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Nikkei jumps on year-end buying
HONG KONG, China (CNN) -- Japanese stocks closed sharply higher Thursday, with the Nikkei 225 average up more than 2.3 percent on some year-end buying. Taiwan also finished higher, putting on 1.85 percent. But South Korea dipped 0.87 percent into the red after an erratic day and Singapore was also lower heading towards the close. Markets in Australia, Hong Kong, Indonesia and New Zealand were closed Thursday for the Boxing Day holiday. But U.S. stocks will be back in action later in the day. In Tokyo, the Nikkei broke through the 8,700 level, closing 198.96 points higher at 8,700.10 for a gain of 2.34 percent. The broader Topix gained 1.93 percent to 842.96, even with the absence of overseas investors still on Christmas break. They typically account for half the volume in Japan. Extended break ahead for TokyoIn Tokyo, buyers locked in short-term gains as the trading year comes to a close. Next Monday's half-day session will be the last trading day for 2002, with Japan closing for New Year until Monday, January 6.
The largest Japanese listing, mobile phone operator NTT DoCoMo, closed 1.38 percent higher at 220,000 yen, while leading exporter Sony put on 1.59 percent to 5,100 yen. Car stocks surged, Toyota Motor up 1.61 percent to 3,150 yen and Honda Motor up 2.06 percent to 4,450 yen. Tokyo Electron and Advantest both finished well ahead after Goldman Sachs raised its call on the chip-equipment makers. New rules on investment analystsAll Nippon Airways, the country's second-largest carrier, put on 2.83 percent to 218 yen after it said it would raise domestic air fares to cover higher landing costs. (Full story) Japan Airlines System, the largest carrier, has not decided whether to follow suit. It finished 3.67 percent higher at 254 yen.
Banks were steady, with Mizuho flat and Mitsubishi Tokyo Financial Group ahead 0.15 percent to 657,000 yen. The Financial Services Agency was slated to announce new rules on bank inspections later Thursday. UFJ Holdings was up 0.84 percent at 120,000 yen, while Sumitomo Mitsui lost 0.8 percent to 371,000 yen. Both banks announced restructuring efforts to bolster their sagging balance sheets. (Full story) Internet investor Softbank Corp. rose 2.6 percent to 1,345 yen after a report GE Capital was interested in bidding for Softbank's 49 percent stake in Aozora Bank. (Full story) Japanese regulators tightened their rules on financial analysts along the lines of stricter U.S. regulations, banning underwriters from issuing reports on companies within 10 days of them going public. New figures showed that Japan's retail sales slipped again in November, for the 20th straight month of decline. (Full story) Taiwan techs gainIn Taiwan, the Taiex put on 1.85 percent at 4,567.37, with techs moving higher. Chip foundries TSMC and UMC rose 2.9 percent and 3.6 percent respectively. Screenmaker Au Optronics rose 6.9 percent to T$21.70 and was second in volume terms, with falling product prices likely to boost demand. China Steel closed unchanged at T$19.40, having gained 30 percent in the last two months as investors snapped up domestically oriented shares. Korea back with a slipSouth Korea's Kospi returned to action with a 0.87 percent fall to 671.89, its lowest close since November 19. Shinhan Financial was up 2.21 percent to 13,900 won after the government picked it as the preferred bidder to buy control of Chohung Bank. (Full story) Stock in Chohung fell 1.88 percent to 4,700 won. A combination of the two would create Korea's second-largest bank, after Kookmin. Big-cap Samsung Electronics was down 0.88 percent to 339,500 won, but leading exporter Hyundai Motor rose 2.16 percent to 30,750. Steelmaker Posco was off 1.6 percent. It said it will raise steel export prices early next year. (Full story) South Korean stocks have sold off recently after North Korea sparked controversy when it restarted its nuclear program to condemnation from the United States, Japan and South Korea. Singapore downSingapore's Straits Times index is down 0.48 percent at 1,330.76 as the market starts back after the Christmas break. Volumes are thin, as they are generally throughout Asia. MobileOne is up 1.64 percent at S$1.24, with Creative Technology 0.80 percent higher at S$12.60 and SingTel up 0.83 percent at S$1.22. But bank stocks DBS and UOB are both lower and OCBC is flat.
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