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Asia stocks recover into afternoon
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets are recovering heading into afternoon trading, lead by a jump in Japan. A rally in big caps such as NTT DoCoMo and gains in banking shares are boosting the Tokyo market, despite a fall on Wall Street overnight. The Nikkei average ended the morning up 1.30 percent at 8,726.57, its high for the day. It is up 1.38 percent as the afternoon starts. The broader Topix index broke for lunch ahead 1.06 percent at 868.59 but is up 1.0 percent in early p.m. trade. Stocks in South Korea and Taiwan have rebounded from earlier losses and are trading in the black. Singapore is also higher ahead of key earnings. But Australia, New Zealand and Hong Kong are all lower, mainly a reaction to the declines on Wall Street. The Dow Jones industrial average closed 2.08 percent lower at 8,317.34. Nasdaq dropped 1.63 percent, as investors sold off some of the big gainers in the recent rally in U.S. stocks. (Full roundup) Analysts said a pullback was necessary, with the Dow up more than 1,250 points since its low on October 9. Japan's banks breath easierIn Tokyo, the market moved higher from the open. Bank stocks are seeing new life, though they are paring gains in afternoon trade.
Mitsubishi Tokyo Financial Group, the strongest of the Big Four banks, is up 1.52 percent at 802,000 yen as the p.m. session gets going. UFJ Holdings, the weakest of the big banks, is up 0.64 percent at 157,000 yen. Banks had fallen the four previous days on uncertainty over a key bank report that could force their capital reserves below requirements. Concessions aimed at stemming Japan's economic slide now look likely, including a possible extra budget. NTT DoCoMo is up 3.65 percent at 227,000 yen, with most big tech and telecom names moving higher. NEC Corp. is up 3.55 percent at 467 yen, with Toshiba also higher. Both are due to report earnings later Friday. The yen is trading at 123.80 to the U.S. dollar, stronger than its Asian close Thursday. Korea recovers on SamsungIn South Korea, the Kospi is up 0.69 percent at 659.52 in early afternoon trade. Samsung Electronics is leading the net gains with a rise of 5,000 won, or 1.50 percent, to 339,000 won.
Cell-phone company SK Telecom is up 1.79 percent to 227,000 won in a good day for big caps. The country's finance minister says he sees the Korean economy, one of the strongest in Asia, surpassing forecasts to rise 6 percent in 2003. (Full story) Asiana, Korea's second-largest airline, is up 6 percent to 2,490 won on solid earnings for the third quarter. But Kookmin Bank, the country's largest retailer lender, is down 4.2 percent to 39,900 won after reporting a surprise slip in earnings. (Full story) Taiwan turns around with TSMCIn Taiwan, the Taiex has also recovered and is trading up 0.29 percent at 4,587.92 just before noon. The market opened lower after the fall in U.S. techs. TSMC has turned around from a loss and is now up 2.67 percent at T$46.20. Rival UMC is 1.56 percent higher at T$26.00. Memory chip makers are higher again after a recent rise in prices, with Winbond Electronics up 1.61 percent to T$12.60. Nanya Tech is ahead 0.72 percent at T$27.90. Australia tracking U.S. declineIn Australia, the S&P/ASX 200 index is down 0.66 percent at 3,003.5. News Corp. is off 1.32 percent at A$10.41 after Wall Street's fall. ANZ Banking Group is down 0.33 percent at A$18.36 despite posting solid earnings on Thursday. The rest of the banks are also lower. Investors said the market is skittish and still looking to overseas stocks for direction. Telstra Corp. is down slightly, off 0.21 percent to A$4.75, like its peer telecom in New Zealand. New Zealand's Top 40 is down 0.2 percent at 2,008.72, Telecom New Zealand falling 0.59 percent to NZ$5.06. Hong Kong also offHong Kong's Hang Seng index is down 0.92 percent at 9,697.20. Bank stock HSBC is a drag on the market with a 0.86 percent fall to HK$86.25. Henderson Land is down 1.4 percent to HK$24.65 on a poor day for property stocks. Oil producer CNOOC is one of the market's few bright spots, up 1.04 percent to HK$9.75 after losses earlier this week. Singapore's Straits Times index is up 0.51 percent at 1,464.30, with Singapore Airlines and Chartered Semiconductor due to report earnings later in the day.
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