Asian stocks end week with Japan run


Japanese workers, led by a few wearing traditional white kimonos, pray to exorcise evil spirits for 2002 at a shinto shrine

By staff and wire reports

HONG KONG, China -- Asian markets jumped to close higher on Friday, with Tokyo racing to a 3.12 percent rise on the first day of trade in Japan for 2002.

But China's young markets, the best performers in the world in 2001, came back from the New Year's break on Friday with a loss.

The Shanghai B share market, open to overseas investors, fell 1.46 percent to 169.024.

Just across the border from Hong Kong in Shenzhen, B shares fell 1.5 percent to 261.62.

They had benefited from fund manager window dressing at the end of 2001, as funds looked to hold strong China plays when they report their holdings.

Hong Kong's market closed up 2.4 percent, leaving the Hang Seng at 11,702.15. South Korean stocks were up even more.

The Kospi gained 2.76 percent to 747.72, its highest close in a year and a half.

But Japanese stocks were the biggest gainers on Friday, the Nikkei index almost matching Nasdaq's overnight 3.3 percent gain.

Nikkei up 3.12 percent in Tokyo

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

Tokyo's broader Topix index ran up 2.1 percent to 1,053.96. It measures all the stocks on Tokyo's first section, while the Nikkei is more tech-oriented.


Female employees wearing kimonos take part in the traditional ceremony to open trading in Tokyo for 2002

On Friday, Sony rose 7.2 percent to 6,420 yen, and the electronics maker normally signals the course for Tokyo techs.

Chipmakers and telecoms were also running, after similar gains around the world so far in 2002.

Friday also marked the first trading for Japan's money markets. Asian trading had been coming from markets like Hong Kong and Thailand.

The yen strengthened almost 1 yen against the dollar, and was trading 131.02 late Friday in trading out of London.

Japan celebrates the New Year with an extended break.

Over the Tokyo holidays, the Japanese currency hit 132.30 against the dollar. It also weakened dramatically as the Euro was introduced to consumers.

Chipmakers gaining in first-day action

On Friday, chipmaker NEC Corp. 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.

Chip-testing machine maker Advantest was also "limit up," gaining 13.5 percent to 8,420 yen.

NTT DoCoMo, Japan's largest cell-phone provider, perked up 2.6 percent to 1.58 million yen.

Merger mania drives Sydney higher

In Sydney, the Australian market move north, with the S&P/ASX 200 index ended up 0.47 percent at 3,345.7.

The gold index rose near its highest level on record. It closed at 1,053.3.

Merger mania has hit the industry, with producer Hill 50 Gold subject to an offer from South African miner, Harmony Gold. Hill 50 has said it is open to other bids.

A fierce takeover battle for Normandy Mining, Australia's biggest gold producer, may be nearing its end game.

Its stock hit a four-year high and closed up 1.6 percent at A$1.86. Newmont Mining of the United States appears to have again outdone South African rival AngloGold. But analysts say nothing is settled yet.

The fervor has driven up other natural-resources companies like BHP Billiton, up 1.77 percent, and Rio Tinto, up 2.2 percent.

In Wellington, New Zealand's main NZSE-40 capital index rose 0.1 percent to end at 2,064 on light volume.

Telecom New Zealand, 22 percent of the index, closed unchanged at NZ$5.05. With earlier gains, it accounted for most of the trading.

Taiwan drives with contract-chip foundries

Taiwan's market rose 2.03 percent, the Taiex ending at 5,638.53. The chip-driven index benefited from Nasdaq's strong performance.

The largest listing, Taiwan Semiconductor Manufacturing Co., lifted 4.1 percent to T$89.00.

Rival chip foundry United Microelectronics rose 5.9 percent to T$52.00.

Singapore stocks closed up 1.5 percent leaving the Straits Times index at 1,678.67.

That's its highest level since early August. Singapore Airlines rose 2.5 percent to S$12.10, continuing to benefit from better load factors.

Hong Kong's gains were driven by hopes of a come-around in China technology plays.

Legend Holdings, the biggest computer maker in the mainland, rose 5.6 percent to HK$4.225. It fell close to 19 percent last year.

China Mobile, the biggest cell-phone carrier in China, lifted 2.57 percent to HK$27.90.

Rival China Unicom climbed 2.3 percent to HK$8.90.

Bank HSBC Holdings, the largest listing in Hong Kong, rose 2.99 percent to HK$94.75, despite a default on some of Argentina's national debt.

South Korea's market has been firing on all cylinders, after chipmaker Hynix Semiconductor said it anticipates strong sales due to demand in China.

The Kospi closed at 747.42, its highest close since August 2000.

Hynix rose 3.2 percent to 2,940 won on Friday. The company said it would not confirm or deny a report it is selling some chip operations to Micron Technology for $5 billion.

Bank stocks also gained in Seoul trade.

India's market was up 2.06 percent in afternoon trade on Friday, with tech shares rising in Mumbai.