Tokyo takes Asian markets to higher close


Mazda president Mark Fields shows off the new MPV model in Tokyo Tuesday

HONG KONG, China -- Asian markets closed higher Tuesday, with Tokyo leading the way on a strong performance from tech issues, carmakers and banks.

The tech-sensitive Nikkei average ended the day up 209.36 points, or 1.88 percent, to 11,346.66.

The broader capital-weighted Topix index added 12.64 points, or 1.19 percent, to 1078.15.

Japanese telco giant NTT put on 3.4 percent, big bank UFJ Holdings rose 4.3 percent and Nissan Motor added 2.9 percent.

Elsewhere in the region, South Korea's Kospi index rose after the central bank lifted its 2002 growth forecast, and gains by Australian blue chips including retailer Woolworths boosted the main S&P/ASX200 index.

Strong property shares lifted Taiwan and Hong Kong, and in Singapore blue chips were higher on hopes of better earnings.

Investors also ignored the weak overnight performance by Wall Street, which was dragged down by General Electric's earnings drop.

On Monday, the Dow Jones industrial average slid almost 1 percent, to 10,093.67, while the tech-laced Nasdaq eased 2.41 points, or 0.14 percent, to 1753.78.

Techs higher


Tokyo shares were higher, boosted by strong tech issues

Japanese consumer electronics leader Sony rose 1.47 percent to 6890 yen and Toshiba added 2.9 percent to 564 yen. Advantest, a maker of computer testing equipment, jumped 5.2 percent to 9480 yen.

In the banking sector, Mizuho Holdings added 2.1 percent to 291,000 yen and Sumitomo Mitsui Banking Corp rose 3.45 percent to 569 yen. But MTFG fell 0.8 percent to 852,000 yen.

Japan's leading mobile phone carrier, NTT DoCoMo rallied 2.8 percent to 329,000 yen. A report Tuesday said mobile phone sales eased in 2001, the first drop on record.

Among carmakers, Toyota Motor was unchanged at 3610 yen, Honda put on 0.55 percent to 5460 yen and Mazda gained 1.43 percent to 354 yen after president Mark Fields unveiled its new MPV model.

In South Korea, the benchmark Kospi rose 7 points or 0.78 percent to 901.29.

The gain came after the Bank of Korea on Monday raised its GDP growth forecast to 5.7 percent this year from a previous 3.9 percent, citing a brighter outlook for the global economy.

Leading memory chipmaker Samsung Electronics rose 1 percent to 389,000 won, but rival Hynix Semiconductor lost 2.85 percent to 1365 won.

Steel giant Posco lost 3.14 percent to 139,000 won and Hyundai Motor Co added 1.3 percent to 45,600 won.

Woolworths touches record

In Australia the benchmark S&P/ASX200 closed 18.5 points or 0.55 percent higher at 3386.6 after retailer Woolworths reached a record high of A$13.03, up 11 cents or 0.85 percent.

Index heavyweight and media group News Corp jumped 2 percent to A$12.60 and telco leader Telstra was down 0.57 percent at A$5.19. Resources player BHP Billiton rose 0.09 percent to A$11.60. Most banks were higher.

In Taiwan, the benchmark Taiex rose 61.73 points, or 1 percent, to 6257.73. The market rose on a government plan to provide more housing loans to boost the real estate market. That lifted construction and bank shares.

Taiwan Cement rose 35 cents or 3.1 percent to T$11.65.

Chip foundry TSMC put on about 1 percent to T$92.50 and rival UMC jumped 2.83 percent to T$54.50.

Property up

Singapore shares were mixed, with the key Straits Times Index up 12 points or 0.68 percent to 1769.66 in late afternoon trade.

SIA gained 2.19 percent to S$14.00 after unveiling late on Monday a rise in its overall load factor to 76.9 percent in March from a year earlier.

Banks initally lost ground after disappointing results from Citigroup in the U.S. on Monday, but recovered later.

DBS Group and OCBC were both flat, while United Overseas Bank put on 1.36 percent to S$14.90.

In Hong Kong, the Hang Seng index rose 60.55 points or 0.56 percent to 10,788.53.

It was lifted by the property sector, with Sun Hung Kai Properties up 0.85 percent and Cheung Kong Holdings up 0.37 percent.

Index heavyweight HSBC was up 0.28 percent to HK$88.25. Mobile twins China Mobile and China Unicom were up about 1 percent and 0.68 percent respectively. CNOOC rose 3.65 percent to HK$9.95.