HONG KONG -- Asian stocks rose for a second day on Thursday, surprising some traders who had expected a retrenchment after yesterday's stellar performances. Having been severely beaten back last week, stocks still looked appealing, with Japanese fund managers continuing to pick up blue chips.
index rose 361.85 points, or 2.2%, to 16,694.30, while the
index, which includes all shares listed on the
Tokyo Stock Exchange's
first section, rose 19.14 to 1541.98. The
small-cap index gained 0.37 or 0.4% to 86.08, and the Nikkei
index fell 4.56 or 0.3% to 1745.45.
was unchanged at 9750 yen, after the
Nihon Kezai Shimbun
reported that the company and Sony Computer Entertainment would invest an additional 130 billion yen ($1.2 billion) to develop chips for PlayStation2 video games.
rose 30 or 1% to 3080, while
Nippon Telegraph & Telephone
was up 20,000 or 1.8% to 1.3 million.
rose 10,000 or 0.4% to 2.79 million.
rose 700 or 4.2% to 17,200, as investors cheered the news that the company might not be taking over the failed
Nippon Credit Bank
, after the expiry of the Softbank consortium's exclusive rights to negotiate the purchase.
tumbled 1000 or 19.6% to 4100, after yesterday's news that another of its marketing agents has gone bust.
In Hong Kong, the benchmark
index bounced around, but then strengthened toward the finish, closing up 227.33 points or 1.6% at 14,941.19. Market watchers had expected a flat or down day after Wednesday's 5% rise, but short sellers were forced to cover in the afternoon, driving stocks higher.
rose HK$3.50 or 4.9% to 74.75, while its affiliate
was up 3.25 or 3.3% to 93.25.
rose 0.50 or 0.9% to 58.75.
Pacific Century CyberWorks
rose 0.05 or 0.3% to 15.25, and its takeover target
Cable & Wireless HKT,
fell 0.10 or 0.6% to 17.90.
index was up 6.61 points or 0.9% to 738.49, amid continuing confusion over who is in charge of the
of companies. Yesterday, the company said that the founder and his two sons would resign from operating various group companies, but one son has rebelled and has said he will stay on. Most Hyundai group companies fell, while
rose 7000 won or 2.3% to 315,000.
rose 21,000 or 5.5% to 406,000.
index fell 96.89 points or 1.1% to 8842.63.
In currency trading, the dollar rose against the yen amid new problems in Japan's financial industry, after the forced closure of
Daihyaku Mutual Life,
which was announced Wednesday. Today,
announced that it would allow the Prudential group to take a controlling stake in it. The dollar recently fetched 108.66 yen, with further gains checked by sales of dollars on the part of Japanese exporters.