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Tokyo rises, HK slumps
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August 11, 2000: 6:54 a.m. ET
Nikkei up 0.9 percent ahead of BoJ rate hike, while techs sour Hang Seng
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LONDON (CNNfn) - Asia's top markets ended mixed Friday, with Tokyo's leading index edging higher ahead of the first interest rate hike by the Bank of Japan in a decade, while Hong Kong shares succumbed to weakness in the technology sector after a decline for the U.S. Nasdaq a day earlier.
Tokyo's benchmark Nikkei 225 index closed up 141.85 points, or 0.9 percent, to 16,117.50 before the Bank of Japan's monetary policy panel raised its short-term interest rate to 0.25 percent, ending its "zero interest rate" policy as the Japanese economy regains its footing. For the week, the Nikkei rose 2.9 percent.
The Hang Seng index in Hong Kong closed down 118.79 points, or 0.7 percent, to 17,214.42, with index leader China Mobile off 2.4 percent and Internet company Pacific Century CyberWorks dropping 3.3 percent. For the week, the Hang Seng fell 1.2 percent.
The Singapore Straits Times added 16.67 points, or 0.8 percent, to 2,088.33, with electronics maker JIT Holdings rising 27 percent after unveiling a $640 million merger deal with Flextronics International (FLEX: Research, Estimates). Singapore Press Holdings rose 3.9 percent.
For the week, the Straits Times rose 1.8 percent. 
In other leading Pacific Rim markets, Australia's S&P/ASX 200 index dropped 0.2 percent, with media conglomerate News Corp. falling 2.7 percent. The Taiwan Weighted index in Taipei fell 0.6 percent and the KOSPI index in Seoul declined 1 percent.
In the currency market, the dollar slipped against the Japanese yen. The U.S. currency fetched ¥108.74, compared with ¥108.84 in New York trading late Thursday.
On Wall Street Thursday, the technology heavy Nasdaq composite index tumbled 2.4 percent, while the blue-chip Dow Jones industrial average was little changed, up 2.93 points at 10,908.76.
Revving back up after skid
Bridgestone regained 2.8 percent in Tokyo on Friday, recovering a bit from its two-day plunge to levels not seen in nearly four years. The world's leading maker of automobile tires said Thursday it would post a $350 million special loss this year after U.S. unit Firestone recalled 6.5 million tires.
Top Japanese technology stocks were split, with electronics giant Sony climbing 1 percent while rival Fujitsu fell 3.1 percent, after tacking on a 10-percent gain Thursday.
TDK rallied 7.3 percent after the electronics components maker boosted its profit estimate for the current business year due to robust demand for parts used in mobile phones and personal computers.
Among decliners in Hong Kong, airline Cathay Pacific shares were down 3.9 percent despite reporting a 20-fold jump in first-half profit Thursday.
Elsewhere in Asia, Jakarta's JSX index rose 3.5 percent, Manila's PHS composite added 0.4 percent, the KLSE composite in Malaysia slipped 0.75 percent while the Bangkok SET rose 2.3 percent. 
-- from staff and wire reports
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