Asian stocks end higher bar Taiwan


Korean stocks posted gains after the won weakened against the dollar, following Friday's steps from the Bank of Japan

HONG KONG, China -- Asian stocks ended generally higher on Monday, with Japan rising more than 1 percent.

The main indexes were in tandem, the Nikkei 225 rising 1.17 percent to 11,901.39. The broader Topix index put on 1.08 percent to 1,132.22.

Currencies created much of the action in Japan and South Korea, with most Asian currencies such as the yen and won weakening against the dollar after the Bank of Japan's intervention on Friday.

Korea's Kospi posted a gain, but Taiwan was easily the day's biggest loser in Asia, with the Taiex down 1.84 percent.

Slight gains Down Under

Elsewhere, Australia ended with a slight gain. New Zealand was closed for a national holiday Monday.


The yen also weakened Monday, due to the BOJ invention, and is trading at 124.28 after the Tokyo close

Hong Kong ended the day up half a percent at 11,359.8. Singapore is also trading up near the close.

The India-Pakistan standoff continues, but markets in Mumbai are up in afternoon trade, with Pakistan trading lower.

In Japan, Mizuho Holdings rose 4.9 percent to 321,000 yen as Japan's largest bank gained from overseas investor interest.

There were gains in exporters amid bargain hunting after the yen weakened. It was trading over 124 to the U.S. dollar on Monday afternoon in Asia.

Though that helped stocks temporarily, traders said the Nikkei would struggle to break much beyond 12,000.

Cell phone company up

No. 2 cell phone company KDDI Corp. rose 6.7 percent to 472,000 yen, after hitting a 10-month high during the day.

"Compared to NTT DoCoMo, KDDI's sales growth in mobile services is looking strong and attracting investors," Norihiro Fujito, senior strategist at Kokusai Securities, told Reuters news agency.

Carmakers gained from the yen arresting its run against the dollar.

In Seoul, the Kospi ended up 1.07 percent at 804.93, with market heavyweight and memory chipmaker Samsung Electronics gaining 2.6 percent to 351,000 won.

Home-appliances maker LG Electronics rose 5.5 percent to 48,300 won after the government said exports rose 7.8 percent last month.

But that was still less than expected. Business confidence has taken a bashing as the won gained, denting hopes of an export-driven recovery in Korea.

Taiex off on border tensions

In Taiwan, the Taiex closed down 1.84 percent at 5,571.08. Worries about the tension in India and Pakistan hurt tech shares, after Nasdaq lost ground on Friday.

In Hong Kong, the Hang Seng index closed 0.51 percent higher at 11,359.8.

Conglomerate First Pacific gave back some of Friday's gains, trading down 1.96 percent at HK$1.51 at the bell.

Select property developers gained in a slow day's Asian trade in general. Hysan Development is up 3.8 percent at HK$8.25 at the bell.

In Australia, the market was quiet, with most banks and resources stocks slightly higher. The S&P/ASX 200 index rose 0.06 percent to 3,375.6.

Aussie stocks came back off early gains, with Qantas down amid speculation a third domestic airline may start up there.

The carrier closed lower to the tune of 1.8 percent, at A$4.49.

News Corp. ended up 3.6 percent to A$13.05, restoring most of last Friday's fall. Investors took a set against News in the previous session on concerns that it would buy into the Italian pay-TV operator Telepiu.

Singapore's Straits Times index is up 0.3 percent at 1,676.74 heading towards the close. Chartered Semiconductor showed gains earlier in the day, as did other computer-peripherals companies.