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Japan, Korea close on a high
HONG KONG, China (CNN) -- Most Asian markets closed higher Friday, with Japan managing to hang onto modest gains and South Korea up strongly. But Hong Kong closed more than 0.75 percent lower, and Singapore ended down almost 1 percent. Japan's Nikkei 225 average ended 0.42 percent higher at 9,215.56, consolidating Thursday's run of more than 3 percent. It hit a new two-month high of 9,294 during the session. The broader Topix index put on 0.52 percent to 892.71, ahead of a bank reform timetable due for release later Friday. At one point the Topix crossed the 900-point mark for the first time since late September. South Korea's Kospi notched up the region's biggest gain, closing 1.44 percent higher at 724.80. Taiwan's Taiex added 0.74 percent, Australia's S&P/ASX 200 rose 0.59 percent to 3061.4 and New Zealand's Top 40 was up 0.26 percent. Most markets were still feeling the effects of Thursday's strong run. (Full story) There was no guidance from U.S. markets on Friday, with Wall Street closed for the Thanksgiving holiday on Thursday and many investors making a long weekend of it. Chip-computer stocks up in TokyoIn Japan, the strength came from select techs, including Hitachi, up 5.25 percent to 521 yen, and Fujitsu, up 4.04 percent to 438 yen.
NEC rose 4.8 percent to 523 yen and Mitsubishi Electric finished 5.14 percent higher at 348 yen. The telecom sector rose early, and No. 2 cell-phone operator KDDI firmed 3.32 percent to 404,000 yen. But industry leader NTT DoCoMo dipped 1.6 percent to 248,000 yen and parent NTT lost 0.62 percent to 482,000 yen. Toyota finished unchanged at 3,220 yen after confirming it has applied for a banking license in the United States to improve its competitive position there. (Full story) Big banks are mixed, with Mizuho Holdings down 0.7 percent, UFJ Holdings 1.56 percent lower and Mitsubishi Tokyo Financial Group 0.82 percent higher at 740,000 yen. Fifth-ranked Resona Holdings is up 4.5 percent to 69 yen. The yen is slightly firmer at 122.45 to the dollar. Japan said Friday that its jobless rate rose back to record levels, at 5.5 percent for October. That matches the rate seen last December, with 3.62 million people out of work. (Full story) There was more negative news from figures on industrial production, which showed it unexpectedly slipped 0.3 percent in October, compared with the month before. News, Telstra up Down UnderIn Australia, the S&P/ASX 200 index rose 0.59 percent to 3,061.4, with market heavyweight News Corp. up again, 1.68 percent higher at A$12.70. It has gained on the suggestion of strength in the United States, its main source of sales. Telecom stock and No. 2 listing Telstra Corp. rose 1.11 percent to A$4.57, still gaining from the government postponing its full privatization by at least a year. It also announced a reshuffle of operations and management that was welcomed by analysts. Mining stocks firmed, with BHP Billiton up 2.33 percent to A$10.12 and Rio Tinto 1.2 percent higher to A$34.66. But big bank NAB dipped 1.56 percent to A$32.75 after reports it would slash more jobs in its European operations next year. Brambles also lost ground again, off 4 percent to A$4.50. New Zealand's Top 40 closed up 0.25 percent at 1,953.88, with Telecom up 1.26 percent to NZ$4.83. Hang Seng takes a pauseHong Kong's Hang Seng index, which hit a three-month high on Thursday, lost 0.77 percent to close at 10,069.87. That fall came despite another rise in its largest stock, HSBC, with the banking giant up 0.55 percent to HK$91.50 in heavy trade. Telecom stock PCCW gave up 3.25 percent to HK$1.50, finally ending its run of gains after announcing job cuts last week. Cheung Kong Holdings closed down 0.87 percent to HK$57.25, with stablemate Hutchison Whampoa steady at HK$54.75. The mainland's top computer maker, Legend Group, fell 3.39 percent to HK$2.85 as investors locked in gains. After the end of trading, Hong Kong reported a 3.3 percent rise in gross domestic product for the September quarter, compared with a year ago. (Full story) That was its best showing in more than two years, as strong exports to China and a weaker currency helped the city edge back from recession. Kospi in the black
In South Korea, the Kospi jumped 1.44 percent to 724.80. Kookmin Bank rose for a third day, up 5.75 percent to 45,950 won. Steelmaker Posco put on 3.32 percent to 124,500 won after it increased its earnings expectations. Hyundai Motor, a key exporter, rose 5.72 percent to 35,100 won. The government reported that Korea's trade tripled in October on the back of strong shipments of cars and chips. (Full story) But higher oil prices nudged inflation forward a little, with rising housing prices still a worry. (Full story) Taiwan moves forwardTaiwan's Taiex finished 0.74 percent up to 4,646.99, with electronics and chip stocks driving forward. Chipmaker Macronix again topped the gainers, up 6.92 percent to HK$13.90, after Intel raised prices on its key product, flash-memory chips. Chip foundries TSMC and UMC both finished flat at T$50.50 and T$25.70 respectively. China Steel rose 1.58 percent to T$19.30, after it raised prices by up to 4 percent for goods due in the first quarter of next year. Singapore's Straits Times index closed down 0.89 percent to 1,391.53, selling off in late trade. Bank stock DBS Group sold down 0.88 percent to S$11.20 and Singapore Airlines off 0.93 percent to S$10.70. Chip foundry Chartered Semiconductor gave back 5.00 percent to S$1.14, a breather after its 22 percent burst the day before, on a deal with IBM.
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