Tokyo rebounds after jobs data
Regional markets mixed
By Mariko Ando, CBS.MarketWatch.com
Last Update: 12:13 AM ET Mar 30, 2001
TOKYO (CBS.MW) - Tokyo stocks ignored Wall Street's mixed showing and rebounded Friday as better-than-expected jobs data and increases in household spending fostered hopes that the worse might be over for the Japanese economy.
Japan's jobless rate dipped to 4.7 percent in February from the previous month's record 4.9 percent. Meanwhile, spending by the wage-earning households rose 0.9 percent in February, marking the third straight month of increase.
By early afternoon, the Nikkei Average had given up some of its loftier gains posted earlier in the day but was still up 0.77 percent, or 100.03 points, at 13,172.39. The gauge had tumbled 5.04 percent, or 693.15 points on Thursday, marking its biggest one-day percentage loss since April 17 2000.
The broader TOPIX, which closed down 3.9 percent the previous day, bounced back 0.57 percent to 1,292.56.
Other key regional markets were mixed.
In Taipei, the Weighted Index sank 0.32 percent to 5,815.31. Hong Kong's Hang Seng Index gained 0.16 percent to 12,697.82. In Singapore, the Straits Times Index surged 2.28 percent to 1,665.18. Neighboring Malaysia's key bourse was down 0.50 percent to 648.80. Seoul's Kospi fell 0.69 percent to 520.19.
Back in Japan, big-cap technology shares recovered from the previous day's heavy selloff. On Wall Street, the Nasdaq lost 1.9 percent to close at its lowest level since November 1998. The Dow, meanwhile, firmed 0.1 percent despite ongoing jitter from earnings warnings.
Sony (SNE: news, msgs, alerts) added 0.1 percent to 8,980 yen. Fujitsu (FJTSY: news, msgs, alerts) jumped 2.2 percent to 1,691 yen after losing 6 percent on Thursday. Hitachi (HIT: news, msgs, alerts) rose 0.8 percent to 1,081 yen.
Game software maker Sega (SEGA: news, msgs, alerts) climbed 3.2 percent to 2,260 yen on a Reuters report that Microsoft's (MSFT: news, msgs, alerts) Xbox videogame console will be launched as planned this fall with 11 videogame titles created by Sega. Microsoft's chairman and chief software architect Bill Gates is visiting Japan for the Tokyo Game Show and is expected to unveil more details about the machine later in the day.
By early afternoon Tokyo, the yen was quoted at 123.70 per dollar, weakening from 123.40 late Tokyo on Wednesday and 123.58 late Thursday in New York where it fell as low as 123.83 -- its lowest level since March 22. The Japanese currency has weakened nearly 8 percent against the dollar this year.
In South Korea, the Kospi had regressed from earlier gains. Losses for industrial conglomerates were weighing down the key index. Hyundai Engineering plunged by its 15 percent daily limit to 920 won as investors might have to write down their stakes after banks agreed to swap debt into equity, Bloomberg reported.
In Hong Kong, the stock market was being held up by gains for banking giants like HSBC Holdings, which rose 1.4 percent to 92 Hong Kong dollars. Internet and telecoms company CyberWorks (PCW: news, msgs, alerts) was the biggest loser among component stocks, sinking another 6.15 percent to HK$3.05 on the lingering effects of a huge loss reported earlier this week.
Australia's All Ordinaries Index slid 0.62 percent to 3,105.80. Volume leader Cable & Wireless Optus shed 0.6 percent to 3.66 Australian dollars after the country's No.2 telecom firm said on Thursday it would make a selective off-market share buyback as an alternative for its shareholders under a takeover offer from Singapore Telecommunications (SGTJY: news, msgs, alerts) , according to a Reuters report.
New Zealand's benchmark NZ Top 40 fell 0.34 percent to 2,030.39. Volume leader Telecom NZ was up 0.2 percent at 5.90 New Zealand dollars.
Mariko Ando is a Tokyo-based reporter for CBS MarketWatch.com.
www2.marketwatch.com{6DFA8345-B6DC-4060-A1A2-FAA19962C51C}&siteid=mktw |
