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Tokyo shines as Asia hits lows
HONG KONG, China -- Unexpected growth in Japan's economy boosted the Tokyo market but other Asian stocks hit lows ahead of a key report from U.N. weapons inspectors. Japan's Nikkei finished at a three-week high, ending Friday up 1.19 percent at 8,701.92 and gaining three percent on the week, buoyed by better-than-expected growth figures. The broader TOPIX index ended 0.59 percent firmer at 858.05. Data released Friday morning showed Japan's economy grew by 0.5 percent in the December quarter over the previous period. But gains in other markets were muted as investors awaited a report which could be crucial in determining whether the United States launches an attack against Iraq. Singapore and Hong Kong ended higher, while South Korea, Taiwan and Australia hit lows as a third day of falls on Wall Street put a brake on Asia's gains.(U.S. wrap) SurpriseJapan's stocks took a cue from stronger GDP growth, the fourth straight quarter of expansion. (Full story) The figure surprised most economists, who were expecting a contraction, encouraging investors to buy heavyweights such as Tokyo Electron Ltd, Japan's top chip-manufacturing equipment maker, which gained 3.34 percent to 5,570 yen. The market was unmoved by the Bank of Japan's decision to keep monetary policy unchanged, as the central bank lays low ahead of announcing a successor to governor Masaru Hayami. The biggest winner was the marine sector, led by a 3.29 percent gain in Nippon Yusen KK, Japan's largest shipping company. While shipping has suffered from higher oil prices because of war jitters, cost-cutting and a surge in container shipping rates outweighed the spike, analysts told Reuters. Hong Kong ahead
Hong Kong's main stock index ended slightly higher as investors switched out of China plays and picked up blue-chip laggards. The benchmark Hang Seng Index of 33 blue-chip stocks ended the day up 0.31 percent, or 28.33 points, at 9,201.76 points. Global banking giant HSBC Holdings, which derives 40 percent of its earnings from Europe, ended up 1.21 percent at HK$83.50. China stocks, which people see as relatively immune to the risk posed by a possible war in Iraq, fell prey to profit-taking after surging 10 percent so far this year. Singapore too showed modest gains, closing up 0.41 percent at 1273.48, buoyed by tech shares, after a promising result from Dell hinted that demand may be picking up. SkidOther Asian markets were not as bullish as Japan. In Seoul, South Korean shares closed flat at a 15-month low as buying by the National Pension Fund helped wipe out losses from selling of key blue chips. The benchmark Kospi fell 0.07 percent at 575.24, its lowest close since November 4, 2001. Steel giant POSCO tumbled 3.7 percent to 117,000 won, while state-run utility Korea Gas Corp slid 7.5 percent to 228,00. Hyundai Merchant Marine was under the spotlight after President Kim Dae-jung said sorry for a scandal involving cash transfers to North Korea through the shipping firm. (Full story) The shares shot up 5.6 percent to 1,800 won following the apology. Meanwhile in Taiwan, Taiex gave up an early rebound to close at another six-week low, falling 0.31 percent at 4,493.99. Industrials and financial firms suffered the most, while technology stocks did well. Chip foundry TSMC ended 1.99 percent at T$41.00 after its chairman said it remained committed to high profit margins. Australian bluesIn Australia, the benchmark index slipped to its lowest level in three years as the market struggled with a stream of unsettling news for investors. The benchmark S&P/ASX 200 index fell 18.2 points or 0.6 percent to 2,817.2, closing in on the next support level at 2,800, while the S&P/ASX 20 leaders index dropped 1.2 percent. The index, floundering at levels unseen since October 1999, lost three percent on the week and is down about six percent so far in 2003. BHP Billiton fell 1.5 percent to A$8.95, while Telstra slipped 0.9 percent to a fresh five-year low at A$4.27. Media player News Corporation -- which filed an upbeat quarterly profit report on Thursday -- fell one percent to A$10.75 amid concerns about the impact of war on advertising revenue. New Zealand's NZSE Top 40 index closed 0.14 percent weaker at 1921.05. Telecom NZ finished unchanged at NZ$4.45. Reuters contributed to this report.
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