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Tokyo soars but SARS hits airlines
TOKYO, Japan -- Tokyo stocks jumped to 14-month highs on Tuesday as rising prospects for the global economy fired up technology shares, but airline companies in Asia suffered amid a fresh SARS scare. Japan's Nikkei index closed before a SARS case in Singapore was confirmed, ending the day up 2.23 percent at 10,922.04, its best finish since July 2002. The rise came after Morgan Stanley raised its rating on Japanese stocks citing a reduction in bad loans and an emerging economic recovery. A stronger finish on Wall Street also boosted sentiment.(U.S. rally on a roll) But Hong Kong's Hang Seng and Singapore's Straits Times index both ended lower amid news of a possible SARS case in Singapore. Late Tuesday afternoon, Singapore health officials confirmed a man has the flu-like SARS virus after a second test, marking the first case since the city state was declared free of SARS in May.(Singapore confirms SARS case) Airline shares also fell in Pacific markets after Australia's competition watchdog blocked a tie-up between Qantas Airways and Air New Zealand.(Watchdog bites Qantas-Air NZ deal) Tokyo upswingIn Tokyo, the Topix index rose 1.73 percent to 1045.71. Sony, the world's biggest consumer electronics company, darted up four percent to help lead Japanese stocks higher after tech shares jumped on Wall Street. News Morgan Stanley had advised investors to "overweight" Japan in their portfolios on signs of emerging economic growth also lifted the market. In South Korea, top memory chipmaker Samsung Electronics Co Ltd rose 2.33 percent to 462,000 after hitting an all-time high in early trade. The benchmark Kospi index closed up 0.95 percent at 767.46 points. Tech stocks also gained in Taiwan, but falls in other industries pulled the market off a 15-month high. The benchmark Taiex index closed 0.81 percent lower at 5,680.69. The gains in Asian tech stocks came after the Nasdaq Composite Index rose 1.6 percent on Wall Street to hit an 18-month high following upbeat analyst reports. SARS back again?But the reaction in some Asian markets was muted as news a man in Singapore had tested positive for SARS hit airline shares, spooking investors. After Singapore officials confirmed a new SARS case, Singapore Airlines skidded 6.96 percent to S$10.70, while the Strait Times Index lost 2.6 percent to end at 1,580.14. While the Hong Kong market closed before the Singapore confirmation, Hong Kong's Cathay Pacific Airways had already lost 3.32 percent to close at HK$13.10, capping gains in the Hang Seng Index, which ended the day 1.06 percent lower at 11,046.82. Airlines were also under pressure in Australasia after the competition watchdog rejected a proposed equity tie-up between Qantas Airways and Air New Zealand. Qantas fell more than four percent against a 0.15 percent rise in the broader market. Air New Zealand dived 12 percent in a flat wider market. The SARS scare also hit shares in China, where the virus originated and claimed its biggest death toll. Philippine stocks surged 3.2 percent as foreign investors bought, attracted by valuations seen as cheaper than many regional counterparts, traders said. -- Reuters contributed to this report.
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