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Asia gains but Japan, Korea down
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets closed mostly higher on Wednesday, though Japan and South Korea ended down. Taiwan was the region's star performer, up almost 3 percent. In Japan, the Nikkei 225 average fell 1.6 percent to 8,517.80, with the country's gloomy economy once again weighing on investors. The broader Topix fell slightly more, down 1.68 percent to 839.55. South Korea dipped just into the red, down 0.07 percent, after being ahead for much of the day. Hong Kong closed up one-third of a percent as chief executive Tung Chee-hwa delivered his annual policy speech. Singapore ended up more than 1 percent, gaining ground into the close. Australia finished flat, up 0.01 percent, while New Zealand ended with a negligible fall. It was a mixed day on Wall Street Tuesday, as George W. Bush unveiled a $674 billion stimulus package for the U.S. economy. (Bush plan could boost Asia) But its contents were already priced into the market, and the Dow Jones industrial average fell 0.38 percent to 8,740.59. Nasdaq got a boost, closing up 0.72 percent at 1,431.57. (U.S. roundup) Domestic worries stir JapanIn Tokyo, concern over the domestic economy hurt issues that get most of their sales close to home.
Advertising agency Dentsu, Japan's largest, was down 3.32 percent to 349,000 yen. But defensive play Japan Tobacco put on 1.12 percent to 810,000 yen. Camera and office-equipment maker Minolta ended the day down 4.48 percent at 512 yen, as skepticism about its merger with Konica crept into the market. (Full story) Konica, which also ended Tuesday with losses, lost another 1.85 percent to 848 yen. NTT DoCoMo finished slightly higher, up 0.43 percent to 234,000 yen, despite a downgrade from ratings agency Moody's. (Full story) Bank stocks continued their slide, with Mizuho Holdings giving up early gains to finish 4.76 percent lower at 100,000 yen. UFJ Holdings also dipped, down 5.22 percent to 109,000 yen. The yen is a little weaker at 120.10 to the U.S. dollar. Oil plays slip in Sydney
In Australia, the S&P/ASX 200 index finished just in the black, up 0.01 percent at 3,074.7. Oil stocks slipped after OPEC said it is considering boosting production, to make up for the disruption in Venezuela. (Full story) Woodside Petroleum fell 2.5 percent to A$12.10 and Oil Search lost 1.64 percent to A$0.60. BHP Billiton finished down 0.3 at A$9.96 after the federal government attacked the likely size of the payout to departing CEO Brian Gilbertson. (Full story) Sliding gold prices knocked gold producers, with Placer Dome down 3.47 percent to A$19.50 and Lihir Gold off 2.67 percent to A$1.46. New Zealand's Top 40 closed down 0.16 percent at 1,984.69 after a 1.27 percent slip in Telecom New Zealand. Hong Kong up ahead of address
Hong Kong's Hang Seng ended up 0.37 percent at 9,688.21, sliding a little at the close. Chief Executive Tung Chee-hwa said in his annual policy address that he and his ministers would take a pay cut as Hong Kong battles a budget deficit. He also pledged to trim the civil service by 10 percent and balance the budget within five years. Tung said that reviving Hong Kong's sputtering economy is his key objective as he begins his second term. Hong Kong is also the Asian market with the closest links to the United States and is benefiting from the stimulus plan there. Small-motor maker Johnson Electric rose 1.10 percent to HK$9.15, while garment exporter Li & Fung added 0.63 percent to HK$8.00. The market's biggest listing, HSBC, advanced 0.28 percent to HK$88.75, with subsidiary Hang Seng up 0.89 percent to HK$85.00. Property stocks gave back early advances as Tung started his speech. But they still ended up, Cheung Kong Holdings gaining 0.48 percent to HK$52.75. Phone company PCCW ended at HK$6.55 as it completed its 5:1 reverse split. The mainland's China Telecom leaped 4.26 percent to HK$1.47 as investment banks initiated coverage of the company with neutral or buy ratings. Local plays powering TaiwanIn Taiwan, the Taiex showed Asia's strongest gains, up 2.89 percent to 4,836.93. Domestic plays again dominated trade, after Taiwan made it easier for overseas funds to invest in Taipei. China Steel rose 6.67 percent to T$22.40 and topped the volume, while Taiwan Cement jumped 6.8 percent to T$14.15. Far Eastern Textile, the island's largest textile maker, was also up the daily 7 percent limit at T$15.20. Carmaker China Motor rose 5.26 percent to T$70.00. Tech stocks TSMC, UMC, Acer and AU Optronics all finished higher. Mild gains in SeoulSouth Korea's Kospi index was flat, ending down just 0.07 percent to 651.72. Phone company KT Corp. and steelmaker Posco were among the gainers, up 0.97 percent and 0.81 percent respectively. Fund favorite SK Telecom was also higher, up 0.44 percent to 227,000 won, while chipmaker Samsung Electronics eased 0.73 percent to 340,000 won. Kukdong Construction shot up the daily 15 percent limit to 7,130 won after U.S. fund Lone Star said it would buy the bankrupt builder. (Full story) Singapore banks turn aroundSingapore's Straits Times index ended up 1.03 percent at 1,332.32, with Singapore Press Holdings up 1.09 percent to S$18.50. Banks recovered from their losses the day before, with DBS Group advancing 1.89 percent to S$10.80 and UOB up 0.88 percent to S$11.40. OCBC clawed back from early losses to end up 1.64 percent to S$9.30. Neptune Orient Lines bounced from early declines to end flat at S$0.87 after its CEO suddenly stepped down this week. (Full story) Malaysia's market closed lower, the Kuala Lumpur composite index down 0.24 percent to 624.64.
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