Tokyo stocks down on profit-taking


Workers gathered at a shinto shrine last week for a ceremony to ward off bad spirits in 2002

By staff and wire reports

HONG KONG, China -- Tokyo stocks dipped in early Monday trading, after players took profits from Friday's gains.

The benchmark Nikkei index fell 0.37 percent, to 10,871.49 in the first 30 minutes of trading, after climbing 3.12 percent on Friday, the first day of trading for Japan in 2002.

The broader Topix was also down 0.44 percent, to 1,049.25 early Monday, after having gained 2.12 percent on Friday.

In others markets, Seoul shares were down early Monday as chips gave way to selling after feisty gains last week. But financials and constructions shares are advancing.

The benchmark Kospi slipped 0.61 percent to 743.18, while the over-the-counter Kosdaq fell 0.08 percent to 75.39.

Stocks higher on Australian economy

In Australia, stocks climbed higher on positive sentiment from new data suggesting a rosier economic outlook.

The benchmark S&P/ASX 200 climbed 0.16 percent to 3,445.4, lifted by resources and media shares.


Tokyo stocks are down on Monday, which will be the first full trading day of 2002, after Friday's half day

Stocks likewise climbed higher in New Zealand, helped by rises in the share prices of some of the largest stocks.

The benchmark NZSE-40 Capital Index was up 1.02 percent at 2,085.03 in mid-afternoon trade.

Taiwan stocks were also stronger in early trade led by the semiconductor sector following hefty net buying in the previous session.

The Taiex share index rose 0.77 percent to 5,681.70.

The Asian market gains follow through on Friday's performance on Wall Street.

In New York, the Dow Jones industrial average gained 0.9 percent Friday, closing at 10,259.74, its highest level since late August.

The Nasdaq composite index rose 0.7 percent, to 2,059.38, closing out a strong week for American stocks.