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Asia mixed

Asia's stocks finished mixed on Wednesday, in a largely muted response to the sell off on Wall Street.

The heavyweight Tokyo market etched out modest gains on optimism over leader-in-waiting Junichiro Korizumi, although the Yen appeared less certain of his ability to push needed reforms to drag the world's second biggest economy out of the doldrums. Tokyo's benchmark Nikkei average closed up 0.61 % at 13827.50.

Singapore ended lower in low key trading and Hong Kong fell, although losses were limited by investment in shares of mainland China companies listed in the territory. Wall Street had presented Asia with a bearish lead into the day's trading.

The blue chip Dow average fell 0.74 % on Tuesday and the high tech Nasdaq dropped more than 2 %. The S&P index, a wider measure of company stock performance, dropped 1.22 % to levels which Mobashar Ahmed, futuresdata.net's Chief Analyst, said signalled further losses to come.

The losses were driven by another series of weak earnings report from such major companies as AT&T internet technologies, Lucent Technologies and Compaq Computer Corp. In addition, the conference board reported that its broad index of consumer attitudes fell in April to match the 4 ½ year low seen in February.

The high tech sell off weighed down Taiwan where the main TAIEX index dropped 1.31 % to 5516.20. Otherwise, Asian markets steered their own course. Koizumi is set to appoint his cabinet ministers on Thursday. The line up is likely to reveal how he has had to balance maintaining party harmony with pushing reform. "The market seems to be factoring in the possibility of little downside risk from the new cabinet," said Mobashar Ahmed, Chief Analyst for futuresdata.net

However, while Koizumi heartened stocks, the yen was unable to regain any of its overnight losses against the dollar. By late trade, dollar was trading at 122.30 yen after gaining around one yen late Tuesday on worries that Koizumi will not be able to push through economic reforms.

Hong Kong shares fell as buyers stayed away from the market, although shares fell as buyers stayed away from the market. Support came from buyers of mainland Chinese companies, which left the Hang Seng index down 0.19 % at 13249. Technology play legend Holding rose 4.27 % AND CHINA Mobile gained 1.36 %. Singapore's Strait Times index ended the day 0.91 % lower at 1670.83 in mixed trade.

DBS Group, South east Asia's biggest bank, rose 1.27 % after it said it may not need to issue new shares to help pay for its S$ 10.50 billion purchase of Hong Kong's Das Heng Bank, the key composite index in Manila rose 1.26 % to 1462.18 pushed partly on news that former President Joseph Estrada would be arrested on charges of economic plunder.

Philippine Finance secretary Alberto Romulo said Estrada's detention would provide positive signals for investors. The biggest loser on the day was the Sheuzhen B share index, which fell 6.66 % to 363.69 points and made a small dent into the 205 % rally, since local investors were allowed to trade the B share market in late February.

Asia loses early spark

Asian stocks lost some of their early spark on Friday, ending off their best levels, though technology weighted markets stayed comfortably on the black after Wall Street's surge.

Bourses across Asia had shot up at the opening on euphoria over US gains, but most later saw their gains end or even fall as caution surfaced on wall Street earnings and ahead of Friday's US jobs data.

Hong Kong stocks closed up 2.70 %, but Tokyo Nikkei average closed flat, being dragged back by perceived problems in the implementation of an emergency economic package.

The Nasdaq Composite Index bolted up 8.92 % on Thursday to 1785 after Dell Computer Corp breathed life into the market by standing by its first quarter targets. The jump was the Nasdaq's third biggest percentage gain ever. The Dow Jones urged 402 points to 9918 for the largest point end percentage gain since 16 March 2000.

"The Wall Street surge is certainly good news for techs here, but traders are still unconvinced it has hit bottom," said Mobashar Ahmed, Chief Analyst for futuresdata.net "We have had more profit warnings from tech firms after the market's close an they have all fallen. I do not think the worst is over," he said. "For the moment, the US earnings are still looking pretty dicey."

In after hours trading, Sycamore Network Inc dropped after the US internet equipment maker warned their third quarter earnings and revenue would not meet estimates. The Yen rose about 0.50 % against the dollar aft4er comments by Japanese Vice Finance minister for International Affairs that the authorities would need to take action in the currency markets if the current trend continues.

The dollar was quoted 124.65 yen by the close from levels near 12535 before the comments.

The Japanese currency had earlier fallen back after the economic package unveiled by Tue government and ruling coalition failed to impress investors. The measures consisted of ways to help banks dispose of mountainous non performing loans and to stabilise the financial systems by de-linking the stock market and bank capital via a special fund to buy banks' massive shareholdings.

"There was nothing in the package to change the view in the market that the yen is on the downtrend," said Mobashar Ahmed.

Tokyo stocks ended narrowly mixed as investors picked up tech stocks but dumped banks after the long awaited emergency economic package came in short on details and bite. The benchmark Nikkei Average ended up 0.02 % only. In Hong Kong, the Hang Seng index closed up 2.68 % after telecom and tech plays tracked sharp gains in US markets.

Shares in China's largest mobile phone company, China Mobile, gained more than 11 % ahead of results next week. South Korea's benchmark index closed up 2.54 %, led by index heavyweights Samsung Electronics, the world's largest computer memory chipmaker and SK Telecom. The market was off its best levels, however.

The buying energy that peaked the Australian markets sharply higher initially later dissipated as investors decided Wall Street's Thursday recovery was too good to be true. The SAPI ASX 200 index closed up 12.70 points or 0.39 % at 3233, well off the high of 3265 hit early in the session.

Singapore's Strait Times index also shed gains and turned lower at close down 0.40 % as investors remained cautious about a US stock market recovery and booked profits.