Australia up, Asia stocks split at close

Japan's Nikkei rallied 0.4 percent Friday after slumping to a 17-year low close the day before

By staff and wire reports

HONG KONG, China -- Asia Pacific markets were split again Friday, with Japan trading in a tight range all day.

The Nikkei ended slightly up. Markets moved ahead in Australia. Stocks in New Zealand and Malaysia had the region's biggest gains.

But Hong Kong and Taiwan had heavy losses. South Korean stocks also ended down, with Singapore closing on a drop.

Tech stocks get picked over

In Japan, the benchmark Nikkei rose off a 17-year closing low on Thursday. It finished up 0.35 percent at 11,166.31.

But the broader Topix index lost a little ground, dropping 0.2 percent to 1,145.34.

Tech stocks buoyed the Nikkei, while the Topix doesn't have such a heavy tech weighting.

Electronic parts maker Murata Manufacturing Co. shot up 8.51 percent to 6,500 yen.

It cut its full-year operating profit forecast 28 percent. But investors focused instead on an rating upgrade by Merrill Lynch to "accumulate" from "neutral."

The market has recently rewarded tech stocks that show more reasonable prospects. But traders are still cautious.

Buyers stepped in to pick over tech stocks that have been battered recently.

Chip-testing device maker Advantest Corp. rose 6.51 percent to 7,200 yen. It has lost more than a quarter of its value this month.

Speciality chipmaker Rohm Co. inched up 0.42 percent to 12,000 yen, snapping a five-day losing spell.

In contrast, investors could only buy Fast Retailing for most of the day.

Japan's top casual clothing retailer fell its daily limit of 2,000 yen, or 11.6 percent, to 15,250 yen. Selling was then frozen.

It is focusing on bigger shops, rather than opening more of its popular Uniqlo stores. It is also looking to expand in Britain.

The stock has thrived on fast growth in stores.

Japan's largest stock, NTT DoCoMo Inc., rose 4.03 percent to 1.55 million yen.

That broke a run of seven down days that wiped out three trillion yen in market value.

Analysts don't expect the rally to last for long.

"I wouldn't call this a rebound. It's just technical," said Zenshiro Mizuno, head of equities trading at Marusan Securities.

Banks, big stocks boost Sydney

In Sydney, the benchmark S&P/ASX 200 index finished up 0.8 percent at 3,348.0. It was up 0.5 percent for the week.

Better domestic prospects have seen Australian stocks move ahead, with the country relatively insulated from the global downturn.

Mining stocks led the market up, but big-caps in general gained ground.

The largest mining stock trading in Sydney, BHP Billiton, rose two percent to A$9.32. Higher base metals prices were pushing all stocks toward record territory.

Anglo-Australian miner Rio Tinto rallied 2.8 percent to A$33.20.

Miner WMC climbed 3.5 percent to A$8.38.

Surfwear maker Billabong closed up 4.8 percent at A$6.85. It produced a maiden annual profit of A$42 million, outpacing its forecast of A$37.4 million, and was upbeat about prospects.

Investors are watching for another raft of earnings in Australia next week. It recently wrapped up its business year.

Despite posting disappointing earnings on Wednesday, Commonwealth Bank of Australia clawed back some ground.

Its shares rose 1.2 percent to A$30.40.

Banks in general were getting a better run. ANZ Bank led the way, up 1.4 percent at A$16.90. Australia's second largest stock, telecom Telstra, rose 11 cents to A$4.93. It releases annual earnings next week, and was already battered by forecasting a 5 percent rise.

News Corp., Australia's largest listing, lost 0.2 percent to A$16.54. U.S. satellite company DirecTV, which News is trying to buy, said it would lay off staff.

Montana deal done

In New Zealand, the NZSE-40 capital index stormed ahead 1.7 percent to 2,072.

That was its biggest one-day jump since June 5, and particularly impressive given a slump on Wall Street on Thursday.

The market rewarded brewer Lion Nathan's decision to throw in the grapes in its bid to buy New Zealand's largest winemaker, Montana Wines.

It said it would sell its 43 percent stake to British booze giant Allied Domecq for NZ$4.80.

Lion Nathan stock rose 5.6 percent to close at NZ$5.65 in Wellington. Montana dropped 1.7 percent to close at NZ$4.73.

New Zealand's largest stock, Telecom New Zealand, rose 1.6 percent to NZ$5.13.

Hong Kong near 29-month low

In Hong Kong, the benchmark Hang Seng index closed near a 29-month low. It fell 2.1 percent to 11,110.30.

The U.S.-linked market has suffered as American stocks fall. It is also being battered by a slump in property prices in Hong Kong.

The latest downdraft comes from worries over growth for its China cell-phone plays. The mainland's largest cell phone company, China Mobile, dropped 7.13 percent to HK$24.10.

Rival and China No. 2 China Unicom slipped 4.83 percent to HK$9.85.

Investors have worried that the companies are adding poorer, less-profitable customers after China Mobile reported earnings last week.

Its profits rose 58 percent, but its average income per customer fell.

In South Korea, the benchmark Kospi fell 0.1 percent to 569.31.

Troubled chipmaker Hynix Semiconductor was the most-active stock, losing 0.8 percent to 1,255 won.

Creditors are meeting opposition arranging a debt-equity swap to bail the world's third-largest memory chipmaker out of trouble.

Brokerage Hyundai Securities, another turnaround tale, fell 8 percent to 8,280.

Investors have sold it off on news a consortium led by American International Group will buy a 29 percent stake in the company and take management control.

AIG and its partners are still haggling about the price for the brokerage and two other Hyundai financial businesses.

In Taiwan, the benchmark Taiex fell to a four-week low.

It ended with heavy losses, down 3.4 percent at 4,310.32.

Electronics stocks fell even more, with that index down 4.0 percent.

Intel rival VIA Technologies fell the daily limit to end down 6.8 percent at T$192.00. It posted quarterly earnings Thursday night that were down 42 percent.

Taiwan Semiconductor Manufacturing Co., the market's biggest stock, was down 2.4 percent at T$60.50.

In Singapore, the Straits Times index closed down 0.7 percent at 1,624.61.

But stocks in neighboring Malaysia were doing well.

The Kuala Lumpur benchmark index closed up 1.9 percent at 682.87, a day after the country posted stronger-than-expected second quarter growth of 0.5 percent.

Reuters contributed to this report.