Manila stocks jump on Arroyo presidency

Hong Kong, China (CNN) -- Philippines shares surged Monday following the peaceful transfer of power to new president Gloria Macapagal Arroyo over the weekend.

Manila's 33-share composite index jumped at the opening bell, rising a staggering 33.76 per cent to reach 1,943.33 points in the morning session, before easing back.. At 0430 GMT the index was up 20 percent at 1,738.60.

In Hong Kong, shares in China’s largest oil and gas producer, PetroChina, which announced on Sunday that it had discovered possibly the largest natural gas field in the country, were up 4.35 percent at 1.440 by 0430 GMT. Hong Kong stocks generally brushed past the seasonal lull of the Chinese New Year in Hong Kong, with the benchmark Hang Seng index up 0.59 percent to 16,028.15.

Tokyo stocks eased in the morning session Monday, with the benchmark Nikkei 225 index ending the session down 0.46 percent at 13,924.81. Investors chose to sell, locking in profits in Internet and technology issues such as Sony Corp after the sector’s strong gains last week.

Despite the flat close of the U.S. Nasdaq index on Friday, investors saw the yen’s rebound as a factor casting a shadow over prospects for blue-chip exporters. A softer yen boosts Japanese exporters’ overseas earnings when they are repatriated to Japan. The benchmark Nikkei 225 index ended the morning down 0.46 percent at 13,924.81.

South Korea’s Kosdaq over-the-counter market was up 4.95 percent at 81.03 by midday, led by foreign buying of telecom stocks such as KT Freetel -- the largest share by market capitalization on the OTC market -- which was up 1,400 won at 51,900 in early trade.

The broader Korea Composite Stock Price Index (KOSPI) was up 0.23 percent at 621.23 by midday.

Singapore shares were weak early on Monday, led down by the technology sector after sharp gains last week. At 0430 GMT, the benchmark Straits Times Index was down 0.89 percent at 1,889.84. Computer peripherals maker Creative Technology, which unveiled better-than expected second quarter earnings at the weekend, was down 2.19 percent at S$22.30 in early trading.

Australian shares started modestly higher on Monday, although traders did not expect the market to make much ground on the day. The S&P/ASX 200 index rose 9.1 points to 3,320.7, with the strongest gains seen in the embattled technology and Internet sector.

The New Zealand share market continued its surge on Monday, with the benchmark NZSE-40 index up 0.71 percent to 2,011.28 in early trading. Brokers said the market was again dancing to the familiar tunes of Telecom NZ and Fletcher Challenge Energy.

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