Market Wrap: Out of the Doldrums?
By Nancy Ma, AsiaWise
26 Mar 2001 18:00 (GMT +08:00)
Bargain hunters buying up Japan tech shares lifted the Nikkei to a two-month high, while Pacific Century CyberWorks' (PCCW) slide limited gains in Hong Kong.
Japan's Nikkei 225 Stock Average surged 4.9% to 13,862.31, and the broader Topix Index bounced 4.4% to 1,337.63. With the approach of the fiscal year-end, investors went on a buying spree. The tech-buying frenzy boosted computer making giants including NEC Corp., which soared 6.6% to Y2,100, and Toshiba Corp. which jumped 6.4% to Y810. Also among the gainers: Advantest Corp. shot up 9.4% to Y14,100, Mitsubishi Electric surged 10.3% to Y780, Kyocera Corp. rose 7.3% to Y12,600, and Sony Corp. put on 3.2% to Y9,290.
Hong Kong's Hang Seng Index climbed 2.9% to 12,950.49 despite PCCW's 3.5% slump to HK$3.45 ahead of its earnings release Wednesday -- its first since acquiring Cable & Wireless HKT. China Mobile, China's biggest mobile company, rose 6.6% to HK$35.50. Shares of interest-sensitive plays also registered gains: Sun Hung Kai Properties rallied 3.4% to HK$75.25, while HSBC Holdings Plc. gained 2% to HK$91.25. Hysan Development jumped 5.4% to HK$11.70.
In Taiwan, the TWSE gained 1.7% to 5,896.32. Advanced Semiconductor Engineering soared 5.7% to NT$31.40. Shares of Macronix International climbed 4.9% to NT$54.00. Acer Computer Inc. shot up 6.6% to S$24.30.
Korea's Kospi advanced 1.5% to 545.98, lifted by Micron Technology Inc.'s 5% surge in the U.S. on Friday after announcing that it will transform itself into a web-hosting business. Hyundai Electronics Industries Co. surged 15% to W3,490, while Samsung Electronics was up 1% to W217,000 on rising DRAM (dynamic random access memory) chip prices. Extending gains, Anam Semiconductor jumped 15% to W4,780. Heading in the opposite direction, SK Telecom lost 0.3% to W197,500, and SK Corp. fell 2.3% to W12,900.
Shares of Singapore Telecommunications were hammered, but the Straits Times Index managed to edge up 0.2% to 1,718.19. Creative Technology Ltd., leading sound card maker, put on 3% to S$17, and Venture Manufacturing Ltd. gained 3.1% to S$13.50. But SingTel plummeted 9.5% to S$2.19 as analysts believe the island's leading phone company is paying too much for the acquisition of Cable & Wireless Optus Ltd.
Elsewhere in Asia, Indonesia's Jakarta Composite Index was up 2.3% to 371.47. The Philippines Composite Index rose 1.2% to 1,448.37, while Thailand's SET Index rose 1.2% to 293.80. Malaysia's KLSE Composite eased 0.03% 669.27.
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