Asian stocks off to flying start


The bulls have had their head in South Korean stocks so far in 2002, with Hynix driving the gains from the start

By staff and wire reports

HONG KONG, China -- Asian markets set off to another good start on Thursday.

South Korean stocks are again the focus, with tech gains there spilling over to the rest of the region.

They are up 1.14 percent in early trade, leaving the Kospi index at 733.19.

Hynix Semiconductor is again the main mover, after a rally in U.S. chip stocks overnight. Hynix rose 3.2 percent to 2,860 won.

Officials say a deal with Micron Technology is due this month. Hynix has also fueled a rally in Asian chipmakers by raising prices on its contract chips.

That gave Taiwan's market another lift. The Taiex is up 1.09 percent in early trade, at 5,660.82.

Investors say they may have run into "resistance," often in the form of computer-programmed selling, around 5,650 that could hold them back.

Singapore stocks were up 1.05 percent at 1,642.75 in early trade. They had been expected to get a boost from U.S. tech gains overnight.

Japan's stock, bond and money markets are closed again, as the country celebrates its extended New Year's break.

Japanese stock trading resumes Friday for a half day, but markets are closed again on Monday.

China's fledgling markets are closed again Thursday, with trading back Friday. The bourses in Shanghai and Shenzhen were the best performers in the world in 2001, with more than 90 percent gains.

New Zealand stocks were back with a boost. The NZ40 index is up 0.41 percent at 2,061.79 in early afternoon trade.

Australian stocks were off 0.52 percent at 3,427.9 just past noon, local time. Mining stocks are making the moves again, with BHP Billiton back off yesterday's gains.

It was down 0.5 percent to A$10.67 after hitting a six-month high on Wednesday.

Overnight, U.S. stocks set off 2002 with a positive start. The Dow Jones industrial average rose 0.52 percent to 10,073.40 in its first day of trade.

Nasdaq rose 1.48 percent to 1,979.25, after Asian chipmakers and tech stocks had set a similar pace.

Reuters contributed to this report.