Taiwan, Korea cruise to solid gains


Taiwan finished its session with roaring gains, up 4.1 percent, while South Korea added almost as much as it fell Thursday

HONG KONG, China (CNN) -- Asian stocks closed up on Friday, with Taiwan and South Korea locking in outsize gains.

Tokyo closed higher, though mainly on a tech runup. The broader market edged into the black, snapping a two-day losing streak.

Australia and New Zealand also saw muted gains. Hong Kong put on almost 1 percent, and Singapore is up more than a third of a point into the close.

Every Asian market with the exception of Sri Lanka and Shenzhen B shares ended in positive territory.

Chips explain Tokyo gain

In Tokyo, the Nikkei 225 average put on 1.1 percent to 10,601.45. Tech shares inspired most of the buying.

Ceramics and specialty chip parts maker Kyocera attracted bargain hunters, climbing 3.7 percent to 8,660 yen.


Japan's airlines gained, but the heaviest buying was concentrated in chip stocks

But the broader market, as measured by the Topix, gave ground in afternoon trade. It ended up just 0.23 percent at 1,109.51, having been up more than half a percent at noon.

Sony, NEC and Toshiba attracted Tokyo's tech buyers. Fujitsu advanced 1.97 percent to 830 yen.

Japan's airlines gained, leaving All Nippon Airways (ANA) up 0.31 percent to 324 yen. Rival Japan Airlines beat that, up 1.2 percent to 345 yen.

ANA is Japan's largest domestic carrier. ANA told CNN it will push Air Do to cut costs heavily, as that discount carrier looks for a bailout (Full story).

Yen confusion makes for murky trading

But Toyota shrank to a year-to-date low on fretting about the yen. Japan's currency strengthened to 116.72 to the U.S. dollar in early European trade out of Zurich.


Traders contended with potentially confusing remarks on the yen, and exporters like Toyota fall

The market demonstrated some uncertainty after comments from Finance Minister Masajuro Shiokawa.

Shiokawa said volatility in the currency was improved over two weeks ago. But he also said Japan wants to keep its eye on volatility and the yen.

"Rates are decided by the market, but if there is volatility beyond our expectation, we must consider appropriate action," he said.

South Korea's won is trading weaker at 1,182.7, with the Taiwan dollar at 33.24 to the greenback.

Taiwan chip foundries ahead

In Taiwan, the market leaped 4.1 percent to 5,416.50. The Taipei market sold off less than its regional counterparts in Thursday's selloff.

A Nasdaq rally overnight boosted investor confidence in Taiwan's chip plays. TSMC ran up 5.2 percent to T$71.00.

UMC jumped 4.25 percent to T$41.70. Between them, those two companies make up 15 percent of the market's capitalization.

But other computer and chip plays rose, too. Memory-chipmaker Nanya Tech fired ahead the daily 7 percent limit to T$37.20.

Nasdaq rose 2.1 percent on Thursday, despite a fall in the Dow. The S&P 500 rose in a generally strong day for U.S. markets (Thursday U.S. roundup).

Samsung, blue chips get Seoul

In Korea, the Kospi sprinted ahead 3.67 percent to 792.93. They fell slightly more the day before, down 3.75 percent.

Samsung Electronics, a favorite of both local and international investors, shot up 6.2 percent to 352,000 won. Cell-phone company SK Telecom added 3.6 percent to 275,000 won.

But other big-cap players fared well, even outside the tech sector. Steelmaker POSCO climbed 4.5 percent to 139,000 won.

Overseas fund managers say the interest in Korea's market revolves around the handful of names with an international brand.

Sydney edges higher

On the Sydney exchange, the S&P/ASX 200 index closed ahead 0.16 percent at 3,197.4. It came back in afternoon from morning losses.

News Corp. rose 1.7 percent to A$10.30. It had dropped almost 7 percent the previous two days.

National Australia Bank lost ground on speculation it will attempt to bid for Britain's Abbey National. It closed down 0.57 percent at A$33.51.

New Zealand's Top 40 finished up 0.33 percent at 2,078.71. Telecom New Zealand led the trading, down 0.2 percent to NZ$5.10.

But wood-products companies climbed, Carter Holt Harvey up 3.1 percent to NZ$1.97.

HSBC about face in Hong Kong

Hong Kong's Hang Seng index returned from losses to end up 0.85 percent at 10,648.85.

Bank stock HSBC turned around, finishing well into the black and up with the same gain, up 0.85 percent at HK$89.25.

It is the largest listing here. Li Ka-shing's Cheung Kong Holdings rose 1.15 percent to HK$66.00, with its subsidiary CK Life preparing for an IPO on Tuesday (full story).

Affiliated media company Tom.com climbed 1.47 percent to HK$3.45.

Singapore's Straits Times index is up 0.29 percent at 1,612.88 heading into the close. Datacraft is up over 4 percent on word its South African parent, Dimension Data, may take it private.

Chipmaker Chartered Semiconductor is also showing gains.