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Stocks nudge ahead in Asia
By Alex Frew McMillan
HONG KONG, China -- Asian stocks are up again on Wednesday, though at a more modest pace. Japan's Nikkei average ended the morning up 1.5 percent at 8,969.77, with the broader Topix up 1.3 percent at 887.94. Markets are not matching the heady gains of Tuesday, when the Nikkei surged 3.6 percent (Asia leaps) Stocks in South Korea and Hong Kong ended the morning up more than 1 percent, with Taiwan again leading the gains with a 2.56 percent run. Singapore is up just over half a percent, while Australian stocks are just in positive territory. New Zealand is again running counter to the regional trend, posting a slight loss. Fourth day of U.S. gainsAsia's gains come after a fourth successive day of gains on Wall Street. The Dow Jones industrial average rose 4.8 percent to 8,255.68 on Tuesday, with Nasdaq up 5.07 percent. (U.S. roundup) Investors saw General Motors and Motorola beat estimates. But techs may have a tough time ahead because Intel posted disappointing earnings after the end of trade. (Intel disappoints) Indonesian stocks are rallying in Jakarta, where the main index is up 3.28 percent in late morning. The selloff after the Bali bombings ended Tuesday afternoon. The rupiah is a little stronger Wednesday at 9,245 to the U.S. dollar after two days of central-bank intervention. Modest morning rise in JapanIn Japan, Intel's disappointment knocked stock in chip-testing equipment maker Advantest, which broke for lunch down 4.15 percent at 4,160 yen. Convenience store chain Lawson's plunged 13.18 percent to 3,030 yen after its net profit fell 60 percent for the first half of the year.
But big-cap losers were hard to find as many issues enjoyed modest rises. NTT DoCoMo, the largest listing, ended the morning up 1.68 percent at 242,000 yen. GM's strong showing is boosting car stocks in Japan. Honda Motor ran up 4.54 percent to 5,070 yen. Toyota Motor gained 2.3 percent to 3,110 yen. Sony Corp. ended the session up 2.3 percent at 5,330 yen as stocks that look to the United States for sales enjoyed a boost. Engineering company JGC Corp. climbed 3.08 percent to 636 yen after winning an order to develop a natural-gas project in Algeria. Bank stocks were slightly higher as financial Services Minister Heizo Takenaka said his bank task force will deliver a report on the bad-loan crisis by early next week. The Nikkei and the Topix are paring their gains as the afternoon session sets off, with the Nikkei dipping into negative territory. The yen is steady at 124.75 to the dollar. Taiwan showing the strongest gainsTaiwan's market is running up again, having shot up 5.64 percent on Tuesday. The Taiex is ahead 2.56 percent at 4,237.03 heading into afternoon. Many of the biggest names are close to the daily 7 percent limit again. They're led in the volume stakes by Nanya Technology, up the limit to T$23.90. Chip foundry TSMC is also limit up at T$43.40, with smaller peer UMC close to that mark, up 6.17 percent at T$24.10. Flat-screen maker AU Optronics again rounds out the four heaviest movers, up 6.43 percent to T$18.20 as it buys back its stock. Samsung lower in SeoulSouth Korean stocks are also getting a boost from the U.S. gains. The Kospi is up 1.39 percent at 638.34 in early afternoon. Kookmin Bank moved forward 4.3 percent to 44,200 won on strong bank earnings in the United States. Retailer Shinsegae is up 4.92 percent at 170,500 won as it signs a preliminary deal with a Chinese department store to set up a joint venture in China. Hyundai Motor climbed 3.9 percent to 30,900 won, boosted by GM's figures. Chipmaker Samsung Electronics is down 0.17 percent at 295,000 won after Intel's earnings. But smaller memory chip producer Hynix Semiconductor is up 5.97 percent at 355 won. Australia just in the blackIn Australia, the S&P/ASX 200 index is up 0.26 percent in afternoon trade, at 3,002.7. The market's biggest listing, News Corp., opened with a gain of 3 percent to A$9.93 after a 6 percent rise in its U.S. listing. Banks are also generally higher though their initial gains are fading as the day wears on. Gold stocks are curbing the gains, after the price of bullion fell 1.57 percent overnight to $313.05. A new survey showed that confidence was dented in September, consumers shaken by the global stock selloff and tension in the Arabian Gulf. (Full story) New Zealand's Top 40 index is down again, off 0.26 percent at 1,994.29, shaken by the after-the-bell earnings in the United States. The second-largest listing in Wellington, wood products company Carter Holt Harvey, is flat at NZ$1.59 as it edged expectations for the third quarter but warned of a tougher 2003. (Full story) Hang Seng higher at lunchHong Kong's Hang Seng index broke for lunch up 1.24 percent at 9,451.97. U.S.-oriented stocks are enjoying the headiest gains, small-motor maker Johnson Electric up 6.49 percent to HK$8.20 and trading company Li & Fung up 5.30 percent to HK$7.95. Bank stock HSBC is building on Tuesday's run with a 1.18 percent rise to HK$85.50. Broadcaster TVB is again strong, up 2.95 percent at HK$24.45. Singapore's Straits Times index is up 0.52 percent at 1,437.05 in late morning trade, with Singapore Airlines higher again.
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