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Asian stocks inch forward
Nikkei up 0.1%, Hong Kong, South Korea, Taiwan also join advance.
May 31, 2005: 8:30 AM EDT

TOKYO (Dow Jones) - Asian stock markets ended mostly higher Tuesday, with most indexes sticking very near Monday's levels after U.S. markets were closed for the Memorial Day holiday.

Japanese stock indexes slipped by midday, after economic data released before the market open sent mixed signals, but erased losses in the afternoon session and finished slightly up.

The Nikkei 225 Average ended up for the fourth straight session, adding 0.1%, or 10.26 points, to 11,276.59.

The broader Topix index of all Tokyo Stock Exchange first section issues marked its third consecutive rise, up 0.2%, or 2.57 points, to 1,144.33. While the index gains were modest, the uptrend was clear: advancing issues outpaced decliners 1,191 to 333, with 122 issues ending the day unchanged from Monday.

Japan's Ministry of Internal Affairs and Communications said spending by households headed by a wage-earner fell 3.1% in April on year in real terms, largely in line with the 3.2% drop predicted by economists surveyed by the Nihon Keizai Shimbun. Personal consumption accounts for about two-thirds of Japan's gross domestic product.

But spending was up 3.6% from March, and jobless data were brighter. The same ministry said Japan's unemployment rate fell for the second straight month to 4.4% in April, its lowest level since December 1998 .

"The improving trend is positive for consumer spending, albeit modestly," wrote Peter Morgan, chief Japan economist for HSBC Securities, after the labor data were released.

Semiconductor issues broke their recent winning streak, after a report released by the Semiconductor Equipment Association of Japan after the market closed Monday showed Japan's chipmaking equipment orders fell 35.4% in April from March.

Tokyo Electron slipped 0.2% and Advantest lost 0.4%.

KDDI was the day's most heavily traded issue by value, rising 1.6%. The telecom company is one of 34 issues that was added to Morgan Stanley Capital International's Japan Index, effective at the close of Tuesday's trading. The index is tracked by many global fund managers.

Around the rest of the region, Hong Kong's Hang Seng and South Korea's Kospi index both reversed early losses and ended up 0.2% and 0.1% respectively.

In Seoul, market leader Samsung Electronics lost 0.9% but Hynix Semiconductor gained 1.0%.

Taiwan's Taiex index was nearly flat, up 0.03%.

China's Shanghai Composite index inched up 0.1%.

A report Tuesday said China's State Information Center predicted the country's economic growth will slow to 9.1% on year in the second quarter, and that inflation and investment growth will also slow.

Australia's S & P/ASX 200 index had a losing day, finishing down 0.6% Dow Jones Newswires 05-31-05 0709ET Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved.  Top of page

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