Asian Markets Update

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Asian Markets Update: Bargain Hunting Helps Shares Close Flat or Higher

TSC Staff

TOKYO -- Asian stock markets ended Tuesday flat to solidly higher, as some investors went shopping for bargains following a heavy selloff Monday.

In Tokyo, the Nikkei 225 closed down 4.6 points, virtually unchanged at 14,660.0 and the Topix index, which includes all shares listed on the Tokyo Stock Exchange, fell 6.5, or 0.5%, to 1389.2.

TDK (TDK Quote) rose 170 yen, or 1.6%, to 11,170 ($103.72), but most Japanese technology shares were largely left out of the rebound. NEC (NIPNY Quote) dropped 70 yen, or 3.2%, to 2120 and Fujitsu (FJTSY Quote) fell 26 yen, or 1.3%, to 1909.

NTT DoCoMo (NTDMY Quote) closed down 20,000 yen, or 0.7%, at 2.84 million, ahead of the release of the wireless operator's first-half results. Nippon Telegraph & Telephone (NTT Quote) closed down 10,000 yen, or 1.1% to 910,000.

The dollar traded at 107.70 yen from 108.01 yen Monday.

Elsewhere, Hong Kong's Hang Seng index rebounded strongly, rising 361.8, or 2.4%, to 15,177.5. China Mobile (CHL Quote) rose HK$1.20, or 2.5%, to 49.50 ($6.35) and HSBC (HBC Quote) climbed HK$2.50, or 2.2%, to 113.50.

South Korea's Kospi index jumped 14.1, or 2.6%, to 553.0, as Samsung Electronics rose 7,000 won, or 4.4%, to 164,500 ($144.17) and Korea Telecom (KTC Quote) closed up 1,900 won, or 2.8%, at 70,900.

Taiwan's TWSE index fell 21.0 points, or 0.4%, to 5772.5.