|
Techs pump up Asia
|
 |
December 4, 2000: 6:26 a.m. ET
Technology, telecom stocks push Tokyo, HK into prositive territory
|
LONDON (CNNfn) - Asia's leading markets closed mixed Monday, with technology and telecom stocks gaining after their U.S. counterparts rallied in the previous session.
In Tokyo, the Nikkei average of 225 stocks rose for the third straight session, advancing 119.4 points, or 0.8 percent, to close at 14,954.73, after earlier climbing to 15,067.19, breaking through the closely watched 15,000 mark for the first time in three weeks.
"There's a growing consensus in the market that share prices are too low compared to their fundamentals," said Masakazu Kimura, general manager of equities at Tsubasa Securities. "Of course, Tokyo shares are still hostage to moves on Nasdaq, but the mood's improving."
The Hang Seng in Hong Kong climbed 117.81 points, or 0.8 percent, to end the session at 14,559.24. China Mobile, the country's biggest mobile-phone operator, and Sun Hung Kai Properties were among the biggest gainers.
Singapore's Straits Times index slipped 1.2 percent to 1,930.97, as local technology stocks, such as Chartered Semiconductor, PCI and Omni Industries, missed out on the optimistic mood that took hold on other regional bourses. Chartered dropped 5.8 percent, PCI lost 7.8 percent and Omni dipped 5.6 percent.
In Sydney, the S&P/ASX 200 was little changed at 3,281.7, down just 2.4 points from Friday's close. Market heavyweight News Corp. dropped 2 percent amid concern a slowing U.S. economy could crimp advertising revenue at its Fox TV unit. Telecom stocks rose, with Telstra climbing 1 percent and Cable & Wireless Optus up 1.9 percent.
Tokyo market on the rise
In Tokyo, tech-sector gainers included Sony, the world's second-largest consumer electronics company, jumping 3.6 percent, while chipmaker NEC climbed 3.5 percent and Sanyo Electric added 2 percent.
NTT DoCoMo, the country's dominant mobile-phone company, rose 1.7 percent and parent Nippon Telegraph and Telephone advanced 1.3 percent. Rival KDDI rose 1.7 percent.
Oil refiner Japan Energy rose more than 3 percent. It added more than 30 percent last week as investors, spooked by a tumbling U.S. Nasdaq composite index, turned to "old-economy" shares.
Honda Motor, Japan's second-biggest automaker, shifted up a gear, rising 1.5 percent after Nihon Keizai Shimbun reported that the company plans to launch a sales drive in Japan. Honda wants to boost domestic sales to lessen its reliance on overseas business, thus cutting its exposure to currency fluctuations.
Trading house Nissho Iwai jumped 24.6 percent after the company agreed Friday to jointly develop an oilfield in Brazil with Indonesia Petroleum Ltd.
On the currency market, the yen traded at ¥111.02, little changed from Friday's value against the U.S. dollar.
Japan on Monday reported a 0.2 percent rise in gross domestic product for the July-September quarter, in line with most economists' forecasts.
Hong Kong cellphone stocks gain
In Hong Kong, China Mobile rose 2.2 percent, extending Friday's 7 percent gain, following an official statement in Beijing last week that dismissed speculation the government would end charges on incoming mobile-phone calls.
"Sentiment in the market is still quite good thanks to a bounce in China Mobile and China Unicom," said Alex Tang, research director at Core Pacific-Yamaichi International.
China Unicom, the second-biggest mobile-phone operator in China, added 1.2 percent. Last Friday's 15.3 percent surge - its biggest one-day gain since the shares were listed in June – came after it shed 22 percent earlier in the week.
Property investors were encouraged Monday by stronger-than-expected demand for luxury homes on Hong Kong Island being sold by developer Sun Hung Kai Properties last week. Sun Hung Kai climbed 2.7 percent and Henderson Land Development surged 6.2 percent.
Among other Asian markets, Seoul's KOSPI index fell 2.5 percent, Taipei's Taiwan Weighted lost almost 2 percent, and the SET index in Bangkok slipped 0.9 percent. The PHS composite in Manila shed 0.3 percent ,
The KLSE composite in Kuala Lumpur slipped 0.3 percent, while Jakarta's JSX rose 0.5 percent and the BSE Sensex in Mumbai edged up 0.1 percent.
--from staff and wire reports 
|
|
|
|
|
 |
|
