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Japan ends higher, Korea down again
HONG KONG, China (CNN) -- Japanese stocks ended firmly higher Tuesday. But moves in other Asian markets were muted, with many closing after just a half day's trade on Christmas Eve. The exception was South Korea, where the Kospi fell sharply, losing almost 2 percent to extend Monday's 2.5 percent fall. In Tokyo, the Nikkei 225 average put on 1.25 percent to 8,512.37 as markets resumed after the Emperor's Birthday holiday on Monday. The Topix rose 0.89 percent to 829.81, with banks, carmakers and telecom stocks moving ahead. Elsewhere, Taiwan gave up 0.62 percent, and Hong Kong and Australia ended virtually flat, with very slight falls. Singapore and New Zealand registered small gains in reduced trading. India's BSE30 is higher in afternoon trade. Wall Street was mixed on Monday, with the tech-fueled Nasdaq forging ahead 1.37 percent. But the big-cap Dow Jones industrial average fell 0.21 percent to 8,493.29. (U.S. roundup) U.S. stocks will trade for a half-day on Tuesday and shut on Wednesday, reopening on Thursday. Big caps gain in Tokyo
In Tokyo, the largest listing, NTT DoCoMo, rose 1.83 percent to 223,000 yen, and bank UFJ Holdings added 2.61 percent to 118,000 yen. Among major exporters, Sony rose 1.4 percent to 5,060 yen and Canon jumped 4.69 percent to 4,460 yen on a report that it will post record profits this year. It is also set to pass Sony as the most profitable electronics maker in Japan. (Full story) Car stocks also fared well, with Toyota up 2.28 percent to 3,140 yen and Nissan up 1.42 percent to 930 yen. The yen was at 120.34 to the U.S. dollar in late Asian trade, near a one-month high of 120.18. Japan Airlines System Corp. ended down 1.63 percent to 241 yen, with fears of a war in Iraq driving oil prices close to a two-year high. Tokyo stocks had little reaction to fresh figures showing Japan's trade surplus rose for the ninth straight month in November. (Full story) Japan's cabinet signed off on the budget drafted last week, which calls for the government to issue a record level of debt. Though Japanese markets are open over the Christmas holiday, trading is muted, since overseas investors typically account for around half of the volume on the first section. Australia closes flat ahead of break
In Australia, the S&P/ASX 200 index closed flat, with a 0.02 percent loss to 3,032.8, as trading halted early ahead of Christmas. Woodside Petroleum climbed 1.3 percent to A$12.33, with oil prices rising over supply disruptions in Venezuela and the Iraq situation. That uncertainty has helped gold producers, typically viewed as a safe haven. Lihir Gold rose 3.65 percent to A$1.42 in heavy trade. Oil Search rose 3.23 percent to A$0.64, still benefiting from a supply deal with MIM for its Papua New Guinea-to-Queensland gas pipeline. (Full story) Food producer Goodman Fielder closed flat at A$1.80 after it asked Burns Philp to clarify the conditions of its takeover offer. News Corp., Sydney's largest listing, sagged 2.05 percent to A$11.97. New Zealand's Top 40 ended up 0.42 percent at 1,946.67 in a shortened day, with Telecom New Zealand up 0.44 percent to NZ$4.61. Markets in Australia and New Zealand are closed Wednesday and Thursday for the Christmas Day and Boxing Day holidays, reopening on Friday. Hong Kong closes flatHong Kong's Hang Seng closed flat, down 0.10 percent at 9,561.63 in a thin half-day's trade. Hong Kong operates on the same schedule, reopening Friday. Telecom PCCW lost 2.22 percent on HK$1.32 on debt worries.
China Unicom, the mainland's No. 2 cell phone carrier, put on 0.90 percent to HK$5.60 after it said it expected CDMA subscriber growth of 50 percent in 2003. Larger rival China Mobile was also up, gaining 0.26 percent to HK$19.50. Oil producer CNOOC moved up 0.49 percent to HK$10.30 on higher oil prices. Fears of war were bolstered by Iraq's shooting down of an unmanned U.S. drone. Property stocks generally weakened, with Sun Hung Kai off 0.42 percent to HK$47.40 and Henderson Land down 0.61 percent to HK$24.50. Hong Kong reported November consumer prices fell 3.6 percent over the year before. Korea takes another tumbleIn South Korea, the Kospi finished down 1.96 percent at 677.82, the largest move in the region in either direction. It had fallen 2.55 percent on Monday. As one of Asia's largest oil importers, South Korea would suffer from any supply disruption. Also weighing on the market is increased tension with North Korea over its nuclear program. Chipmaker Samsung Electronics was off 1.58 percent to 342,500 won after global chip prices eased. Rival Hynix Semiconductor fell 6.35 percent to 295 won. Retailer Shinsegae lost 2.15 percent to 159,500 won on worries about high consumer credit levels, and big banks were also weaker. Taiwan banks downTaiwan's Taiex finished down 0.62 percent at 4,544.50 despite a higher open. Financial stocks were lower with Changhwa Bank, Chinatrust and Fubon Financial all in the red. But screenmaker Au Optronics was up 6.84 percent to T$20.30 and Macronix rose 1.82 percent to T$11.20. Among industrials, Taiwan Cement rose 3.2 percent to T$11.30. Singapore's Straits Times index ended its half day of trading 0.16 percent higher at 1,337.18. It is closed Wednesday but reopens Thursday. Bank stock UOB closed flat at S$11.70 and larger rival DBS Group put on 0.92 percent to S$11.00. Singapore Airlines and SingTel also finished unchanged at S$10.20 and S$1.21.
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