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Nikkei up as Asia takes a breather
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets took a breather Tuesday from their spate of selling. Japan's Nikkei 225 average climbed 0.24 percent to close at 8,708.90, coming off Monday's 19-year low. The Topix was almost flat but did end in positive territory, up 0.04 percent to 860.79. All other major markets around the region were up for the day. But the gains were not strong. Singapore is leading the way with a rise of almost 1.25 percent heading into the close. South Korea closed up 1.19 percent. Taiwan also gained more than 1 percent and Hong Kong ended up half that. Australia and New Zealand crossed the finish line just ahead of where they began the day. Banks, Daiei upIn Japan, retailer Daiei Inc. topped the gains, up 34.48 percent to 117 yen. That more than made up for its savage losses of the day before. Bank stocks arrested their downward run. Mitsubishi Tokyo Financial Group, generally seen as the securest of the top four banks, rose 2.43 percent to 800,000 yen. UFJ Holdings, regarded as the weakest, came off a record low on Monday to gain 1.04 percent to 194,000 yen. But there were losses of 1.02 percent for Mizuho Holdings and 0.58 percent for Sumitomo Mitsui.
The government decided to push back for two years a cap on guarantees of bank deposits that promised to cause disquiet among depositors. (Full story) But Prime Minister Junichiro Koizumi's team is still likely to assume a stricter stance on dealing with problem borrowers and Japan's bad loans. The move was necessary to allow progress on the loan front, the government said. Exporters were boosted from weakness in Japan's currency. Sony Corp. added 1.19 percent to 5,100 yen. Carmakers Nissan, Honda and Toyota also gained. Mitsubishi Motors added 1.38 percent to 221 yen, with the company saying it would stop production at its U.S. plant on Wednesday because of the ports dispute. (Full story) Some regional carriers are benefiting from increased demand for air cargo flights across the Pacific to the U.S. (Full story) There was discouraging news on the data front. Japan's machinery orders plummeted in August, down 13.6 percent to the lowest level since August 1987. (Full story) Currencies a boostThe yen is trading weaker at 124.37 in late afternoon trade out of Hong Kong, with currency traders still worried bank reform could cause a rash of bankruptcies. (Full story) South Korea's Kospi moved ahead 1.19 percent to 634.84. Hyundai Motor shot ahead 5.6 percent to 28,400 won. SK Telecom was also among the big-cap gainers, up 2.68 percent to 249,000 won as bargain hunters moved in. Chipmaker Samsung Electronics also rose, up 1.35 percent to 300,000 won. The Korean won has also been weakening, which promises to boost earnings for Korea's exporters. Taiwan invites bargain huntersTaiwan's Taiex climbed 1.03 percent to 3,964.28, moving away from its 11-month low. AU Optronics was the second-most active stock, up 2.35 percent to T$17.40. Its September sales were up 90 percent over a year ago. Chip foundry TSMC topped the volume, down 1.11 percent to T$35.60. It said after the close that sales for September fell 5.8 percent over the prior month, though they were up 37 percent over a year ago. Rival contract chip maker UMC gained 3.0 percent to T$20.60. Taiwan's market rallied from a weaker opening. That was despite another down day on Wall Street, where the Dow Jones industrial average dipped 1.4 percent to 7,422.84 and the Nasdaq composite slipped 1.8 percent to 1,119.4. (Full story) Sydney up on NewsIn Sydney, the S&P/ASX 200 index moved forward 0.2 percent to 2,946.0 after touching a 13-month low on Monday. Telecom stock Telstra advanced 0.8 percent to A$4.83. Market heavyweight News Corp. added 1.6 percent to A$8.99 ahead of the media group's annual meeting in Adelaide on Wednesday. Retailer Coles Myer was steady at A$6.49 as chairman-elect Rick Allert said he would resign from Southcorp wine group, the latest feint in a boardroom fight. (Full story) New Zealand's Top 40 put on 0.13 percent to 1,979.29, with half the turnover coming in Telecom New Zealand. The telco stock outdid Telstra, climbing 1.2 percent to NZ$4.95. Hong Kong ends upHong Kong's Hang Seng index rose 0.52 percent to end at 8,977.41. Big caps like HSBC had a generally sound day, the bank stock adding 1.27 percent to HK$80.00. But PCCW closed below HK$1.00 for the first time, ending at HK$0.97, off 3.03 percent. Legend Group jumped 7.78 percent to HK$2.425 after falling almost 12 percent Monday on fears Dell Computer would undercut it in China. Trading company Li & Fung ended up 2.07 percent at HK$7.40 but is still shaky as the ports lockout continues. Hong Kong shipping companies have stopped taking cargo destined for the West Coast, and the shipper's council is advising members to take legal action to avoid a hit from delays. Singapore may take ports hitSingapore's Straits Times index is up 1.24 percent at 1,395.72 in late-afternoon trade on bank gains. Chip foundry Chartered Semiconductor is down 3.2 percent at S$0.90, having hit a record low of S$0.895 in the day. Its rights issue closed Monday and was expected to have been undersubscribed. That may leave underwriter Merrill Lynch with up to 18 percent of the shares. Prime Minister Goh Chok Tong said the Lion City may lower its growth forecast of 3 percent to 4 percent for the year if the U.S. port strike continues.
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