Most Asian stocks close higher
Most Asian stocks close higher
Associated Press, Hong Kong
Asian stock markets closed mostly higher Friday on the back of sharp overnight gains on Wall Street.
Tokyo's benchmark 225-issue Nikkei Stock Average rose 36.50 points, or 0.35 percent, to 10,383.78. On Thursday, the average ended down 19.06 points, or 0.18 percent.
The Nikkei rose nearly 200 points in morning trading on a buying spree for blue-chip tech shares following gains in U.S. shares overnight.
Despite warning on Thursday that fiscal earnings would be flat for the year, blue-chip TDK rose sharply, pulling technology shares higher in its wake.
But caution ahead of the weekend halted the rise and briefly sent the Nikkei into negative territory, until a last-minute buying surge put the average ahead for the day. Blue chips Toshiba, Sony, Sharp, Hitachi, NEC and Fujitsu also finished higher, but banks were mostly weaker.
In New York, the Dow Jones industrial average rose 188.76 to 9,263.90 at Thursday's close. The Nasdaq composite index ended at 1,746.30, up 56.10.
U.S. stocks rose Thursday as investors appeared willing to place bets on a brighter business picture in 2002.
In currency trading, the U.S. dollar was quoted at 121.51 yen, down 0.88 yen from late Thursday in Tokyo and also below its late New York level of 121.95 yen overnight.
In Hong Kong, the blue-chip Hang Seng Index edged up 27.21 points, or 0.27 percent, finishing at 10,186.06. On Thursday, the index had gained 84.88 points, or 0.84 percent.
Brokers said there was continued selective buying in blue chips following Thursday's advances on Wall Street.
Trading was thin in Hong Kong as many investors were sidelined ahead of the release of U.S. employment figures later Friday.
The market was closed in the Philippines for a holiday.
In Jakarta, Indonesian shares closed mixed, with the key index slipping slightly. The JSX Composite Index fell 0.4 percent, or 1.347 points, to 380.652.
In Singapore, share prices closed lower. The benchmark Strait Times Index fell 5.94 points, or 0.44 percent, to 1,341.57.
In Taipei, Taiwan shares closed higher as overnight gains on Wall Street triggered solid buying of local technology stocks. The Weighted Price Index rose 68.79 points, or 1.8 percent, to 3,998.48.
In Seoul, South Korean shares closed higher following Wall Street's overnight rally. The Korea Composite Stock Price Index, or Kospi, rose 1.2 percent, or 6.48 points, to 550.57, its first finish above 550 since closing at 550.73 on Sept. 10.
In Kuala Lumpur, Malaysian share prices closed slightly higher, snapping a six-session losing streak. The benchmark Composite Index, which tracks 100 blue-chip stocks, edged up 0.63 points, or 0.1 percent, to 596.65.
In Bangkok, the key index closed higher in thin trading. The Stock Exchange of Thailand Index edged up 0.58 points, or 0.2 percent, to 274.22.