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Asian stock gains led by Korea
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets generally brushed off the effects of this weekend's bombings in Bali, with only Indonesian stocks registering a significant hit and trade in neighboring markets depressed. South Korean stocks meanwhile raced ahead almost 5 percent, building on a Wall Street rise on Friday. Taiwan climbed more than 1.5 percent, and Australia and New Zealand both closed on solid gains. Singapore is trading up just over 0.5 percent, despite a selloff in smaller Southeast Asian markets. Markets in Tokyo and Hong Kong were closed Monday, with Japan celebrating Sports Day and Hong Kong the Chung Yeung festival. Bombings knock Southeast AsiaThe bombings did have a limited regional effect, with Indonesia knocked and neighboring markets depressed.
Stocks in Indonesia sold off hard, with the Jakarta composite index down 10.14 percent at 338.278 on Monday afternoon. (Jakarta sells off hard) That's its biggest drop in almost four years. The currency, the rupiah, is weakening following the deadly bomb blasts on the resort island of Bali over the weekend. Bank Indonesia stepped in to defend the rupiah, which traded at 9,245 to the U.S. dollar on Monday afternoon. That's 2.67 percent weaker than its close on Friday. Malaysian stocks are down 1.24 percent in late-afternoon trade, with the Philippines closing down 0.44 percent and Thailand showing a late-afternoon loss of 0.65 percent. But there were gains through most of the Asia Pacific. Korea races aheadSouth Korea's main index, the Kospi, posted the fieriest performance, gaining 4.55 percent to finish at 614.27. Korea's largest carmaker, Hyundai Motor, set the pace with a 7.8 percent rise to 27,500 won. It said Monday it has won approval for a joint venture in China with Beijing Automotive Industry Holding. (Full story)
Bank stocks put in a strong performance, KorAM Bank and KEB Credit both jumping the 15 percent daily limit for a one-day move in Seoul. The largest listing, Samsung Electronics, leaped 5.3 percent to 288,000 won, boosted by buying from overseas investors. Cell-phone company SK Telecom was up 0.87 percent to 232,000 won. Korea's carriers, Korean Air Lines and Asiana, showed little to no effect from the Bali bombings, registering gains of 6.19 percent and 6.84 percent respectively. The tech-focused over-the-counter Kosdaq market closed up 4.99 percent at 45.85 after finishing at its lowest-ever level on Friday. Steelmaker POSCO closed ahead 2.86 percent at 108,000 won before its third-quarter earnings. It posted a 91 percent rise in net profit, to 377.7 billion won ($298 million) after the close. Taiwan chips gainIn Taiwan, the Taiex pushed forward 1.58 percent to end at 3,910.98. Chip gains drove the market and dominated the volume. TSMC led the volume gains, up 6.44 percent to T$38.00. Smaller rival UMC was second on the volume chart, up 4.93 percent to T$21.30. Notebook computer maker Quanta Computer leaped the daily 7 percent limit to T$57.50. China Airlines was steady at T$10.20, while smaller rival EVA Airways climbed 0.43 percent to T$11.55. The gains in Taiwan and Korea follow a strong run in U.S. stocks on Friday, the second day of gains there. The Dow Jones industrial average soared 4.2 percent on Friday, to close at 7,850.29, while Nasdaq jumped 4.1 percent. (Full story) Australia gains 1.2 percentThat effect was also at work Down Under, where Australia's main S&P/ASX 200 index added 1.2 percent to 2,959.8. News Corp. ran ahead 3.5 percent to A$9.49, with its interest in DirecTV rekindled by the failure of Hughes Electronics' bid. Banks also showed solid gains after a high-ranking Reserve Bank official said Australia's economy is in good shape. National Australia Bank closed up 2.1 percent at A$32.25, with CBA also up and Westpac off its one-year low. Gold miner AurionGold firmed 4.9 percent to A$3.02 after its board changed tack and recommended that shareholders accept a takeover from Canada-based Placer Dome. Qantas ended down 2.5 percent to A$3.58, with Australians accounting for many of the dead in the Bali bombings and a dip in tourism likely. New Zealand's Top 40 index rallied back through the 2,000 mark, with a 0.61 percent rise to 2,004.29. Telecom New Zealand explained much of the move, up 2 percent to NZ$5.16. Singapore Airlines offSingapore's Straits Times index showed none of the selling prevalent in other Southeast Asian markets. It is up 0.57 percent at 1,381.56 with less than an hour to go. Banks are up, with DBS Group ahead 1.7 percent to S$11.70 at the noon break. Singapore Airlines is suffering to the tune of 2.91 percent, to S$10.00, with business facing a hit if travel to Bali and Indonesia in general declines. In Bangkok, Thai Airways is suffering for the same reason, off 3.13 percent to 24.70 baht in late afternoon trade. Hong Kong's Cathay Pacific and Japan's Japan Airline Systems and All Nippon Airways did not trade on Monday because of the holidays.
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