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Nikkei breaks loss streak as Asia rises
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian markets are rallying or standing pat on Wednesday, recovering from three straight days of weakness. The Nikkei average is up 0.56 percent at 8,854.09 at the noon break, its first gains in five days, as tech stocks firm a little. The broader Topix is ahead 0.39 percent at 859.84, having also made ground on Tuesday. There are also gains in Taiwan, where the Taiex is up a third of a percent. Singapore is again the strongest gainer, up 0.67 percent in late morning after bucking the selling trend to rise the day before. South Korean stocks are basically flat, just slightly in the red, and Hong Kong is also marginally below where it began the day. Australian stocks are down a quarter of a percent, though New Zealand's market closed up a similar amount. U.S. markets broke their run of losses on Tuesday, with the Dow Jones industrial average climbing 1.19 percent to 8,574.26 and Nasdaq adding 1.73 percent. (U.S. roundup) Stocks jumped after the Federal Reserve confirmed it had left rates unchanged, which may signal the end of its cutting spate. (Full story) NEC back in black in TokyoIn Tokyo, some of the computer-related stocks are bouncing back from heavy selling the day before. NEC Corp. is up 3.46 percent to 478 yen, restoring much of Tuesday's loss, while chip-equipment maker Tokyo Electron is up 2.36 percent to 5,650 yen. Sony Corp. is up 1.73 percent to 5,290 yen and Kyocera Corp. is up 1.45 percent to 7,710 yen.
Bank stocks have stopped their run, with Mizuho Holdings down 0.88 percent to 113,000 yen. But domestic, defensive stocks are still attracting buyers, with West, East and Central Japan Railways all higher. West Japan Railway is topping the net gains, up 4.99 percent or 21,000 yen to 442,000 yen. Nippon Oil is up 5.71 percent to 500 yen after saying Tuesday it will cooperate with a rival to cut costs. (Full story) Trading houses Nissho Iwai Corp. and Nichimen Corp. are suspended after they said they will merge into a holding company in April. The government reported that Japan's current-account surplus leaped 23.5 percent in October, to 1.2 trillion yen, thanks to strong demand for Japanese goods in Asia. (Full story) The Bank of Japan releases its quarterly tankan survey on Friday, a much-watched measure of Japanese corporate confidence. The yen is slightly stronger at 123.64 to the U.S. dollar in early afternoon Tokyo trade. Sydney down despite News gainsIn Australia, the S&P/ASX 200 is down slightly, off 0.27 percent at 2,982.7, with defensive stocks such as banks losing ground. ANZ Banking Group is down 1.59 percent to A$17.32, with NAB and CBA also lower.
That is offsetting gains in News Corp., which is up 2.32 percent to A$11.93 on word that EchoStar Communications has scrapped its attempt to buy U.S. satellite broadcaster DirecTV, opening the door for News to launch another bid. (Full story) Woodside Petroleum is down 2.2 percent to A$12.15 as it reports accounting changes will cut its 2002 net profit by A$700-800 million. Volatile biotech company SciGen, which markets a hepatitis B vaccine, is again topping the volume, up 3.65 percent to A$0.085. New Zealand's Top 40 closed up 0.24 percent at 1,925.43, with Auckland International Airport adding 2.11 percent to NZ$5.33. Wood products producer Carter Holt Harvey gained 1.74 percent to NZ$1.75, offsetting a 1.31 percent slip in Telecom New Zealand. Hong Kong standing patIn Hong Kong, the Hang Seng is flat, showing a minimal 0.02 percent loss to 9,856.26. Small-motor maker Johnson Electric is up 2.79 percent to HK$9.20 after posting better than expected earnings. Telecom PCCW has arrested its heavy selling on fears Cable & Wireless will sell its stake, and is trading up 0.77 percent at HK$1.30. Hongkong Electric is down 1.63 percent at HK$30.20 after saying sales growth in the second half of the year might be below the first half's 1.4 percent. But HSBC is slightly higher, up 0.28 percent to HK$89.00. Chinese B shares are down, with Shanghai off 0.3 percent, as China celebrates the one-year anniversary of its entry into the World Trade Organization. Domestic plays dominate TaiwanIn Taiwan, the Taiex is up 0.35 percent to 4,771.55, again mainly driven by domestic plays. Tech stocks typically dominate trade in Taipei but have taken a back seat the past three days as fund managers engage in some year-end window dressing. Chang Hwa Bank is up 0.55 percent to T$18.30, with peers such as First Bank, up 1.27 percent to T$24.00, also moving higher. China Steel is topping the volume, up 1.54 percent to T$19.80, and Taiwan Cement is performing well again. Hynix tumbles in SeoulSouth Korea's Kospi is flat, down 0.04 percent to 702.16 in early afternoon, with department store chain Shinsegae drifting 1.93 percent to 177,500 won. Hynix Semiconductor is putting the market under pressure with a 13.4 percent plunge to 355 won on a report its main creditor, Korea Exchange Bank, will swap debt for equity in February to help it restructure. But cell-phone operator SK Corp. is up 2 percent to 15,400 won as it said it is forming a strategic alliance with Chinese oil producer Sinopec. Singapore's Straits Times index is up 0.67 percent to 1,376.26.
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