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Asia gains again but Australia dips
By Alex Frew McMillan
HONG KONG, China (CNN) -- Markets clung on to gains on Wednesday afternoon in Asia, despite a knock to some techs from Intel's disappointing earnings. Japan's Nikkei average dipped into negative territory in afternoon trading but ended on a positive note, up 0.54 percent at 8,884.87. Similarly, the broader Topix index moved up 0.56 percent to 881.45. Stocks in South Korea and Hong Kong rose more than 1 percent, and Singapore is up a little over half that in late trade. But with confidence weakening, Australia slumped in late trade to join New Zealand in a loss for the day. Indonesia stops the rotIndonesia's market appears to have put the worst of this week's selling behind it. The Jakarta composite index ended up 4.43 percent at 375.38, despite this weekend's bombings in Bali. The Indonesian currency, the rupiah, surprised traders by strengthening to 9,200 to the dollar as the Asian trading day ended. But the country is expected to take a knock not just to tourism but to its whole economy. ING Barings cut its growth forecasts for Indonesia on Wednesday, to 3.1 percent from 3.2 percent for 2002 and 3.5 percent from 4.0 percent for 2003. Tim Condon warned the effects could deter investors from other Southeast Asian markets, particularly Malaysia and the Philippines. Car stocks up after GM showingIn Tokyo, the market got an early jolt of strength from the fourth day of gains on Wall Street in a row. The Dow Jones industrial average rose 4.8 percent to 8,255.68 on Tuesday, with Nasdaq up 5.07 percent. (U.S. roundup)
But techs may have a tough time ahead because Intel posted disappointing earnings after the end of trade. (Intel disappoints) A strong earnings showing from General Motors, the world's largest carmaker, boosted its Japanese competitors on Wednesday. (GM beats forecasts) Toyota Motor, Japan's largest car producer, gained 2.3 percent to 3,110 yen. No. 2 carmaker Honda Motor rose 3.92 percent to 5,040 yen. Sony Corp. moved forward 1.54 percent to 5,290 yen on a strong day for stocks that look to the United States for earnings. Chip-testing equipment maker Advantest fell 6.22 percent to 4,070 yen, with Tokyo Electron off 4.12 percent to 4,420 yen after disappointing after-the-bell earnings from Intel Corp. Daiei deal knocks banksEmbattled retailer Daiei Inc. soared 18.8 percent to 139 yen on a report it will raise capital by 10 billion yen ($80.2 million) with a stock placement. A fund set up by Daiei's creditors is expected to buy the stock. That likelihood sent lead creditor UFJ Holdings down 3.7 percent tot 182,000 yen. It also knocked Mizuho Holdings 1.68 percent to 176,000 yen, though creditor Sumitomo Mitsui gained 0.57 percent to 528 yen. The yen is trading a little stronger at 124.14 to the U.S. dollar in early trade out of Germany. The strong gains on Nasdaq propelled Taiwan's market to Asia's strongest performance for the second day in a row. Taiwan tops region againTaipei's main index, the Taiex, lifted 2.22 percent to 4,223.32. Chip- and tech-related issues dominated the gains despite Intel's numbers. Chip foundry UMC rose the daily 7 percent limit to T$24.20, topping the volume charts. Larger rival TSMC was also limit up to T$43.40. Nanya Technology also saw heavy action in a 4.91 percent rise to T$23.50. Flat-screen maker Au Optronics moved forward 6.4 percent to T$18.20 as it buys back its stock. But investors will be watching to see if the U.S. rally holds, with futures pointing to a lower open after Intel's numbers, which came off flat sales. Korea nudges forwardIn South Korea, the benchmark Kospi index moved up 1.06 percent to 636.25, like Wall Street a fourth straight day of gains. Kookmin Bank, the country's largest retail bank, climbed 4 percent to 44,100 won and moving further off its historic low of 37,150 won set last week. Chipmaker Samsung Electronics shook off any Intel disappointment and an earlier loss to finish up 1.67 percent to 305,000 won. Smaller peer Hynix Semiconductor was up 4.48 percent to 350 won. Retailer Shinsegae finished on a gain of 4.62 percent at 170,000 won as it signs a preliminary deal with a Chinese department store to set up a joint venture in China. GM's earnings also pushed Korea's carmakers, Hyundai Motor ending up 3.2 percent to 30,700 won. Tide turns in AustraliaIn Australia, the S&P/ASX 200 index lost its early gains to finish down 1.1 percent at 2,993.8 as investors forecast a decline on Wall Street when it opens on Wednesday. A new survey also showed that Australian consumer confidence was dented in September, consumers shaken by the global stock selloff and tension in the Arabian Gulf. (Full story)
Banks turned around, with National Australia Bank, Commonwealth Bank and Westpac all ending on losses having jumped at the open. News Corp. halved its initial leap to finish up 1.8 percent at A$9.81 after a run of almost 6 percent in its U.S. listing. Qantas ran up 3.3 percent to A$3.67 as it more than made up for the losses provoked by the bombings in Bali. Gold-mining stocks were lower as gold prices lost a little ground again. In New Zealand, the Top 40 fell 0.26 percent to 1,994.29. Telecom New Zealand saw some hefty profit taking, falling 1.97 percent to NZ$5.07. The second-largest listing in Wellington, wood products company Carter Holt Harvey, closed steady at NZ$1.59 as it edged expectations for the third quarter but warned of a tougher 2003. (Full story) Hong Kong's Hang Seng index ended up 1.31 percent at 9,459.14. U.S.-leaning companies were given their head, small-motor maker Johnson Electric jumping 7.14 percent to HK$8.25 and trading company Li & Fung rising 6.62 percent to HK$8.05. Broadcaster TVB climbed 4.00 percent to HK$24.70. The largest listing in Hong Kong, bank stock HSBC, inched forward 1.18 percent to HK$85.50. Chinese power company stocks showed little reaction to a report that Gao Yan, the former head of the State Power Corp., has fled China to escape arrest on corruption charges. (Full story) Singapore's Straits Times index is up 0.59 percent at 1,438.13 in late trade, with Singapore Press Holdings higher after posting a smaller drop in full-year profit than expected.
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