Asian stocks close higher
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Back after a national holiday, the Nikkei made an aggressive start before easing back in late trade.
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(CNN) -- Asian markets have closed mainly higher Thursday amid strong afternoon selling that pared earlier gains in Japan.
Tokyo's Nikkei 225 average finished 0.98 percent higher at 10,459.26, losing some of the 1.33 percent gain from morning trade.
The broader Topix index put on 0.55 percent to 1,030.91.
Sellers took advantage of positive sentiment from U.S. Federal Reserve chairman Alan Greenspan, who said the U.S. economy was growing vigorously.
Hong Kong is about 0.8 percent ahead, while South Korea's Kospi hit a fresh 22-month high with a small gain of 0.18 percent.
The dollar weakened against the yen in Tokyo after Greenspan hinted U.S. interest rates were unlikely to move soon. It closed at 105.31 yen, down 0.12 for the day.
The Australian currency hit a seven-year high of 78.75c.
In Tokyo, high-tech exporters such as Toshiba Corp led the field, chasing U.S. blue-chip stocks which surged to a 32-month high on Greenspan's remarks.
"Greenspan's comments are double-edged, as they contain some good news on the U.S. economy, but have also helped weaken the dollar, which is not good news for Japanese exporters," Hiroaki Kuramochi, head of global equities at Credit Lyonnais, told Reuters.
Toshiba, Japan's biggest chipmaker, put on 2.36 percent to 434 yen. Sony rose 0.93 percent to 4350 yen.
Beef-bowl chain Yoshinoya D&C closed 0.66 percent ahead at 152,000 yen after stopping its mainstay dish because of the shortage of U.S. beef. (Full story)
Japanese textile firm Sotoh was up 6.46 percent at 1,565 yen following news that U.S.-based Steel Partners Japan Strategic Fund will raise its bid for Sotoh by 10 percent to 1,550 yen per share.
The Kospi ended virtually steady at 877.95 points, up 0.18 percent.
Shares in Samsung Electronics Co Ltd, the world's largest memory chipmaker, hit a record high of 560,000 won in early trade before slipping 0.9 percent to close at 548,000.
The Shinhan Financial Group continued a second big day of gains. It rose 4.29 percent and is up 14.9 percent since January 1.
Bellwether SK Telecom recovered from early loses and rose 1.58 percent to 224,000 won for the day.
The Hang Seng began aggressively, adding more than 1 percent to 13,657 in morning trade.
But by late afternoon trade, it was easing, to be about 0.6 percent higher at 13602.05. There were rises of 1.93 percent for China Mobile and 1.59 percent for PCCW.
In Taiwan, the Taiex closed 0.27 percent lower at 6436.95. Semiconductor leader TSMC was 0.78 ahead at T$64.50. Rival UMC was 0.33 percent higher at T$31.
Singapore's benchmark Straits Times index is adrift 0.13 to 1866 in late trade.
DBS Holdings Group was one of the brightest stocks, moving up 2.67 percent to S$15.20. Singapore Airlines took a 0.85 percent dip to S$11.60.
The Australian market was preoccupied by results of its giant media company, News Corp, and the national telecommunications carrier, Telstra.
The S&P/ASX 200 closed 0.77 percent higher at 3326.
News finished 1.32 percent ahead to A$12.26 after it said revenue for the October-December 2003 quarter grew 19 percent to $5.6 billion, from $4.7 billion a year earlier.(Full Story)
Shares in Telstra slipped 1.45 percent to A$4.75. The carrier said Thursday its half-year net profit nearly doubled on cost-cutting. (Full Story)
But tough competition has undermined growth. Domestic sales revenue in the half rose 0.9 percent, compared with 14 percent third-quarter revenue growth at its main rival Optus, owned by Singapore Telecommunications.
"Following those Singtel Optus numbers, it's probably the best one could have expected," Argo Investments Ltd managing director Rob Patterson told Reuters.
"The main thing is confirmation that their cost reduction program is on schedule," he said.
Resources leader BHP Billiton was one of the largest gainers in Australia, rising 1.72 percent to A$11.81.
The New Zealand Top 50 index struggled for a second day, falling 0.41 percent to 2429.066. Air New Zealand gained 2.44 percent to NZ$0.41.
