U.S. numbers boost Asian stocks


Shares in Mitsubishi Motors surged after Rolf Eckrodt was confirmed as CEO from June 25

HONG KONG, China -- Asian markets closed higher Wednesday, lifted by Wall Street's overnight gain and strong consumer confidence in the United States.

Seoul was the region's star performer, with the Kospi putting on 21.43 points or 2.43 percent to 902.46, reaching a two-year high, as tech stocks took a run.

Meanwhile in Tokyo, the Nikkei average gained 115.76 points, or just over 1 percent, to 11,323.68. The broader capital-weighted Topix index rose 13.17 points or 1.24 percent to 1077.32.

But Taiwan eased from Tuesday's 18-month high. The Taiex gave up 94.89 points or 1.52 percent to 6147.75.

In other markets, Australia and Singapore rose and Hong Kong also did well, with the Hang Seng adding 200 points or 1.86 percent to 10,987.88 as blue chips got a boost from the U.S. and its healthy numbers.

The Dow Jones industrial average closed 0.7 percent higher Tuesday, while the tech-laden Nasdaq Composite Index was up 0.64 percent.

Japan banks rise

In Tokyo, Japanese banks were slightly higher, despite a report that their non-performing loans had risen 20 percent in the past six months to about $180 billion.

Mizuho Holdings rose 0.67 percent to 299,000 yen, UFJ was up 0.33 percent to 301,000 yen, while Sumitomo Mitsui took the lead with a gain of 3.29 percent to 534 yen. MTFG added 0.75 percent to 810,000 yen.

The star performer in the auto sector was Mitsubishi Motors, up 10.75 percent to 340 yen after Rolf Eckrodt was confirmed as CEO from June 25.

Other carmakers also fared well with Toyota jumping 1.35 percent to 3750 yen, Nissan gaining 2.72 percent to 945 yen and Honda adding 1.1 percent to 5500 yen.

In the tech sector, Sony rose 0.45 percent to 6770 yen and Japan's dominant mobile phone carrier NTT DoCoMo jumped 4.2 percent to 347,000 yen.

Blue chips up

In Seoul, chip leader Samsung Electronics rose 4.15 percent to 363,500 won, while Hynix Semiconductor gained 1 percent to 1470 won. SK Telecom added 3.1 percent to 299,000 won.

Australian stocks broke a four-day losing run as strength in resources and banks pushed the benchmark S&P/ASX 200 index 27.1 points, or 0.8 percent, higher to 3411.5.09.

Resources giants BHP Billiton and Rio Tinto gained 2.5 percent and 1 percent respectively.

The four major banks also were higher. Westpac did best, adding 2.14 percent to A$15.73.

Australia's largest retailer Coles Myer recovered from Tuesday's heavy losses, gaining 0.7 percent to A$8.51.

Taiwan falls after surge

In Taiwan, the Taiex index ended down more than 1.5 percent, after Tuesday's record surge.

Asustek Computer fell 3.75 percent, Via Technologies lost 3.6 percent and chip foundry TSMC fell 2.1 percent.

Singapore's bellwether Straits Times Index was up 14.19 points, or 0.8 percent, at 1,808.6 in late afternoon trade.

OCBC rose 2.94 percent to S$14.00 after it appointed former Citibank official David Conner as its new head to replace outgoing chief, Alex Au.

Media conglomerate Singapore Press Holdings climbed 3.8 percent to S$24.80 after unveiling late on Tuesday a better than expected set of first half results.

In Hong Kong, the benchmark Hang Seng Index closed sharply higher, putting on 200.96 points to finish up 1.86 percent at 10,987.88.

Banking leader HSBC put on 0.85 percent to HK$89.50 and China Mobile rose 3.5 percent to HK$23.75.

Among the top gainers was micro motor maker Johnson Electric, which rose 5.85 percent to HK$10.85.

China's largest offshore oil producer, CNOOC, added 1.61 percent to HK$9.45 ahead of the release of its full year results. CNOOC reported a 22.7 percent drop in 2001 net profit to 7.96 billion yuan ($961 million), in line with market expectations.