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Firm gains for Asian stocks
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October 1, 1999: 6:14 a.m. ET
Nikkei closes the week narrowly ahead; other markets rise; HK closed
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LONDON (CNNfn) - Asia's stock markets posted modest gains Friday to close a volatile week in upbeat mood as the yen's declining strength helped to boost investor sentiment.
In Tokyo, the benchmark Nikkei 225 average shrugged off the impact of the nuclear incident near the Japanese capital as traders focused on the yen's apparent stability around 107 against the dollar.
The Nikkei closed 107.1 points or 0.61 percent higher at 17,712.56 to end the week up 0.6 percent.
The index lost 3.5 percent in the third quarter but has soared 33 percent in the first nine months of the year compared to the 12.6 percent rise for the Dow Jones industrial average.
Asian investors were buoyed by the strong performance on Wall Street Friday which saw the Dow climb 1.2 percent and the Nasdaq and S&P 500 also post firm gains.
Singapore's Straits Times index ended 1.45 percent higher at 2,051.26, just off its session high. The index added 1.4 percent during the week but lost 7.6 percent during the third quarter.
The Kospi in Seoul stemmed its woeful performance after doubts over the stability of the country's investment trusts had scared overseas investors away. The index managed to recover a sharp early fall to close up 0.4 percent at 839.35 but lost almost 11 percent over the week.
Hong Kong markets were closed for China's National Day Holiday. The Hang Seng ended the shortened week off 2.3 percent and lost 10.2 percent over the third quarter.
The yen stayed firmly above 107 against the dollar throughout Asian trade, providing a boost for export-sensitive stocks in Tokyo. Toyota added 2.7 percent, Sony climbed 4 percent and TDK climbed almost 3 percent.
NTT DoCoMo, the country's largest cellular operator, rose 3.3 percent despite reports that Toyota planned to sell its stake in the company.
Banks were weaker ahead of next week's decision on U.S. interest rates. Sumitomo Bank lost 1.6 percent.
The fallout from the nuclear accident saw shares in Sumitomo Metal & Mining, the owner of the plant at which the event occurred, suspended after reaching their lower session trading limit. Hitachi, which had to close three adjacent electronics plants, lost 3.4 percent.
In Singapore, electronics manufacturers posted the strongest gains, with NatSteel Electronics surging 7.1 percent and Venture adding 6.1 percent.
Property stocks also firmed after recent weakness, with City Development up 3.5 percent.
Singapore Telecom rose 2.6 percent and DBS Group, the largest financial stock, added 1.6 percent.
Smaller markets also climbed on the back of Wall Street's strong performance.
Thailand's Set 50 made the firmest gains, jumping 3.9 percent to break the 400 barrier and close at 404.79. Financial stocks were in heavy demand as sentiment improved about the country's economic recovery.
The JSX Index in Jakarta ended 3.3 percent higher at 566.04.
The All Ordinaries in Sydney rose 0.9 percent to close at 2,906.6 though still ended down 0.6 percent on the week.
The KLSE Composite in Kuala Lumpur was 0.7 percent higher at 680.07.
In Taipei, the TAIEX continued its strong post earthquake recovery closing up 1.27 percent at 7,694.99 as overseas investors continue to buy into the country's economic fundamentals.
The PHS Composite in Manila added 0.3 percent to end its session at 2,102.96.
-- from staff and wire reports
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