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Japan flat, Singapore gains
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets closed near where they began the day on Friday, with Tokyo's main indexes split and Australia and Singapore higher. The Nikkei 225 average ended up 0.04 percent at 8,363.04 but moved in and out of the red during the day. The Topix was higher at midday but ended down 0.06 percent at 818.73 as three of the big four banks slipped. Hong Kong slipped into the red, off 0.13 percent. But Australia scraped into the black to the tune of 0.2 percent. Singapore is proving the strongest performer in late trade, up almost 1 percent. South Korean stocks closed lower by more than 1 percent, and Malaysian stocks were also down. Taiwan is closed for the Peace Memorial Day holiday. U.S. stocks advanced on Thursday, with the Dow Jones industrial average closing up 1.0 percent to 7,884.9 and Nasdaq adding 1.55 percent to 1,323.94. (U.S. roundup) Sega jumps in TokyoIn Tokyo on Friday, the market opened higher after Wall Street's rise but lost its way as the day progressed. The yen weakened slightly to 117.73 to the U.S. dollar, giving exporters a little relief. Honda Motor rose 2.37 percent to 4,320 yen, with Sony adding 0.45 percent to 4,490 yen. Video game maker Sega Corp. jumped 15.6 percent to 740 yen after the Wall Street Journal stated Friday that Microsoft Corp. and Electronics Arts are both considering bids for the company. Bank stocks were generally lower, though Mizuho Holdings rose 1.94 percent to 105,000 yen after a tumultuous Thursday. Traders said pension funds stepped into the market to stem selling, which resumed Friday, driving UFJ Holdings down 4.14 percent to 139,000 yen. Elsewhere on the financial front, Nomura Holdings fell 0.5 percent to 1,390 yen, ahead of the company saying its president and CEO, Junichi Ujiie, will become chairman, while Noboyuki Koga will fill Ujiie's shoes. In Hong Kong, the Hang Seng closed down slightly, off 0.13 percent at 9,122.66. But utilities and property developers crept forward, Hongkong Electric up 0.51 percent to HK$29.75, a gainer as defensive investors locked in positions. Hong Kong China & Gas was up 0.23 percent to HK$9.60.
HSBC was steady at HK$83.50 ahead of earnings on Monday, while subsidiary Hang Seng rose 1.49 percent to HK$85.25. Legend Group, the biggest computermaker in mainland China, was up 0.94 percent to HK$2.67 after Nasdaq's overnight gains. In Australia, the S&P/ASX 200 index moved cautiously ahead, finishing up 0.17 percent to 2,800.9. Takeover target Goodman Fielder topped the volume with a 0.57 percent rise to A$1.77. Telecom stock Telstra Corp. was second on the volume charts, losing another 1.96 percent to A$4.00 a day after reporting a 44 percent fall in profit. News Corp. rose 0.89 percent to A$10.19 after the U.S. stock gains. That propped a market that saw falls for airline Qantas and other big caps such as BHP Billiton. Fund manager and insurer AMP hit a new record low of A$6.96 before ending down 3.5 percent to A$7.00 after disappointing results this week. New Zealand's Top 40 closed up 0.37 percent to 1,880.85, its highest level for the day, despite a 1.17 percent fall for Telecom New Zealand. The New Zealand stock exchange will replace the Top 40 with a Top 50 index starting next week, to reflect the market more accurately. Samsung dents KoreaSouth Korea's Kospi index was down 1.21 percent to 575.43, with the largest listing, Samsung Electronics, off 1.41 percent to 279,500 won on fears of lower chip prices. Bank stocks were down with tensions with North Korea likely to raise the cost of borrowing in international markets. Kookmin Bank, the country's biggest lender, fell 3.7 percent to 36,500 won, a record low close. But there were some big-cap gains. Steelmaker Posco was up 1.38 percent to 110,500 won. Singapore's Straits Times index is up 0.82 percent to 1,281.62, the strongest showing in Asia. Bank stock DBS Group is up 0.52 percent to S$9.65, while Singapore Airlines is ahead 1.06 percent to S$9.50. The Kuala Lumpur composite is off 0.53 percent to 648.95 ahead of the close in Malaysia.
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