56 percent to 227,500 won, with both overseas and domestic investors buying into the market. Investors in Seoul are feeling more confident after Korea's finance minister said last week the economy could grow 6 percent next year. (Full story) In Taiwan, the Taiex finished up 0.82 percent at 4,601.37, its highest in six weeks. Investors throughout Asia were spurred by another gain on Wall Street on Friday, where the Nasdaq rose 2.5 percent and the Dow Jones industrial average put on 1.52 percent. But electronics stocks finished lower on Monday in Taipei. Memory chipmaker Winbond Electronics broke with its tech peers to post a 2.62 percent climb to T$19.60. Banks, the second-largest factor driving the Taipei market, had a strong day. First Commercial Bank climbed the daily 7 percent rise to T$21.10. Big caps up in AustraliaIn Australia, the S&P/ASX 200 index ended 0.88 percent higher at 3,035.6. News Corp. propped the market with a 2.3 percent rise to A$10.88. Telstra Corp. also arrested its slide, adding 0.84 percent to A$4.79. Banks, too, were stronger, NAB climbing 1.4 percent to A$33.56, with CBA and Westpac also higher. BHP Billiton rose 1.36 percent to A$9.75 as mining stocks advanced. Rio Tinto was flat at A$32.45. Broad rise in Hong KongHong Kong's Hang Seng index finished up 1.35 percent at 9,853.74, with only one of the index's 33 components falling for the day. Hang Seng Bank was the only loser, down 0.29 percent to HK$84.75. It was a strong day for property stocks, as the government said it may suspend sales of land and subsidized apartments to boost real-estate prices. Cheung Kong Holdings rising 2.33 percent to HK$55.25. Sun Hung Kai Properties was up 1.7 percent to HK$50.75. Conglomerate First Pacific jumped 4.88 percent to HK$0.86 on a report it plans to sell its stake in Philippine Long Distance Telephone Co. to U.S.-based Newbridge Capital. China Mobile climbed 1.95 percent to HK$20.95, with China Unicom up slightly. Singapore's Straits Times index is up 0.57 percent at 1,480.56 in late trade. Singapore Airlines is up 1.80 percent at HK$11.30 after earnings on Friday. (Full story) Chartered Semiconductor is flat at HK$0.94 after warning on sales for the rest of the year. (Full story)
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