Tokyo stocks start 2002 with a 3.2% jump


Asian brokers have greeted the start of 2002 with a raft of buy orders for chip and telecom stocks

By staff and wire reports

HONG KONG, China -- Japanese stocks raced on Friday, their first day of trade in 2002.

Other Asian markets were stronger, too, with Hong Kong and South Korea leading the way.

On a shortened trading day, the Nikkei index climbed 3.12 percent to close at 10,871.49. That's its highest close since November 27.

Japan celebrates an extended New Year's holiday. Markets will also be closed on Monday January 14 for coming-of-age day.

Tokyo's Topix index ran up 2.1 percent to 1,053.96. Many professional investors believe the Topix, which measures all the stocks on Tokyo's first section, is a better measure of trading.

The Nikkei has a heavier leaning toward technology.

Yen stronger as traders get back to work

And those shares, particularly chip makers and telecoms, were running on Friday. That was to be expected, given similar moves around the world so far in 2002.

Friday also marked the first trading for Japan's money markets after a holiday. All other trading in the currency had been coming from other Asian markets like Hong Kong, or from Europe and the United States.

The yen strengthened almost 1 yen against the dollar, to 131.01 on Friday morning. It stood at 131.05 as Japanese trade switched to Bangkok, Thailand.

Over the Tokyo holidays, the Japanese currency hit 132.30 against the dollar. It also weakened dramatically against the Euro, on optimism as the new currency got in consumer's pockets for the first time.

NEC Corp., one of Japan's "Big Five" chip makers, rose as much as Tokyo trading rules allow in a day. It closed "limit up" at 3.0 percent at 1,377 yen.

Toshiba Corp., the world's second-biggest chip company after Intel, rose 11.56 percent to 502 yen.

And Fujitsu stock also got a strong boost.

NTT DoCoMo, Japan's largest cell-phone provider, perked up 2.6 percent to 1.58 million yen. Over the holidays, local media reported it will list its shares in London and New York, to get more exposure.

It also hopes to roll out third-generation or "3G" cell phone service, which carries pictures and data and lets you connect to the Internet, in other countries in 2002.

After a delay due to a software glitch, it unveiled the service in Japan in 2001.

Samsung up 4.5 percent in Seoul

Other Asian markets were higher, with Hong Kong's Hang Seng index up 2.1 percent at 11,664.98 just before 11 a.m. local time.

South Korea fired gains in Asia again, going into the noon break up 2.24 percent at 743.96, after hitting another 16-month high during the session.

Samsung Electronics, the world's biggest memory chipmaker, jumped 4.47 percent to 315,500 won.

Rival Hynix Semiconductor is up 2.8 percent at 2,930 won.

Hynix got the ball rolling on the chip industry stock gains in 2002, with a price increase and talk of a tieup with Micron Technology of the United States.

On Friday, a spokeswoman told CNN that the company could not confirm, or deny, a Korean newspaper report that it will take up to $5 billion to sell its DRAM memory chip operations.

Singapore was up 1.57 percent at 1,679.67 at 11 a.m. local time.