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Tokyo lags as Asia advances
By Alex Frew McMillan
HONG KONG, China (CNN) -- Tokyo stocks are slightly down going into afternoon trade, their seventh straight day of declines. The Nikkei ended the morning off 0.17 percent at 8,713.15, while the Topix is down 0.16 percent to 850.53. New Zealand stocks have closed lower. But the rest of the region is trading in positive territory after another gain in U.S. stocks overnight. South Korea's market is making the strongest move, up more than 1.25 percent after the central bank left rates steady. Singapore is up just over 0.5 percent, continuing its run of gains. There are narrow gains in Australia, Taiwan and Hong Kong. Asian markets got a boost from a second day of gains on Wall Street. The Dow Jones industrial average nudged ahead 0.17 percent to 8,589.14, while Nasdaq added 0.42 percent. (U.S. roundup) DoCoMo down in TokyoIn Tokyo, the largest listing, NTT DoCoMo, is down 1.28 percent to 231,000 yen as stocks muddle through a muted session. But telecoms are generally up, DoCoMo rival KDDI gaining 1.29 percent to 392,000 yen. Trading is lackluster ahead of a key report on Friday, when the central Bank of Japan puts out the quarterly tankan survey, a closely watched survey of corporate confidence. U.S. retail sales are due later Thursday, and Sony Corp. is down 0.76 percent to 5,190 yen in anticipation of that report.
Trading house Nichimen Corp. is down 6.94 percent to 67 yen, a reaction to a credit-rating cut from Standard & Poor's after the company said it will merge with Nissho Iwai Corp. Nissho Iwai is also down 3.7 percent to 52 yen, after gaining almost 29 percent the day before. Banks are mixed, with UFJ Holdings up 0.97 percent at 104,000 yen. The bank will back the Nichimen-Nissho Iwai combination. Nippon Oil is up again, gaining 5.85 percent at 525 yen, still benefiting from a cost-cutting partnership unveiled earlier this week. The yen is slightly stronger, trading at 123.47 to the U.S. dollar in early afternoon trade in Tokyo. Sydney off a three-week lowIn Australia, the S&P/ASX 200 index is up 0.21 percent at 2,975.9, coming off a three-week low. The government said the country's jobless rate stood at 6.1 percent for November.
Sydney's largest listing, News Corp., is up almost 2 percent to A$12.16 as it looks set to launch another bid for U.S. satellite broadcaster DirecTV. Westpac is ahead 2.72 percent to A$13.97 as it prepares to hold its annual meeting. It's a good day for banks, with NAB advancing 0.89 percent to A$31.90 and ANZ up 1.22 percent to A$17.45. Mining stocks are also moving forward, with BHP Billiton up 0.7 percent to A$9.81 and Rio Tinto up 0.36 percent to A$33.45. New Zealand's Top 40 fell 0.66 percent to close at 1,912.70, with largest listing Telecom New Zealand down 1.99 percent to NZ$4.43. Hong Kong just above waterIn Hong Kong, the Hang Seng is just above where it began the day, up 0.04 percent at 9,788.41, with both HSBC and its subsidiary Hang Seng advancing slightly. Henderson Land is up 0.81 percent at HK$24.95, though property stocks in general are mixed. Retailer Esprit Holdings is down 1.12 percent at HK$13.20, after insiders cashed in stock options. Korea takes rate decision in strideIn South Korea, the Kospi is up 1.32 percent to 707.81, the strongest move in either direction in Asia. The central Bank of Korea opted to leave interest rates alone on Thursday, while a report showed the jobless rate stayed unchanged at 3.0 percent in November. (Full story) Posco, the world's second-largest steel producer, is topping the gains with a 4.58 percent surge to 125,500 won. It said the assets of its 13 affiliates would rise to 3 trillion won by 2007, from 2 trillion won now. Kookmin Bank is also performing well, up 3.11 percent to 44,750 won after the rate decision. Hynix Semiconductor is exacerbating Wednesday's plunge with a 7.1 percent slide to 325 won, as creditors suggest reducing the chipmaker's capital by 21:1. Local pays up in TaiwanIn Taiwan, the Taiex is up 0.24 percent at 4,710.82, technology stocks getting a boost from Nasdaq's rise overnight . Domestic plays again are leading the way. Chang Hwa Bank is ahead again, up 1.69 percent to T$18.00, with loan writeoffs this year expected to lead to greater profits next year. China Motor, Taiwan's top car company, is up 6.34 percent to T$67.00, while shoemaker Pou Chen Industrial is up 1.88 percent to T$32.50, still rising from year-end window dressing. After a strong start, chipmaker Nanya Technology has fallen 5.00 percent to T$22.80. Singapore's Straits Times index is up 0.53 percent to 1,381.64 with a couple of debutants dominating the volume. Initial public offering Semitech is topping the volume, the electronics-equipment maker gaining 10 percent to S$0.22. Thursday's new listing, Econ Health, is off 12.5 percent to S$0.21 and second in volume terms. DBS Group is up 0.87 percent to S$11.60 and UOB is ahead 0.84 percent to S$12.00, with bank stocks one of the main drivers behind Singapore's gains this week. Singapore has generally advanced while most of Asia lost ground.
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