Asian markets back broad gains


Car stocks were among the losers in Tokyo on Friday, with the yen strengthening against the dollar again

By Alex Frew McMillan and wire reports

HONG KONG, China -- Asian stocks ended the week with a bang, posting solid gains Friday almost across the board.

In Japan, the broader market, as represented by the Topix index, rose 0.31 percent to 1,108.54.

Techs led the way in Tokyo, though, with the Nikkei 225 average closing up 0.93 percent at 11,847.32, having risen solidly through the day.

South Korean stocks lifted the most in Asia, up 2 percent with chip stocks leading the way. Australia and New Zealand both gained half a percent.

Hong Kong ended higher by more than 1 percent. But Taiwan closed lower. Singapore is wobbling but just posting gains in late afternoon trade.

A nine-week high

In Tokyo, chips led the Nikkei to a nine-week high. Chip and computer maker Toshiba Corp. put on 3.4 percent to 572 yen.

On a day of chipmaking gains, NEC jumped 3.87 percent after saying it would split its chip business off the parent.

NEC expects to float the company as a separate stock "as soon as possible" after the carveout in November (full story).


South Korea's market opened with a bang and has sustained its strength in 2002, with fund managers praising reforms

In the telecom world, NTT DoCoMo fell 0.31 percent to 321,000 yen, the largest stock proving a drag on the Tokyo market.

But parent NTT climbed 3.1 percent to 530,000 yen, despite posting the worst nonbank loss in Japanese corporate history this week.

No. 2 telecom KDDI announced a profit on Thursday, and rose 8.01 percent to 400,000 yen.

On Friday, carmakers sank as the yen strengthened. Toyota dropped 0.56 percent to 3,580 yen. Honda fell 0.34 percent to 5,850 yen.

The yen stands at 127.16 as trading switches to Europe.

Chips are up for Korea

At the close, game maker Sega Corp. posted a net loss but an operating profit. Its shares ended up 1.57 percent at 2,905 yen.

In South Korea, bulls were rampant again. The Kospi put on 1.98 percent to end at 875.03.

Samsung Electronics led the way with a 3.4 percent runup to 382,500 won.

Hynix Semiconductor rose, after it took the scalpel to management ranks on Thursday. After a double-digit leap yesterday, it rose 3.6 percent to 860 won on Friday.

It was largely one-way traffic in Seoul, with POSCO and other big-cap stocks also up.

Australia takes News news in stride

Down Under, Australia's benchmark S&P/ASX200 closed up 0.51 percent at 3,412.6.

The market continued to take News Corp.'s earnings in its stride this week, with the media giant up 3.2 percent to A$13.82.

Gold stocks are back in favor again, with gold hitting $309.10 an ounce in Asian trade.

Wellington's Top 40 index ended up 0.54 percent to 2,084.89.

The New Zealand dollar propped the increase, at 46 cents against the greenback and looking at 50 cents this year, according to analysts.

Taiwan one of the only losers

In Taiwan, the Taiex index closed lower, off 0.2 percent at 5,789.84. It was one of Asia's few losers.

Direction was lacking, with banks climbing and tech stocks split.

Hong Kong's Hang Seng index put on a strong 1.2 percent to 11,974.61 at the close, having burst through 12,000.

With market leader HSBC steady at HK$97.25, China Mobile was the main mover.

Hong Kong's second-largest listing soared 5.6 percent to HK$27.30, after saying it would buy eight networks from its government parent (full story).

In Singapore, the Straits Times index is up 0.04 percent at 1,734.23 in late trade.

In India, the main Bombay Stock Exchange index is down 0.71 percent, still rattled by persistent and heightened tension with neighboring Pakistan.