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Japan takes Asia to higher close
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets closed higher Wednesday, led by solid gains in Japan. The Nikkei 225 average ended the day up 2.11 percent to 8,664.17, while the broader Topix index added 1.73 percent to 857.23. There were gains for the rest of the region, though stocks in Australia and Taiwan closed only just in positive territory. Hong Kong put on 1.3 percent and South Korea was up 1.27 percent after Tuesday's 15-month closing low. New Zealand was the only decliner, off 1 percent. Markets were closed for the Muslim festival of Hari Raya Haji in Singapore, Malaysia and Indonesia. Wall Street was stricken with war fears on Tuesday. The Dow Jones industrial average dipped 0.97 percent to 7,843.11, while Nasdaq was basically flat, down 0.09 percent to 1,295.46. (U.S. roundup) Chip maker Applied Materials gave investors more bad news after the close, disappointing on earnings and warning on the fourth quarter. Tokyo techs forge aheadTokyo techs moved forward on Wednesday as the market returned to action after a holiday on Tuesday.
Chip-equipment maker Advantest was up 1.76 percent at 5,210 yen, with Tokyo Electron up 1.68 percent to 5,440 yen. There were also strong gains for computer and chip makers Fujitsu, up 4.98 percent to 337 yen, and Toshiba, up 4.21 percent to 371 yen. Big caps forged ahead, with market players speculating that the state pension fund might be buying into the market again. The largest listing, NTT DoCoMo, rose 3.39 percent to 244,000 yen, with parent NTT up 2.39 percent to 429,000 yen. Mizuho Holdings, the biggest bank in the world by assets, soared 9.6 percent to 137,000 yen on a report that Merrill Lynch is in final talks to buy 150 billion yen in shares in the bank. (Full story) UFJ also jumped, adding 8.9 percent to 159,000 yen. Car stocks and other exporters were generally higher, with a gain of 2.65 percent to 4,260 yen for Honda Motor. The yen was steady at 120.86 in late Tokyo trading. Hong Kong higherIn Hong Kong, the Hang Seng finished up 1.3 percent to 9,314.9, showing good gains. The market had opened lower but soon bounced.
Clothing retailer Esprit Holdings was down 0.65 percent to HK$15.30 ahead of earnings. Also on the earnings front, Bank of East Asia was up 4 percent to HK$14.60 after falling almost 5 percent the day before as it reported disappointing earnings. The bank, one of Hong Kong's smallest, is seen as a disappointing sign of things to come from the city's mid-size financial players. (Full story) Oil producer CNOOC closed up 0.48 percent to HK$10.45 after the release of a new tape said to be from Osama bin Laden, pledging support for Iraq in a battle against the United States. Earnings focus in SydneyIn Australia, the S&P/ASX 200 index was up 0.19 percent to 2,884.5 as investors reacted to earnings. Commonwealth Bank of Australia rose 0.08 percent to A$25.91 after it posted first-half numbers within expectations. (Full story)
News Corp. was up 3.0 percent to A$11.34 ahead of the media group's figures for the December quarter on Thursday. Australia's largest food group, Goodman Fielder, was steady at A$1.80 after it said profits slumped for its latest quarter. It is still trading below Burns Philp's offer of A$1.85 for the company. (Full story) Foster's Group rose 0.23 percent to A$4.38 after the beer and wine maker released its numbers on Tuesday. (Full story) New Zealand's Top 40 closed down 1.03 percent at 1,939.36, as Telecom New Zealand fell 0.66 percent to NZ$4.49. Taiwan banks prop techsIn Taiwan, the Taiex ended just above water with a 0.13 percent rise to 4,624.87. Bank stocks drove the gains, with the financial subindex up 0.78 percent, despite a slip in electronics stocks. Chip foundry TSMC, the largest listing, fell 2.65 percent to T$40.40, though rival UMC was flat at T$19.40 after gains in its U.S. shares. Screenmaker Au Optronics put on 3.0 percent to T$24.00 after posting strong January sales on Tuesday. There were still gains in some industrial plays, with Formosa Plastics up 1.58 percent to T$45.00 and Grand Petrochemical ahead 6.76 percent to T$15.80. Korean big caps upSouth Korea's Kospi added 1.27 percent to finish at 583.29, with Samsung Electronics up 3.13 percent to 280,000 won as investors looked for bargains. The market hit a 15-month low on Tuesday after Moody's Investors Service downgraded its long-term outlook for South Korea from positive to negative. (Full story) Steelmaker Posco slipped again, down 0.4 percent gain to 124,000 won. The country's largest lender, Kookmin Bank, put on a 1.96 percent rise to 41,700 won. Exporters benefited from a weaker won, which hit a two-month low against the dollar on Tuesday. Hyundai Motor was up 2.26 percent to 27,100 won.
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