Asian markets end week higher


Shares in Korea ended at an 18-month high, bolstered by hopes of a global economic recovery

HONG KONG, China -- Asian markets ended the week firmer, buoyed by hopes of a global economic recovery following upbeat comments about the U.S. economy from Federal Reserve chairman Alan Greenspan.

In Tokyo, stocks closed higher on Friday after tech exporters and automakers such as Honda Motor drew strength from a weakening yen, more than offsetting a slide in top banks.

The yen was trading at about 134.6 to the U.S. dollar late on Friday, after earlier weakening to a 39-month low of 134.9.

The benchmark Nikkei average ended up 70.09 points, or 0.70 percent at 10,144.14, while the broader capital-weighted Topix index rose 5.40 points or 0.55 percent to 985.84.

Honda, now Japan's second largest automaker ahead of Nissan, rose 2.43 percent to 5,470 yen, while top-ranked Toyota Motor gained 1.41 percent to 3,600 yen.

Consumer electronics giant Sony finished 120 yen or 1.97 percent higher at 6,200 yen. After the closing bell, the company posted record December quarterly revenues and a surprise rise in operating profit.

Analysts expect this will set the stage for a tech-driven rally next week.

But the banking sector ended the day lower on concerns over its mountain of bad loans.

UFJ Holdings fell 5.1 percent to 242,000 yen and Mizuho Holdings was down 3.5 percent to 245,000 yen, while Sumitomo Mitsui ended down 1.21 percent at 489 yen.

18-month high

In Seoul, the market ended at a fresh 18-month high as cyclical shares rallied on heavy foreign buying.

The benchmark Kospi index closed up 2.24 percent at 774.68. Top memory chipmaker Samsung Electronics jumped 4.19 percent to 323,000 won on rising chip prices and orders.

Kookmin Bank also shot up 4.91 percent to 62,000 won, after the government said it would sell its stake in Korea Exchange Bank.

The over-the-counter Kosdaq finished up 1.95 percent to 76.47, led by a surge in airline stocks.

Seoul's flagship carrier Korean Air advanced 4.2 percent to 12,500 won, while Asiana Airlines surged 8.4 percent to 4,000 won.

In Australia, shares ended the week modestly higher, lifted by banks, selected resources stocks and growing hopes for a global economic recovery.

The bellwether S&P/ASX 200 index ended 11.5 points or 0.34 percent firmer at 3,442.3.

Mining giant Rio Tinto led gains in heavy trade, closing 2.1 percent stronger at A$38.50. But BHP Billiton lost ground made in early trade and slipped back to close nine cents lower at A$11.42.

Market heavyweight News Corp was up 22 cents or 1.6 percent to A$13.94.

In Taiwan, stocks closed more than two percent higher. The market was boosted by a buying spree across the board, following Wall Street's gains and China's softened stance towards the island's ruling party.

The main Taiex rallied 148.72 points or 2.56 percent to close at 5,950.64. Leading chip foundry TSMC added T$1.50 or 1.66 percent to T$92.00.

China Mobile lower

In Hong Kong, shares were slightly higher in late afternoon trade, as early gains evaporated following a downgrade of cellular phone giant China Mobile.

The benchmark Hang Seng Index closed 31.5 points or 0.29 percent higher at 10,772.96.

China Mobile shares were down more than 3 percent to HK$21.35, after investment house ING Barings cut its rating on the stock on concerns over intensifying competition and regulatory risk.

In Singapore, shares were higher in the afternoon lifted by gains in Singapore Airlines and Singapore Telecommunications.

The bellwether Straits Times Index was up 3.64 percent to 1,723.44, lifted by a 5.79 percent rise in Singapore Airlines to S$12.80.

Singapore Telecommunications was up 2.4 percent at S$1.71.

Markets in India were slightly lower, with the BSE Sensex down about 20 points or 0.6 percent in late afternoon trade.