Asian stocks fire ahead across the board


Markets rose across the board in Asia, with export-oriented techs like Sony up in Japan as the Nikkei jumped 2.5 percent

HONG KONG, China -- Asian stocks fired ahead on Wednesday, with all major markets showing gains.

Tech stocks led the way, and there are high hopes for export-driven recoveries in Asian economies.

In Tokyo, the Topix index rose 1.4 percent to 1,087.00, while the tech-influenced Nikkei drove up even faster, ending with a gain of 2.5 percent at 11,642.97.

South Korea's Kospi put on more than 3 percent, Taiwan's Taiex rose 2.7 percent and Australia's S&P/ASX200 was up more than 1.8 percent.

Yen easing helps out

Exporters ran on hopes for rebounds worldwide and an easing yen. In Japan, the yen stood at 128.30 in late afternoon trade.

Sony Corp., the world's largest electronics maker, rose 2.7 percent to 7,150 yen.


Stock in phone company NTT soared after it posted the largest nonbank loss to date, still better than expected

Telco NTT climbed 4.4 percent to 498,000 yen after posting on Tuesday the largest one-year loss in Japanese corporate history, excluding the troubled bank sector (full story).

The results were better than expected.

Markets in Asia have outperformed their U.S. counterparts in 2002. But strong retail sales there led the Dow Jones industrial average up 1.86 percent to 10,298.14 on Tuesday.

Applied Materials also posted stronger than expected results. That led Nasdaq 4.02 percent higher to 1,719.05, giving extra backing to the run Asian chips have already been on (U.S. roundup).

Korean sees overseas buying

In Seoul, the Kospi closed up 3.02 percent at 862.62, its highest in more than two weeks.

Chip stocks saw the strongest buying, though the gains were across the board.

Overseas investors came into some of their favored stocks, including Samsung Electronics, up 5.0 percent to 376,000 won, and Hyundai Motor, up 10.0 percent to 48,400 won.

In Tapei, Taiwan's Taiex ended up 2.7 percent at 5,910.69, with chip stocks jumping.

A 6.2 magnitude earthquake in Taiwan around noon added to market tension during the day. But there was little damage, and stocks bounced back.

Taiwan Semiconductor Manufacutring Co. ended up 3.45 percent to T$90.00.

Chipmaker Winbond Electronics continued its recent bull run, again rising the 7 percent limit for a one-day move to T$22.30.

News powers ahead Down Under

In Australia, the S&P/ASX 200 index ended up 1.86 percent at 3,376.1.

News Corp., the largest stock, drew most of the attention. Its stock roared ahead 13.9 percent to A$13.58.

News posted a $4 billion loss for the third quarter, but that was better than the $5 billion loss analysts expected.

Banking stocks were also higher. In mining stocks, BHP Billiton rose 2.5 percent to A$11.46.

In New Zealand, the benchmark Top 40 index closed up 1.04 percent at 2,085.18. An interest-rate rise from the central Reserve Bank of New Zealand didn't dent investor confidence.

The New Zealand dollar offset the rate cut as well, strengthening to 45.62 U.S. cents.

Hong Kong up on broad gains

Hong Kong's Hang Seng index closed 1.27 percent higher at 11,838.36. China Mobile, the largest cell-phone service in mainland China, is up 2.54 percent at HK$26.20.

Property stocks have arrested their recent profit taking, with Sun Hung Kai Properties up 3.04 percent at HK$67.75.

Cheung Kong Holdings is up 2.69 percent at HK$76.25.

On Thursday, China plans to officially split its monopoly landline phone company, China Telecom, into three pieces.

China's stock markets also rose on Wednesday, Shanghai B shares closing up 1.8 percent, on a report the government hopes to stimulate public offerings in B share stock.

In Singapore, the Straits Times index is up 0.35 percent at 1,748.41 in afternoon trade. Again, tech shares and electronics exporters such as Chartered Semiconductor are attracting attention.

Indian stocks are down, however, the main Mumbai index 0.79 percent lower, with tension and defense concerns again high between India and Pakistan.