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Asia finally breaks losing streak
By Alex Frew McMillan
HONG KONG, China (CNN) -- Asian stocks are higher on Tuesday going into afternoon trade, with Japan looking set to break its run of nine days of losses in a row. That was its worst run since 1991. But the Nikkei average is up 1.38 percent at the lunch break on Tuesday, at 8,567.41. The broader Topix is up 1.04 percent to 836.43, with bank stocks firing ahead. The strongest gains are in South Korea, which sold off the hardest the day before. That market is up 1.65 percent in early afternoon. But much of the region is faring well, with Australia and Hong Kong both up more than 1 percent. Taiwan is showing narrow gains. There are losses in Singapore, however, with the market down half a percent. New Zealand closed just below where it started the day. U.S. markets were back to buying after two weeks of losses, the Dow Jones industrial average pushing forward 2.3 percent to 8,627.40, while Nasdaq added 2.78 percent. (U.S. roundup) Technical bounce in JapanIn Tokyo, the market is seeing a bounce after a string of losses that dates back 11 years. Some investors said Tokyo was due for a technical bounce after such persistent selling.
NTT DoCoMo, the largest listing, is up 2.26 percent to 226,000 yen, with fixed-line parent NTT up 2.01 percent to 456,000 yen. Bank stocks are surging on a report that the government is considering not forcing banks to reduce their capital if they get an injection of public funds. That sparked rises that then induced covering from short sellers, pushing Mizuho Holdings up 11.32 percent to 118,000 yen and UFJ Holdings up 11.88 percent to 113,000 yen. Sumitomo Mitsui Financial Group is ahead 9.54 percent to 379,000 yen, while Mitsubishi Tokyo Financial Group is up 5.35 percent to 689,000 yen. Exporters are getting a slight boost from an easing currency. The yen is slightly weaker at 120.95 to the U.S. dollar. Sony Corp. is up 1.39 percent to 5,100 yen, while Toyota Motor Co. is ahead 1.28 percent to 3,170 yen. Big caps gaining in SydneyIn Australia, the S&P/ASX 200 index is up 1.23 percent to 2,986.2, with News Corp. delivering a jolt with a 4.07 percent jump to A$12.01. Telecom stock Telstra Corp. is ahead 1.14 percent to A$4.44, while miner BHP Billiton is surging 3.55 percent to A$9.91.
It is benefiting from higher oil prices due to the political crisis in Venezuela, where production has been crippled. Rio Tinto is ahead 2.09 percent to A$33.73. (Strike could add $2 to oil price) Takeover target Goodman Fielder is down 1.10 percent to A$1.79 after Burns Philp outlined its plans for buying the food group. It plans to fund the buyout of the food group through debt rather than by selling off portions of the company, a move that surprised analysts. Burns Philp is down 3.13 percent at A$0.465. National Australia Bank is up 1.51 percent to A$31.50 ahead of this week's annual meeting, with Westpac and ANZ Banking Group also higher. New Zealand's Top 40 closed essentially flat, with a 0.02 percent loss to 1,910.60. HSBC advances in Hong KongHong Kong's Hang Seng index is up 1.1 percent at 9,762.98, boosted by Wall Street's overnight showing. The government also said after the close of trading Monday that the jobless rate improved again for the city. (Full story) Bank stock HSBC is gaining 2.02 percent to HK$88.50, with subsidiary Hang Seng up 0.89 percent to HK$85.00. Oil producer CNOOC is up 2.00 percent to HK$10.20 as oil continues to rise, the Venezuelan situation starting to hit shipments to the United States, its main market. Hutchison Whampoa is up 0.98 percent at HK$51.75 as its Indian unit said it would hit 2 million cell phone customers this year. (Full story) Clothing retailer Esprit Holdings is up 2.27 percent to HK$13.50 as it heads into the holiday season and with retail sales looking strong in the United States. Korea techs, big caps upIn South Korea, the Kospi is up 1.65 percent to 703.82 after two straight days of heavy losses. Samsung Electronics is up 1.58 percent to 354,000 won, while steelmaker Posco is up 2.82 percent to 127,500 won, reflecting gains in big caps. SK Telecom is gaining 1.47 percent to 241,500 won, on a report it may swap shares to unravel some of its cross-share holdings. Taiwan's Taiex is up 0.12 percent to 4,587.49, led by tech gains. Chip foundry UMC is up 1.30 percent to T$23.30. Screenmaker Au Optronics is up 0.99 percent to T$20.40, the electronics sector firming on Nasdaq's rise overnight. China Steel is selling off again, down 2.53 percent to T$19.30 in the heaviest volume, correcting some of its outsize gains last week. Singapore's Straits Times index is down 0.56 percent to 1,353.25, bucking the gains running through the region. Southeast Asia's largest bank, DBS Group, is down 1.72 percent to S$11.40, though there are gains for peer UOB, up 0.85 percent to S$11.80. SingTel is down 1.57 percent to S$1.25, while takeover target NatSteel is off 0.49 percent to T$2.05. Chartered Semiconductor, the third largest chip foundry in the world, is up 2.38 percent to S$0.82 after selling off on Monday.
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