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Japan leaps as Asian stocks surge
By Alex Frew McMillan
HONG KONG, China (CNN) -- Japanese stocks drove ahead on Tuesday afternoon, building on morning gains to close up more than 3 percent, as Asian markets posted heady gains. The Nikkei closed up 3.6 percent at 8,836.73, its largest gain in seven months. The broad Topix index almost matched that with a 3.3 percent jump to 876.57. Taiwan's market led the region's run with a heady rise of more than 5 percent. But there were outsize gains through the region. Stocks in Hong Kong were up more than 4 percent and Singapore is up more than 3 percent. South Korea locked in a 2.49 percent run but was relatively subdued, given the size of the leaps elsewhere in Asia on a stellar day for bulls. Australia moved ahead just over 1 percent, while New Zealand was one of the few decliners in the Asia Pacific region. Singapore is trading up more than 3 percent in late afternoon despite the bombings in nearby Bali. Southeast Asia rattled by BaliIndonesian stocks have rallied into the black, having fallen 4 percent in morning trade. The main Jakarta index closed up 1.4 percent at 342.204.
The Jakarta composite dropped 10.36 percent to a four-year low on Monday, and is still at levels it hasn't seen since 1998 and the Asian financial crisis. But Saturday's bombings in Bali's Kuta neighborhood means business confidence in the country is 'finished,' according to one leader. (Full story) The central Bank Indonesia was forced to intervene for the second straight day to prop up the rupiah. The currency is now trading at 9,305 to the U.S. dollar, 3.3 percent weaker than its close on Friday. Stocks in the Philippines closed down 1.86 percent, the composite index ending at 1,047.69, and the Malaysian market is 0.4 percent lower in Kuala Lumpur in late afternoon. Japan back with a vengeanceIn Japan, stocks soared as the market came back from the Sports Day holiday. It took its lead from a third day of gains on Wall Street. U.S. stocks posted modest rises on Monday, after two days of strong gains. The Dow Jones industrial average nudged ahead 0.35 percent, with Nasdaq rising 0.83 percent. (Full U.S. roundup) On Tuesday, Tokyo's largest listing, cell-phone service NTT DoCoMo, drove ahead 5.78 percent to 239,000 yen. Fixed-line parent NTT outdid that, racing ahead 6.67 percent to 480,000 yen. Computer and chip producer NEC Corp. came off multiyear lows with a 6.13 percent rise to 502 yen. Car stocks and other companies that look to the United States were also strong, Sony adding 3.78 percent to 5,210 yen. Toyota Motor moved up 4.11 percent to 3,040 yen and Honda Motor rose 3.41 percent to 4,850 yen. Trading house Marubeni Corp. climbed 7.69 percent to 126 yen as it reported a 46 percent rise in first half profits. Airlines splitIndustrial electronics maker Yokogawa Electric ended up 6.77 percent at 710 yen as it confirmed it will close 15 plants in Japan, a move first reported on Monday. (Full story) Japan Airlines System came back from earlier losses after the bombings in Bali to end up 0.34 percent at 294 yen.
But Japan's No. 2 carrier, All Nippon Airways, fell 1.48 percent to 266 yen on the likely knock to tourism to Bali, a popular destination for Japanese tourists. But volume was thin in Tokyo, leading some investors to suggest the rally would not last. There was encouraging data on bankruptcies, which fell in September for the second month in a row. The yen is trading at 124.51 to the U.S. dollar out of Bahrain, as the Asian trading day comes to a close. Taiwan shoots upTaiwan's market was turbocharged on Tuesday, the Taiex blowing through the 4,000 mark to close ahead 5.64 percent at 4,131.47. Many of the largest stocks ended limit up, including chip foundries TSMC and UMC, the largest two listings. Chipmaker Nanya Technology and flat-screen producer Au Optronics matched that feat. China Airlines gained 5.88 percent to T$10.80 after hiking its profit target by 57 percent. Korean chips gain ahead of IntelSouth Korea's Kospi added to Monday's 4.55 percent surge with a 2.49 percent advance to 629.57. Market leader Samsung Electronics put on 4.17 percent to 300,000 won ahead of fellow chipmaker Intel Corp.'s results later in the day. Smaller memory chipmaker Hynix Semiconductor shot up the daily 15 percent limit for a one-day move, to 335 won. Cell-phone service and international-fund favorite SK Telecom added 3.02 percent to 239,000 won. Steelmaker POSCO ended flat at 108,000 won a day after posting third-quarter profits that were almost double last year's but warned declining exports may hit next year's production. (Full story) Banks up in SydneyIn Australia, the S&P/ASX 200 index rose 1.2 percent to 2,994.9 as banks gained. National Australia Bank, the country's largest, added 2.9 percent to A$33.18. ANZ beat that out with a 3.3 percent rise to A$17.98 ahead of annual earnings next week. Australia's largest retailer, Coles Myer, finished ahead 1.3 percent at A$6.40 after the majority of the board told shareholders to oust dissident director Solomon Lew. Qantas Airways was back in positive territory, up 1.7 percent to A$3.64, after falling on Monday. Bali is the No. 1 overseas destination for Australian travelers. In New Zealand, the Top 40 fell 0.24 percent to 1,999.39 ahead of a change in the way it tracks its indexes. Air New Zealand fell 5.45 percent to NZ$0.52, with its weighting falling under the plan to move to a Top 50 index. Trade in Telecom New Zealand was lackluster, up 0.19 percent to NZ$5.17. Hang Seng roars backHong Kong's market also performed strongly as traders returned to action after the Chung Yeung Festival. The Hang Seng index surged 4.13 percent to 9,336.39. Telecom and Internet company PCCW rocketed ahead 12.9 percent, back out of penny stock land at HK$1.05. Broadcaster TVB also put in a strong day, up 9.45 percent to HK$23.75. Bank stock HSBC Holdings had a strong day of its own, for a staid listing. It ran up 3.05 percent to HK$84.50. No. 2 listing China Mobile, the largest cell-phone service in China, added 7.67 percent to HK$19.65. Singapore's market has not shown any ill effects from the deadly blasts in neighboring Indonesia. Preliminary data showed the Straits Times index ended up 3.72 percent at 1,429.68 for a second day of gains. DBS Group, Southeast Asia's biggest bank, ended up 5.17 percent at S$12.20. Singapore Airlines rose 6.0 percent, more than recapturing Monday's 2.9 percent fall from any decline in Balinese or regional travel.
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