Tokyo leads Asia to higher close


Taiwan President Chen Shui-bian has a new book, "First Voyage of a Century," and an economy shrinking at 4.2 percent

By staff and wire reports

HONG KONG, China -- Asian stocks closed the week strongly, with Tokyo leading a day of good gains for the region's markets.

Only China's volatile B share markets and the small exchange in Thailand posted better numbers.

But Australia, the second-largest Asia Pacific market, lost more than half a percent

Japan's benchmark Nikkei 225 index climbed 1.5 percent to close at 10,649.09. Investors were climbing back into technology stocks as U.S. markets steadied.

The broader Topix index finished up 0.8 percent at 1,053.03. It doesn't have as strong a technology bent, so some market watchers consider it more representative.

Chips gain ground in Tokyo

Stocks were up modestly in Hong Kong. New Zealand also rose.

Indian stocks were closed to celebrate the start of the Hindu New Year in style, after hitting their highest level since the September 11 attacks on Thursday.

On Friday, Singapore stocks set a two-month high early in the day. But they sold off sharply to close down more than half a percent.

Tech stocks were the story in Japan, where chipmakers like Fujitsu were attracting new interest. It rose 9.7 percent to 1,016 yen.

Electronics maker Sony Corp. often leads the way for techs. It closed up 5.7 percent at 5,710 yen, investors cheering the company's announcement that it would assemble and sell its Vaio personal computers in China.

Banks broke their recent run of losses, with Mizuho Holdings, the world's biggest bank by assets, rising 5.7 percent to 315,000 yen.

Japan banking No. 4 UFJ Holdings Inc. outdid that, up 6.89 percent at 450,000 yen.

One trader said investors were getting out of short positions as the week came to an end.

Commodity prices hit Australia

In Sydney, the S&P/ASX 200 index dropped 0.66 percent to 3,322.5.

Falling oil and metal prices put pressure on the island's resource stocks.

BHP Billiton suffered a particularly big slide, the Anglo-Australian listing off 7.3 percent to A$9.63. It rallied earlier in the week on the likelihood of higher oil prices, but they have since come under pressure.

Oil and gas producer Woodside Petroleum fell 2.7 percent to A$12.88.

Gold stocks were sliding after hitting highs on Thursday. And Australia's banks, which have shown remarkable strength, fell off a little.

Westpac Bank was the weakest, down 2.8 percent to A$15.88. It recently hit a record high.

New Zealand's NZSE-40 Capital index rose 0.5 percent to 2,203.85. Telecom New Zealand, the largest issue, gained another 2 cents to NZ$4.87.

Telecom is now up 8.2 percent for the week, after it posted earnings on Tuesday.

China oil stocks off in Hong Kong

Hong Kong's Hang Seng index closed up 0.43 percent at 11,287.37. Blue chips were leading the way.

China Mobile, mainland China's largest cell-phone company, was up 2.15 percent at HK$28.45.

Cheaper oil prices were boosting Cathay Pacific, Hong Kong's main airline. It finished with a rise of 0.56 percent at HK$8.90.

But a lull in oil was hitting China's producers. Petrochina fell 6.5 percent to HK$1.28. CNOOC was down 6.1 percent at HK$6.95.

The market's biggest listing, HSBC, was down 0.54 percent at $91.50.

China's B shares were up strongly, after the government cut stock-trading costs. Shanghai closed up 1.8 percent and Shenzhen, 1.6 percent.

Airlines flying high in Seoul

South Korea's Kospi index closed up 0.73 percent at 610.88. Banks were big gainers, as investors bet they will benefit from Korea's record-low interest rates.

Airline stocks were up for a third day in a row, after losses following this week's New York City crash. They too benefit from cheaper oil prices.

Korean Air rose 7.9 percent to 6,000 won. Korean No. 2 Asiana Air climbed 3 percent to 1,760 won.

Taiwan's Taiex hit a two-month high, finishing with a gain of 0.98 percent at 4,446.62.

Electronics stocks for once broke with Nasdaq, which fell 0.14 percent overnight. But investors felt that was a one-day aberration.

They bid chip contract maker Taiwan Semiconductor Manufacturing Co. up 4.03 percent to T$77.50. Rival United Microelectronics Corp. lifted 1.9 percent to T$38.60.

Taiwan's parliament ratified a bill on its entry into the World Trade Organization.

But both Taiwan and Singapore confirmed recessions on Friday, posting their second quarter of negative numbers. Taiwan's economy shrank 4.2 percent in the third quarter and Singapore's, 5.6 percent.

In Singapore, the Straits Times index was up as much as 1.28 percent early in the day.

But it turned down sharply in the last hour, ending with a loss of 0.7 percent at 1,422.17.

Reuters contributed to this report.