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Asian stocks surge ahead
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are forging ahead going into Friday afternoon, with Japan climbing off its 19-year lows. The Nikkei 225 average ended the morning up 2.25 percent at 8,490.14, after two straight days of testing that low-water mark. The Topix went into afternoon trade up 1.94 percent at 839.89 as bank stocks saw some relief from heavy selling. But UFJ Holdings, the weakest of the Big Four banks, is falling again in afternoon trade, off 6.25 percent to another record low of 105,000 yen. There are gains through the region, with South Korea up almost 3 percent and Taiwan outdoing that. Hong Kong, Singapore and Australia are up around 1 percent, though New Zealand ended just above flat. U.S. markets had their strongest gains in a month on Thursday, with Nasdaq racing ahead 3.69 percent and the Dow Jones industrial average climbing 1.71 percent to 8,542.13. (U.S. roundup) Retail sales drive Tokyo exportersIn Tokyo, electronics and auto stocks are higher as data reaffirms faith in consumer demand in the United States, their main export market. The yen is also helping, trading slightly weaker at 120.67. The dollar is gaining as war fears ease and U.S. retail sales gaining more than expected.
Electronics industry leader Sony Corp. is ahead 2.42 percent to 5,070 yen, while Honda Motor is up 3.8 percent to 4,370 yen. NTT DoCoMo is back to winning ways with a 4.07 percent rise to 230,000 yen, driving parent NTT up 2.64 percent to 466,000 yen. Bank stocks breathed easier after Financial Services Minister Heizo Takenaka said there is not an immediate crisis among the major banks. (Full story) That refutes a report that one of the Big Four was to be nationalized next month, which sent bank stocks crashing on Thursday. Mizuho Holdings is up 2.46 percent to 125,000 yen, while Sumitomo Mitsui is up 1.66 percent at 368 yen. The weakest of the Big Four banks, UFJ Holdings, is resetting its record low, down to 105,000 yen. According to a report, it will speed up attempts to settle its debt problems by writing off 2 trillion ($16.6 billion) in bad loans by next March. Australia puts firm foot forwardAustralia's S&P/ASX 200 is up 1.27 percent to 2,999.7 in early afternoon, a relatively large move for a generally staid index. News Corp. was up 4.33 percent at A$11.32 at noon, propelled by U.S. stock gains. Mining stock BHP Billiton is ahead 3.46 percent to A$9.56 on a good day for resources stocks. Rio Tinto is up 3.25 percent to A$33.97. The country's largest bank, National Australia Bank, is up 1.59 percent to A$33.22 But Telstra Corp. is falling 0.65 percent to A$4.56, after the telecom told investors it is still looking at flat profits and sales for the year. New Zealand's Top 40 closed up 0.11 percent to 1,957.41, restrained by a 1.24 percent fall in Telecom New Zealand, which dominates the market. Hong Kong property up againHong Kong's Hang Seng index is up 0.94 percent at 9,832.26 in late morning trade. Property stocks are still feeling a boost from the government's plans to spur prices.
Sun Hung Kai Properties is gaining 2.42 percent to HK$53.00, while Cheung Kong Holdings is up 1.85 percent to HK$55.00. The market's largest listing, bank stock HSBC, is down 1.42 percent at HK$86.50 after announcing it will pay around $14 billion to buy U.S. lender Household International Inc., which specializes in lending to customers with troubled credit. (Full story) Initial public offering China Telecom is having an unimpressive debut, down 2.7 percent at HK$1.44. It closed down 5 percent on its first day of trading in New York on Thursday. (Full story) Mainland cell-phone play China Unicom is up 6.31 percent to HK$5.90, though, after Nasdaq's gains and a report suggesting it will pay around 10 percent less to lease CDMA capacity from its parent. Rival China Mobile is up 3.18 percent to HK$20.10. Taiwan leading Asian gainsIn Taiwan, the Taiex is proving the strongest index in Asia, up 3.14 percent to 4,812.29. Au Optronics, the world's third-largest maker of plasma TV screens, is up 5.39 percent to T$25.40 and topping the volume again. Smaller rival CPT is close to the daily limit, up 6.29 percent to T$14.35. Chip foundry TSMC is firmly ahead, up 4.3 percent to T$48.40, with rival UMC also ahead 4.3 percent to T$26.60. Samsung pushing Korea upSouth Korea's Kospi is also surging, up 2.92 percent to 671.20, with Samsung Electronics climbing 3.24 percent to 351,000 won. SK Telecom continues its run of gains, up 3.06 percent to 236,000 won, with fixed-line telecom KT Corp. ahead 4.36 percent to 51,500 won. In Singapore, the Straits Times index is up 0.87 percent at 1,403.23, with gains in many big caps names. Creative Technologies is up 2.33 percent to S$13.20, while Singapore Airlines is carrying through Thursday's strength with a 1.89 percent rise to S$10.80.
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