Asia stocks move broadly forward


DoCoMo rose in Tokyo on Friday, with U.S. traders out of action for the July 4 holiday and the yen not a factor

By Alex Frew McMillan

HONG KONG, China (CNN) -- Asian markets stormed ahead on Friday, with no selling pressure from the United States.

The Topix index closed up 0.93 percent to 1042.95 in Tokyo. The tech-influenced Nikkei 225 average climbed 1.82 percent to 10,826.09.

Taiwan and South Korea both climbed more than 2 percent. Australia and New Zealand also moved ahead.

Hong Kong closed on a slight gain, with Singapore up near the close. Only the relatively small markets in the Philippines and Sri Lanka fell.

DoCoMo up with no WorldCom pressure

U.S. stock markets were closed on July 4, for the national Independence Day holiday. They reopen Friday, though many U.S. investors will be making the most of a long summer weekend.


The yen has shown a strong run against the dollar in 2002, lifting foreign reserves in Japan to another record

Asian stock markets have increasingly shown a life of their own in 2002. Some experts saying they've decoupled to some degree (full story).

With no pressure from WorldCom-related anxiety, NTT DoCoMo jumped 2.54 percent to 283,000 yen.

It is the largest cell-phone service in Japan. Asian markets also showed no reaction to the death of three people in Los Angeles airport.

Israel claims it was a terrorist-related attack. The FBI stated there is no concrete proof yet, one way or the other (full story).

Though almost all Asian markets rose, there were losing stocks. Japanese trading house Mitsui & Co. fell again, down 3.6 percent to 781 yen.

The company saw three of its executives arrested on Wednesday on suspicion of rigging a bid on a power plant project on a Russian island (full story).

Sony, Toshiba climb despite yen

Bank-stock buying in Japan had propped the Topix at times this week, despite declines in the Nikkei. That index tracks tech stocks.

Techs rose on Friday. Chip- and computer maker Toshiba climbed 4.4 percent to 500 yen.

Sony, home of the Aibo dog, rose 1.65 percent to 6150 yen despite currency concerns. The yen stood at 120.54 to the U.S. dollar in early trade out of London.

Bank of Japan intervention saw Japan's reserves hit a third record in a row, data showed on Friday (full story).

Korea moves ahead 2.5 percent

South Korea's Kospi index climbed 2.48 percent to close at 787.83. Samsung Electronics lifted 2.3 percent to 358,000 won.


Smaller markets such as Kuala Lumpur also lifted on Friday, with hardly an exchange in the negative column

Memory chips, one of its main products, rose on Friday. LG Electronics climbed 3.4 percent to 50,900 won.

Both companies also make consumer electronics. LG reports its profits on July 10.

Steelmaker POSCO rose 1.1 percent to 138,000 won, then said after the close it is raising steel prices.

Taiwan's Taiex climbed 2.43 percent to 5,255.23. It has tracked U.S. markets more than any other market, J.P. Morgan currency strategist James Malcolm told CNN on Friday.

Taiwan up for fourth day

But the Taiex rise was stronger than the 1.65 percent lift Nasdaq saw on Wednesday. The Taipei market has now risen four days in a row.

Flat-screen maker AU Optronics rose the daily 7 percent limit to T$32.60.

Chip stocks also gained. Nanya Tech, a Samsung competitor, rose the daily 7 percent limit to T$34.30. Rival Winbond Electronics matched the rise, to T$20.20.

In Sydney, the S&P/ASX 200 index climbed 0.19 percent to 3214.8. News Corp. climbed 3.9 percent to A$10.75.

Big-caps up in Sydney

Rupert Murdoch's media empire had suffered amid the U.S. media-stock slump. It is the largest listing in Sydney.

Telecom stock Telstra Corp. put on 0.6 percent to A$4.82. Bank stocks also gained.

New Zealand's Top 40 finished up 0.64 percent at 2,067.27.

Hong Kong's Hang Seng index finished up 0.29 percent at 10,796.83. Property stocks like Cheung Kong Holdings drew some buying attention.

But the moves were muted. Bank stock HSBC did not budge, closing at HK$90.00.

Singapore's Straits Times index is up 2.1 percent heading towards the close.