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Japan finally snaps losing streak
HONG KONG, China (CNN) -- Asian stocks closed mainly higher on Tuesday, with Japan finally breaking its run of losses to post a modest gain. After nine losing days in a row, the Nikkei 225 average ended its worst run since 1991 to close 0.71 percent higher at 8,510.73. Sony, Toshiba and NTT were among the gainers. The broader Topix put on 0.50 percent to 831.92, with bank stocks firing ahead. Mizuho Holdings jumped 11 percent. The strongest gains were in South Korea, which closed 1.74 percent higher as big caps Samsung Electronics, SK Telecom, KT Corp. and Posco all surged ahead. Australia also did well, jumping 1.25 percent on a strong run by the market's biggest stock, News Corp. Hong Kong moved ahead just over half a percent, helped by banking sector gains. But Taiwan closed in the red after showing narrow rises in the morning session, and New Zealand ended flat, down 0.02 percent. Singapore registered the region's biggest fall in Asia, down 1.31 percent as banks and techs sold off. U.S. markets were back to buying after two weeks of losses, the Dow Jones industrial average pushing forward 2.3 percent to 8,627.40 and Nasdaq adding 2.78 percent. (U.S. roundup) Technical bounce in Japan
In Tokyo, the market saw a bounce after a string of losing days. NTT DoCoMo, the largest listing, rose 0.45 percent to 222,000 yen, with fixed-line parent NTT up 1.12 percent to 452,000 yen. Bank stocks surged on a report the government may not force banks to reduce their capital if they get an injection of public funds. That pushed Mizuho Holdings up 11.32 percent to 118,000 yen and UFJ Holdings up 7.92 percent to 109,000 yen, with short sellers needing to cover positions. Sumitomo Mitsui Financial Group rose 6.07 percent to 367,000 yen, while Mitsubishi Tokyo Financial Group added 2.29 percent to 669,000 yen. As expected, the central Bank of Japan left its monetary policy unchanged but stepped up support for small-business funding. (Full story) Among big exporters, Sony rose 0.8 percent to 5,070 yen and Toshiba put on 1.4 percent to 362 yen. The yen is a little weaker at 120.78 in early European trade. Toyota Motor rose almost 1 percent to 3,160 yen after outlining its 2003 global sales targets. (Full story) Big caps gaining in SydneyIn Australia, the S&P/ASX 200 index put on 1.25 percent to 2,986.7, led by media group News Corp.'s 4.16 percent jump to A$12.02. Telecom leader Telstra rose 1.37 percent to A$4.45, and resources group BHP Billiton surged 3.45 percent to A$9.90. BHP benefited from higher oil prices due to the political crisis in Venezuela, where production has been crippled. (Strike could add $2 to oil price) Rival miner Rio Tinto rose 2.12 percent to A$33.74 and MIM put on 0.65 percent to A$1.55. Big retailer Coles Myer ended just in the red at A$6.34 after confirming it bought most of the Theo's Liquor chain. (Full story) Takeover target Goodman Fielder lost 0.55 percent to A$1.80 after Burns Philp outlined its plans to use debt to buy the food group. Burns Philp dipped 1.04 percent to A$0.475. Big banks NAB, Westpac, ANZ and CBA were all higher, with NAB holding its annual meeting later this week. New Zealand's Top 40 closed essentially flat, with a 0.02 percent loss to 1,910.60. Telecom New Zealand eked out a gain of 0.23 percent to NZ$4.39. HSBC advances in Hong KongHong Kong's Hang Seng index closed up 0.61 percent at 9,715.74. It was boosted by Wall Street and the release of figures after the close of trading Monday showing the jobless rate in Hong Kong improved again. (Full story) Bank stock HSBC gained 2.02 percent to HK$88.50, with subsidiary Hang Seng up 0.59 percent to HK$84.75. Oil producer CNOOC rose 2.00 percent to HK$10.20 as oil continues to rise, the Venezuelan situation starting to hit shipments to the United States, its main market. Hutchison Whampoa gained 0.98 percent to HK$51.75 as its Indian unit said it would hit 2 million cell phone customers this year. (Full story) Clothing retailer Esprit Holdings climbed 4.55 percent to HK$13.80, benefiting from better U.S. retail sales. Korea techs, big caps up
In South Korea, the Kospi put on 1.74 percent to 704.49 after two days of heavy losses. Market heavyweight Samsung Electronics rose 1.43 percent to 355,000 won and steelmaker Posco jumped 4.03 percent to 129,000 won. SK Telecom gained 1.68 percent to 242,000 won, on a report it may swap shares to unravel some of its cross-share holdings. Big exporter Hyundai Motor rose 1.46 percent to 31,300 won. Korean voters go to the polls to elect a new president on Thursday, but the race is still too close to call. (Korea hangs in the balance) Taiwan chips slipTaiwan's Taiex ended 0.80 percent lower at 4,545.62. Chip foundry UMC gave up early gains to finish level at T$23.00. Bigger rival TSMC dipped 0.2 percent to T$47.80. Screenmaker Au Optronics also fell into the red after earlier gains, ending down 0.99 percent to T$20.00. China Steel sold off again, down 1.52 percent to T$19.50, giving back some of last week's advance. Singapore's Straits Times index closed down 1.31 percent to 1,343.01, bucking the gains running through the region. Southeast Asia's largest bank, DBS Group, ended down 3.70 percent to S$11.20, and peer UOB was off 0.85 percent to S$11.60. SingTel closed down 2.36 percent to S$1.24, while takeover target NatSteel was off 0.49 percent to T$2.05 as the countdown clicks on its buyout. (Full story) Chartered Semiconductor, the third-largest chip foundry in the world, finished down 1.25 percent to S$0.79 after being up much of the day.
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