HONG KONG, China (CNN/Money) - Asian stocks drove ahead for a second day of gains Thursday, with buying into a slight chip-industry recovery apparently the New Year resolution for bullish investors.
South Korean stocks closed at a 16-month high, with the Kospi up 0.37 percent at 727.66. It was the sixth straight session of gains, although it was off its intraday peak of 735.77.
The tech rally also boosted stocks in Singapore and Hong Kong.
In Seoul trade Thursday, chipmaker Hynix Semiconductor again saw the heaviest trading, settling off its highs but still finishing up 2.5 percent at 2,850 won.
Hynix has sparked buying in chip stocks worldwide with a price hike, a rally fueled by two U.S. reports suggesting the industry has bottomed out.
That drove U.S. stocks Wednesday, with Nasdaq ending up 1.5 percent on its first day of trade in 2001. The Dow Jones industrial average gained 0.5 percent to 10,073.40.
Also in Seoul, Samsung Fire and Marine Insurance climbed 3.5 percent to 58,700 won. Korea's biggest nonlife insurer said profit from April to November doubled.
Its stablemate, Samsung Electronics, fell 1.95 percent to 302,000 won. But that's after the largest memory chipmaker in the world closed at a 16-month high Wednesday.
Japanese yen, Nikkei 225
Japan's markets were closed again Thursday but reopen for a half-day trade Friday.
The yen rebounded to 131.89 in Hong Kong after weakening to 132.19 against the dollar.
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The euro has also had a strong run against the yen since consumers began getting their mitts on the new currency Tuesday.
Japan's bond and money markets were also closed for the extended New Year break. China's markets in Shanghai and Shenzhen also get back in business Friday.
Taiwan's Taiex sheds
Taiwan's Taiex index fell for the first time in four trading days. It lost 1.3 percent to 5,526.32.
High-flying stocks were pulling back, inevitably, traders said. Electronics stocks fell 1.90 percent. But bank stocks -- the other main beneficiary of Taiwan's recent run -- were off their losses Wednesday and up 0.36 percent.
New Zealand NZSE-40 gains
New Zealand's stocks began 2002 trading Thursday with the main Kiwi stock index, the NZSE-40, climbing 0.4 percent to 2,061.89. Brokers there were seeing light trade after two days off for New Year.
Telecom New Zealand, the largest listing in Wellington, explained most of the rise. It climbed 1 percent to NZ$5.05.
Like chips, telecom stocks around the world have risen in what little investors have seen of 2002.
Brewer Lion Nathan rose 0.9 percent after saying Wednesday it had lost its attempt to buy 100 percent of wine maker Banksia because Allied Domecq refused to sell its 15 percent stake.
Allied Domecq beat out Sydney-based, Wellington-traded Lion Nathan for wine maker Montana in 2001.
Australia's All Ordinaries dips less than 1 percent
In Australia, the S&P/ASX 200 index dropped 0.8 percent to 3,419.6.
Trading was halted in Normandy Mining, Australia's largest gold producer, pending news from the company. It is subject to a takeover battle from rivals AngloGold and Newmont Mining. The company says it will give fresh advice to shareholders by Friday.
Hill 50 Gold rose 2.8 percent to A$1.45 after saying it is looking at other bids after receiving a 1.3 billion rand takeover offer from South Africa's Harmony Hold Mining.
Hang Seng drifts higher
Hong Kong stocks finally eked out a gain after a laggard start to the year for the worst performing main index in Asia for 2001. The Hang Seng index rose 0.6 percent to 11,423.52.
Techs and telecoms led to the rise. China Mobile, the dominant cell-phone company in China, rose 0.6 percent to HK$27.15.
Turnaround candidate Pacific Century CyberWorks, the worst performing Hang Seng component last year, rose 4.6 percent to HK$2.275.
Investors cheered news PCCW will slash jobs and has reworked a long-term television contract.
Property stocks were down, with the Hang Seng property index off 0.2 percent. Henderson Land fell 1.4 percent to HK$34.40. But Sun Hung Kai Properties lifting 0.4 percent to HK$63.75.
Traders are trying to work out if the property market has hit bottom in Hong Kong.
Bank stock HSBC, the largest stock trading in Hong Kong, rose 1.4 percent to HK$92, recovering from some of its Argentina shock.
Singapore's stocks climb
Singapore's main stock index, the Straits Times, finished strongly to post a 1.7 percent rise for the day. It now stands at 1,653.71.
Shares were up 0.6 percent in Indian trade in Mumbai. Cement stocks were performing well.
But the Indian gains were giving way as Mumbai went into afternoon trade, as concern crept in that the diplomatic standoff with Pakistan would continue. 
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