Asian markets back in black in afternoon


Taiwan's market is showing the strongest gains on Monday, but most of Asia is shrugging off earlier selling

By staff and wire reports

HONG KONG, China -- Asian stocks moved higher again heading into Monday afternoon, with Japan and Korea bouncing back from early losses.

Taiwan is showing the strongest gains in the region, though, on tech buying.

In Tokyo, the Nikkei index is up 0.49 percent at 10,924.31 as afternoon trade gets under way. The index went into the noon break down 0.08 percent.

The Topix is down but narrowly, posting a loss of 0.04 percent at 1,053.59. It was down 0.44 percent at noon.

Bank stocks propping Tokyo

But bank stocks have been propping up the market, after Japan's government said it would step in with support if banks faced a crisis.

Mizuho Holdings, the largest bank in the world by assets, is up 6.5 percent at 278,000 yen at the noon break.

UFJ Holdings, Japan's No. 4 bank, is up 5.86 percent at 307,000 yen.

Isuzu went into the lunch break up 5.48 percent at 77 yen, after General Motors said it will make every effort to stave off bankruptcy for the truckmaker.

It said Isuzu's banks were going to help "tremendously" to prevent bankruptcy.

The yen is trading at 130.89 against the dollar.

Australia big caps showing gains

Australia's market is up 0.38 percent, leaving the S&P/ASX 200 at 3,448.9, in mid-afternoon trade on Monday.


Japanese workers gathered at a shinto shrine last week for a ceremony designed to cast out evil spirits for 2002

Strong data, in the form of higher retail sales and help-wanted newspaper ads, gave investors fresh evidence that the Australian economy is faring better than most.

Big-cap stocks like News Corp. and Telstra -- the two largest listings on the Sydney bourse -- are gaining.

Mining stocks like BHP Billiton and Rio Tinto are also up.

New Zealand's market closed on gains. The NZSE-40 capital index ended up 1.17 percent at 2,088.02.

South Korean stocks, the stars of Asian trade so far in 2002, were up as the afternoon session got going.

The Kospi is up 0.87 percent at 754.20, having gone into the break down 0.52 percent.

Samsung Electronics slumped 2 percent lower at noon, to 312,000 won, as investors wait for earnings on January 16.

Samsung is Seoul's largest listing.

Hynix Semiconductor fell 80 won to 2,860 won at noon, as Micron Technology of the United States said talks to buy part of the company were still in early stages.

Taiwan posting region's best gains

In Taiwan, the Taiex was showing the strongest gains in the Asia Pacific, up 2.7 percent at 5,791.45 in afternoon.

Electronics stocks were up on buying from overseas investors. Bank stocks are also moving ahead.

Those two sectors have been the main movers in Taiwan over the past few months.

Hong Kong's Hang Seng index went into the lunchbreak up 1.61 percent at 11,890.08.

China Mobile, the mainland's largest cell-phone company, was up as telecoms continue to generate interest in Asia in 2002.

Cheung Kong Holdings drove higher after tycoon Li Ka-shing said on Friday that the group would post "outstanding results" this year.

But HSBC was still lagging, after reports it will have to write off up to $4.9 billion in debt due to the economic collapse of Argentina.

Traders say the Hang Seng index will face resistance around the 12,000 mark.

Singapore stocks are up 1.3 percent, leaving the Straits Times index at 1,700.43, going into the afternoon.

Indian stocks opened up 1.29 percent, with the main Mumbai index standing at 3,419.38. Moves are likely to be cautious, with relations with Pakistan still extremely tense.