Asian stocks ride broad gains into afternoon


Asia Pacific investors are looking for a revamp plan from Daiei, as well as an end to two takeover offers Down Under

HONG KONG, China -- Asian markets rallied on Friday, breaking their run of declines on tech buying and optimism over deals.

They also got a boost after Wall Street's strong showing on Thursday. The Dow Jones industrial average closed up 1.4 percent. Nasdaq ran up 2.13 percent.

In Tokyo, stocks went into the midday break with sizeable gains. Nikkei gained 106.24 points or 1.05 percent to 10,234.42, as investors snapped up some beaten-down tech stocks.

Debt-hobbled retailer Daiei Inc. climbed 23 percent to 155 yen, over optimism it is about to land a deal with its creditors to help keep it alive.

Daiei, which controls the Lawson convenience-store chain, is expected to announce later Friday that it has arranged a debt waiver with its banks.

The Topix index, which measures all the stocks on the first section in Tokyo, was up 1.01 percent at 994.81 at noon.

Cell phone company NTT DoCoMo is up 2.9 percent on a report it has set a March 1 date to list its stock in New York and London.

Daiei deal expected today

Banks were down, though, after recent rises on prospect of government support. UFJ, one of Daiei's main creditors, fell 2.97 percent to 294,000 yen.

The collapse of a $1.6 billion deal to sell management control of Hyundai Securities to a group led by U.S. insurer AIG saw South Korean stocks fall.

The Kospi was down 0.15 percent at 714.56 a little before 1 p.m. local time. But the index was rallying after a morning selloff.

Hyundai Securities was down 11.0 percent at 10,950 won. The Korean government says it is looking for a replacement for the American company in the deal.

In Taiwan, the Taiex was up 1.73 percent at 5,596.28 after Nasdaq's strong performance.

Taiwan's markets are closed from February 7 to February 18, and investors are expected to continue to sell stock ahead of that extended break.

Australia's benchmark S&P/ASX 200 index was down 0.41 percent at 3,379.1 in the afternoon. Banks were generally lower.

AngloGold offer expiring

News Corp. was also down 1.6 percent at A$14.30 ahead of its second-quarter earnings, expected to be poor.

Gold stocks were off, with takeover target Normandy Mining down 3 cents to A$2.02. It hit a five-year high on Thursday of A$2.06.

AngloGold's offer for the company expires at 7 p.m. local time on Friday. Rival Newmont Mining's bid has a month to go.

Wellington's main NZSE-40 capital index was up 0.49 percent to 2,100.32 approaching the close of trading.

Frucor Beverages was unchanged at NZ$2.28 as the deadline approached for a takeover offer of NZ$2.35 from France's Danone.

Hong Kong's Hang Seng index was essentially flat at 11,014.15 in late morning trade.

Pacific Century CyberWorks stood at HK$2.15, down 3.4 percent, after announcing it will issue convertible bonds.

In Singapore, stocks were up 0.35 percent leaving the Straits Times index at 1,666.33 shortly before noon.

Reuters contributed to this report.