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Techs take Asia to higher close
HONG KONG, China (CNN) -- Asian stocks closed generally higher on Tuesday, with Japan back in the black and most other markets ahead for a second day. Tokyo's Nikkei 225 average finished 0.33 percent higher at 9,205.11, having hit a new two-month high of 9,320 in the morning. The Topix put on 0.28 percent to 890.76 despite losses in bank stocks such as UFJ and Mizuho. Taiwan was the region's best performer, the Taiex rising 2.36 percent on tech-related gains. South Korea's Kospi put on almost 1 percent. The two markets Down Under closed in the red, with Australia down 0.36 percent and New Zealand off by 0.64 percent. Hong Kong ended up 0.21 percent with gains in some mainland plays. But Singapore finished off 1.07 percent, selling in late trade. Markets were mixed on Wall Street overnight, with Nasdaq gaining 0.41 percent but the Dow Jones industrial average slipping 0.38 percent to 8,862.57. (Full story) Techs rebound in Tokyo
Tokyo's techs returned to their winning ways after a pause on Monday. Computer and chipmaker Toshiba put on 2.58 percent to 397 yen and consumer electronics leader Sony rose 0.55 percent to 5,500 yen. The pair announced they plan to have faster technology ready by March 2004 for use in mobile devices. (Full story) NEC rose 2.14 percent to 526 yen, having lagged Monday after setting a two-month high. Cell-phone operator NTT DoCoMo, Tokyo's largest listing, put on 3.69 percent to 253,000 yen on a strong day for telecoms. No. 2 KDDI jumped 6.19 percent to 429,000 yen. Advertising agency Dentsu finished just in the black, up 0.27 percent to 377,000 yen, recovering from losses after competitor Hakuhodo confirmed it will team with two rivals to challenge for industry leadership. Banks drift againBank stocks drifted again, with UFJ Holdings down 3.33 percent to 116,000 yen, Mizuho Holdings off 2.29 percent to 126,000 yen and Mitsubishi Tokyo Financial Group down 2.37 percent to 740,000 yen. But Sumitomo Mitsui Financial Group rose 2.38 percent to 430,000 yen as the new holding company finished its second trading day. The yen is trading at 124.50 to the U.S. dollar, off its one-month low of 125.05 set on Monday. Finance Minister Masajuro Shiokawa played down comments made during a speech in Sendai that the yen is excessively strong and should be trading at 150 to 160 to the dollar. "I didn't say it is desirable," Shiokawa said at a news conference. "I said the dollar at 150 to 160 yen would be appropriate if you calculate from Japan's purchasing power parity." That measure of comparing living standards in different countries sets the yen at 166, analysts say. Australia finishes downAustralia's S&P/ASX 200 index lost 0.36 percent to 3,072.6. News Corp., the largest listing, was a drag with a 0.23 percent drift to A$12.95, off Monday's six-month high. Big banks were mainly weaker, and airline Qantas lost 3.45 percent to A$3.64 as the company ruled out job cuts if it succeeds in buying a larger stake in Air New Zealand. On the mining front, BHP Billiton was flat at A$10.25 and fellow resources giant Rio Tinto rose slightly, up 0.11 percent to A$34.89. But MIM eased 3.8 percent. It is in talks with Swiss miner Xstrata on a possible takeover. New Zealand's Top 40 closed down 0.64 percent, at 1,940.02, with Telecom New Zealand off 2.53 percent to NZ$4.63. Hong Kong edges aheadIn Hong Kong, the Hang Seng index closed up 0.21 percent to 10,227.01, with the market shaking off disappointing manufacturing data out of the United States. Mobile-phone plays rose, with mainland cellular operator China Mobile gaining 2.83 percent to HK$21.75 and rival China Unicom up 1.63 percent to HK$6.25. But fixed-line telecom PCCW finished flat at HK$1.53 and market newcomer China Telecom ended down 0.68 percent to HK$1.47.
Oil producer CNOOC rose 1.05 percent to HK$9.65 as oil stocks in general rallied. But leading bank HSBC gave ground, ending off 0.54 percent to HK$92.00. Hong Kong needs to work more closely with the Pearl River Delta, economists suggest, if the region is to continue as China's economic powerhouse. But that cooperation has been lacking over airport planning. (Full story) Seoul in the blackIn Seoul, the Kospi put on 0.88 percent to 736.57, with market heavyweight Samsung Electronics 1.55 percent higher to 393,000 won. It hit a seven-month high of 395,000 won in the day after it got encouraging assessments from two brokerages. (Full story) Smaller rival Hynix Semiconductor rose 4.55 percent to 460 won. Hyundai Motor finished 2.27 percent higher at 36,000 won. Samsung Electro-Mechanics, the largest electronic-parts maker in Korea, rose 1.68 percent to 55,700 won on a positive sales outlook. Taiwan notches biggest riseTaiwan's Taiex outperformed the rest of Asia, jumping 2.36 percent to 4,793.93, helped by Nasdaq's gains the day before. But Taipei's advances were broad-based, with industrials, techs and banks all higher. Screenmaker Au Optronics put on almost 5 percent to T$25.30 and Acer rose 4.8 percent to T$34.90. Chip foundries TSMC and UMC rose 2.9 percent and 2.3 percent respectively. But chipmaker Macronix finished flat at T$14.60 after heaving trading. Industrial leader Formosa Plastic rose 2.05 percent higher to T$44.80 and bank Chinatrust jumped ahead 3.53 percent to T$26.40. Singapore's Straits Times index ended down 1.07 percent at 1,381.87, with bank stock DBS Group leading the selling, off 2.63 percent to S$11.10. Chartered Semiconductor eased 2.68 percent to S$1.09, topping the volume. MobileOne said it raised $449 million in its initial public offering, the third-largest in Singapore history, with the city's No. 2 cell-phone player due to begin trading on Wednesday. (Full story)
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