Wary traders nudge Asian markets higher

TOKYO, Japan -- Tokyo stocks opened modestly higher Monday in thin trading, as investors drew optimism from slight gains on Wall Street.

But the mood remained wary ahead of a number of high-profile earnings reports due this week from U.S. and Japanese companies, and traders said the market would move in tight range throughout the session.

The benchmark Nikkei average was up 0.32 percent or 33.42 points at 10,572.21 by 0013 GMT, while the capital-weighted TOPIX index tacked on 0.42 percent or 4.52 points to 1,075.17.

"Gains for U.S. stocks should give us a solid floor today, but we'll see sparse participation from institutional investors wishing to evaluate the outlook for the tech sector," said Masayoshi Okamoto, a trader at Jujiya Securities.

"Look for retail investors and brokerage dealers to pinpoint individual shares that are liquid and carry a theme."

One such issue was Internet investor Softbank Corp, which rose 5.96 percent to 3,200 yen, extending last week's 25 percent gain on the back of the recent popularity of Internet-related shares.

Among companies due to unveil results this week are electronics giant Sony Corp, chip-testing device maker Advantest Corp and PC and chipmaker NEC Corp.

All three have already revised down their forecasts for the full year to March, and traders say much of the present gloom in the tech sector is already factored in.

Focus will be on how they see future performance in light of the September 11 attacks.

Sony, the second-most heavily traded share on the first section in terms of turnover, rose 0.2 percent to 5,050 yen as select techs followed the U.S. Nasdaq 1.12 percent rise higher.

NEC ticked up 0.26 percent to 1,178 yen, while Kyocera Corp, the world's largest maker of IC ceramic packages, put on 4.1 percent to 9,390.

In contrast, Casio Computer Co Ltd, a maker of digital watches and calculators, slumped 4.33 percent to 663 yen after it revised down its group forecast for the year to March 2002 late on Friday, saying it now expected a net loss of 3.70 billion yen against a previous forecast for a profit of 1.50 billion yen.

In Australia, the S&P/ASX 200 was also marginally firmer at 3180.8, up 5.4 points, after 90 minites of trading.

Leading telco Telstra firmed A4c to A$4.98 a share while international media player News Corporation had added A2c to A$13.41.

Australia's biggest airline Qantas also continued its recent ascent, gaining A7c to A$3.66.

On the negative side retailer Coles Myer shed 7c to A$7.35 in early business while resources major BHP Billiton dropped A26c to A$9.09.

In Korea the Kospi was a little weaker, off 1.31 points to 526.73, while in Taipei the Taiwan Index was 47.95 points stronger at 3893.57.

Reuters contributed to this report.