Asian stocks rise above Sept. 11 doubts


Japan, like most of Asia, rolled ahead on the September 11 anniversary, but investors were waiting to see how U.S. markets fared

Staff and wires

HONG KONG, China (CNN) -- Asian stocks saw their anniversary of the September 11 attacks pass off untroubled.

Tokyo's market rose for a third straight day, and there were solid gains in South Korea, Australia and New Zealand. Singapore is trading higher in late afternoon.

Taiwan fell slightly and there were losses on some of Asia's smaller markets, including China's B shares.

Hong Kong trading was called short on a slight loss, thanks to tropical storm Hagupit, which caused the Hong Kong Observatory to raise the Typhoon 8 signal.

Sony, car companies up in Tokyo

In Japan, the Nikkei ended up 0.98 percent at 9,400.08, with techs and exporters generally up. The broader Topix ended up about half that, ahead 0.49 percent at 917.10.

Trading was thin but expressed confidence the September 11 anniversary would pass without a hitch.


Japan revised its GDP figures upward, having already posted an unexpected rise for the June quarter

The government released new figures Wednesday revising June quarter GDP growth upward slightly to 0.6 percent. (Full story)

Sony Corp. gained 2.75 percent to 5,240 yen, building on Tuesday's advance thanks to stronger U.S. prospects and a weaker yen.

The currency, trading at 119.84 to the U.S. dollar in early German trade, also boosted car companies.

Honda Motor lifted 2.48 percent to 4,950 yen, Toyota Motor Corp. rose 2.21 percent to 3,000 yen and Nissan Motor was up 1.82 percent to 894 yen.

Banks put pressure on the Topix, with UFJ Holdings falling 2.7 percent to 252,000 yen. Mizuho Holdings ended down 2.05 percent at 239,000 yen.

Korean stocks strongest in region

In Seoul, the Kospi ended up 1.6 percent at 724.71. South Korean large caps were moving, though most gains were small.

Steelmaker POSCO leaped 3.04 percent to 118,500 won. Samsung Electronics also boosted the market with a 1.97 percent rise to 336,500 won.

Daewoo Motor Sales, a proxy for Daewoo Motor, ended up 4.9 percent to 8,600 won after the automaker said it was resuming production at Korean car plants. (Full story)

Investors were again looking for guidance from U.S. markets, which will observe the September 11 anniversary during the Asian night.

Wall Street closed higher Tuesday, with the Dow Jones industrial average up 0.98 percent to 8,602.61 and the Nasdaq composite 1.19 percent higher to 1,320.09. (Full story)

Taiwan slightly down

Taiwan's Taiex finished down 0.16 percent at 4,660.53 on a day it traded near break-even for much of the time.

TSMC ended unchanged at T$50.50. UMC rose 0.36 percent to T$28.0 but was selling off near the close.

Nanya Technologies gave up some of Tuesday's limit-up rise, with a 1.87 percent fall to T$31.50.

In Sydney, the S&P/ASX 200 finished up 1.22 percent at 3,148.0.

News Corp. surges

News Corp. surged 4.8 percent to A$9.87 based on strong ratings from its Fox network and a bullish advertising report from investment bank J.P. Morgan.

Telstra Corp. climbed 1.6 percent to A$5.04 amid heavy volume.

Mining stocks were down, with gold easing back from Monday's seven-week high.

New Zealand's Top 40 finished up 0.89 percent at 2,036.24, Telecom New Zealand up 1.42 percent to NZ$4.97.

UnitedNetworks climbed 0.10 percent to NZ$9.76 a day after Vector said it would buy it for NZ$9.90 a share.

Hong Kong weathers storm


Hong Kong's government released a report on the "penny stock" flub that prompted a selloff in July

Singapore's Straits Times index is up 0.38 percent at 1,453.43 heading towards the close. Singapore Airlines is again up a little after recent losses.

Hong Kong's Hang Seng index hovered around flat in morning trade, ending down 0.03 percent at 9,882.35.

HSBC gained 0.58 percent to HK$87.25.

The afternoon session was cancelled after an approaching tropical storm was upgraded in intensity. The Typhoon 8 signal means schools and banks are also closed.

The government on Tuesday released the results of an inquiry into July's "penny stock" selloff. (Full story)