|
Asia lifted by Nasdaq gain
|
 |
February 25, 2000: 5:49 a.m. ET
Telecom prospects lift HK as Tokyo advances on banks, growth stocks
|
LONDON (CNNfn) - Asia's major stock markets ended the week in upbeat fashion, posting broad gains Friday as expectations of an imminent telecom merger lifted Hong Kong's blue-chip index by 1 percent and the latest record close on the U.S. Nasdaq market sparked a rally in Tokyo.
Japan's benchmark Nikkei 225 closed up 246 points, or 1.26 percent, at 19,817.88, lifted by gains in banking and technology stocks.
In Hong Kong, the Hang Seng index rose 0.98 percent to close at 17,200.98, buoyed by the prospect of a takeover bid for Hong Kong Telecom by Pacific Century CyberWorks (PCCW). Strong demand for telecom stocks lifted the index 3.6 percent above where it closed a week ago.
The Straits Times index in Singapore ended 0.64 percent higher at 2,137.21, with banking shares providing the main lift.
In another mixed session on Wall Street Thursday, investors piled into technology issues to send the Nasdaq up 67 points to a second consecutive record close. But declines in drug and financial stocks left the Dow Jones industrial average almost 2 percent lower at 10,092.63, falling through 10,000 in intra-day trading, while the broader S&P 500 dipped 7.65 points to end at 1,353.04.
In the currency markets Friday, the dollar fell to 110.87 yen near the session close from 111.27 in late New York trading. The euro remained below parity with the U.S. currency, trading little changed from its New York close at $0.9930.
In Tokyo, share purchases by a series of new investment trusts that have recently been building up holdings of growth stocks drove the Nikkei higher. The market closed 0.6 percent above last Friday's close.
Pacific Metals was the most heavily traded stock, jumping 33 percent as the ferrous metals company benefited from an earnings upgrade from the Daiwa Institute of Research.
Bank stocks firmed after rating agency Moody's Investors Service said tax charges that the city of Tokyo plans to impose on banks will not force cuts in credit ratings. Sakura Bank was the best performer as it surged 11.3 percent while Bank of Tokyo-Mitsubishi, Japan's largest, ended 4.5 percent higher.
The Nasdaq's performance helped cellular market leader NTT DoCoMo, the Nikkei 225's largest component, to a 7.6 percent advance, while Fujitsu gained 3.8 percent.
In Hong Kong, takeover target Hong Kong Telecom rose 3.6 percent, with PCCW expected to announce a merger offer Monday. Its shares were suspended. China Telecom, which owns 12 percent of HKT, rose 5 percent, following a gain of 11 percent in the previous session.
Telecoms helped counter weakness among property and financial shares, though Sun Hung Kai Properties bucked the trend with a 2.75 percent advance, lifted by its plans to float its online real estate operation.
In Singapore, leading bank DBS Group buoyed the market with a 2.4 percent advance while Singapore Telecom - another potential partner for Hong Kong Telecom - ended flat. The Straits Times gained 1.8 percent over the week.
Among smaller markets, firmer bank stocks helped the All Ordinaries index in Sydney to close 0.5 percent higher at 3,123.70, while the Set index in Bangkok ended 2.9 percent higher at 406.44, breaking back above the psychologically important 400 level. The market slumped more than 7 percent Tuesday after falling below 400. The KLSE Composite in Kuala Lumpur lost 0.32 percent to close at 1,006.30 while Manila was closed for a public holiday.
The Kospi in Seoul ended 2.6 points lower at 864.76, while Taiwan's Weighted index closed down 1.74 percent at 9,432.49. The JSX index in Jakarta lost 1.4 percent to end at 565.36 amid concern over the health of Indonesian President Abdurrahman Wahid. 
-- from staff and wire reports
|
|
|
|
|
 |
|
