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Asia up but ends a year to forget
SYDNEY, Australia (CNN) -- The few Asian markets that traded on Tuesday closed higher, as the year wound down on what has been a lackluster time for stocks. Any gains on Tuesday came far too late to save virtually every index from closing well below their 2002 starting levels. Aside from the restricted Chinese markets in Shanghai and Shenzhen, Taiwan's Taiex was the worst performer of the year, off 19.8 percent. It was followed by Japan's Nikkei 225, down more than 18.6 percent, Hong Kong's Hang Seng index, off 18.2 percent and Singapore's Straits Times index, down 17.4 percent. In shortened trading sessions on Tuesday, Hong Kong closed up 0.53 percent and Singapore finished 0.68 percent higher. New Zealand's Top 40 finished its half-day's trade by putting on a third of a percent to 1,945.38. It was down 5.26 percent for the year. Australian shares bounced back from a weak performance Monday to close 0.48 percent higher on a shortened day. The benchmark S&P/ASX200 finished at 3,007.1, a 12.13 percent loss for the year. Taiwan was the odd one out among the major markets operating on Tuesday, finishing down 0.12 percent at 4,452.45, a two-month low. Markets in Thailand, Indonesia and the Philippines were already closed for the year. Japan and South Korea also finished on Monday, ending on a dismal note. Tokyo's Nikkei 225 average fell 1.55 percent on Monday to close at 8,578.95, a drop of 18.63 percent for the year. The broader Topix lost 0.63 percent to end at 843.29, a fall of 18.3 percent for the year. Tokyo resumes MondayAfter an extended New Year break, Tokyo will resume trading on Monday, January 6.
South Korea saw an even more precipitous one-day fall, with the Kospi tumbling 4.5 percent to finish at 627.55, its lowest figure since early October. But for the year, it was down a more modest 9.54 percent. (Full story) The only Asian gainers in 2002 were Indonesia, up 8.4 percent, Thailand, up 17.3 percent, and the markets in Sri Lanka, Pakistan and India. Monday's downturn in East Asia came amid heightened political tensions, following North Korea's decision to expel U.N. nuclear inspectors, and the continued buildup toward a war in Iraq. Markets in the United States finished on a slightly more positive note on Monday, with the Dow Jones industrial average putting on 0.35 percent to 8,332.85. However, the tech-heavy Nasdaq composite slipped 0.65 percent to 1,339.54. (Full story) U.S. stocks, which have one trading day left, are still on track for their third year of decline, the first time that has happened since 1941. BHP ends higherIn Australia on Tuesday, blue chips finished broadly higher, with BHP Billiton up 2.01 percent to A$10.11 after announcing the sale of its indirect stake in Brazilian iron ore producer CVRD. (Full story)
Telecom stock Telstra, the second-largest listing in Sydney, closed unchanged at A$4.41. Among the big banks, NAB and CBA made gains, as did retailers Coles Myer and Woolworths. Oil and gas producer Woodside Petroleum was up 1.06 percent to A$12.38, but gold stocks Newcrest and Lihir ended down after solid gains in recent days. News Corp., the market's biggest stock, was in the black for most of the day but weakened to finish 0.35 percent lower at A$11.48. In New Zealand, Air New Zealand rose strongly, up just over 2 percent to NZ$0.50, and Telecom New Zealand put on 1.12 percent to NZ$4.53. Banks lift Singapore
Singapore shares ended higher Tuesday, led by gains among the big banks. DBS rose 0.92 percent and UOB put on 1.72 percent. On the telecom front, SingTel rose 1.64 percent to S$1.24, but smaller rival and market newcomer MobileOne ended flat at S$1.22. Likewise, takeover target NatSteel was unchanged at S$2.06. The Straits Times Index finished 0.68 percent higher at 1,341.07. But the index still lost 17.4 percent since the start of the year and suffered its third straight year in a row of losses. Hong Kong showing gainsIn Hong Kong, the Hang Seng closed 0.53 percent higher on Tuesday at 9,321.29. Gains were across the board, with big caps HSBC, China Mobile and China Unicom leading the way. Cheung Kong Holdings rose 1.91 percent to HK$50.75. Property companies were mainly firmer, with Henderson Land and Sino Land both up strongly and Sun Hung Kai Properties up 0.87 percent at HK$46.20. But the index fell 18.2 percent in 2002, also its third year in a row of declines, its longest losing streak since tracking began in 1969. PCCW was again the worst-performing stock in the Hang Seng, as it was in 2001, down 42.8 percent in 2002 to HK$1.23 amid doubts about its business plan and debt burden. Taiwan lags againAmong Taiwan stocks, some tech-related issues showed good gains. Screenmaker AU Optronics put on 1.5 percent to T$20.40 and Asustek Computer rose 1.67 percent to T$61.00. But the market's two biggest stocks, chip foundries TSMC and UMC, did not fare as well. TSMC lost 1.4 percent to T$42.60 and UMC ended flat at T$21.00. Among financials, Chinatrust was down 0.7 percent to T$8.30. Taiwan took Hong Kong's mantle as the worst-performing main Asian index, down 19.8 percent in 2002 as the island struggles to recover from its worst-ever recession. All major Asian markets are closed on Wednesday for New Year's Day, with most resuming on Thursday.
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