Asia shows a bullish start
Tokyo shares sustain morning momentum; Hong Kong market opens over 3% higher
September 24, 2000: 11:39 p.m. ET
NEW YORK (CNNfn) - Key Asian stock markets opened mostly higher on Monday as investors ignored pessimism from last week's Intel-inspired selling.
Tokyo's Nikkei average was up 2.06 percent at 16,144.19 at midday, and Hong Kong's Hang Seng index opened 3.17 percent higher at 15,076.
Nikkei keeps morning gains
Tokyo stocks were still bullish at midday on Monday after a weekend Group of Seven (G7) nations' meeting eased worries about high oil prices and a weak euro, with high-tech stocks quickly paring losses suffered late last week.
The Nikkei 225 average index finished the morning session up 325.94 points at 16,144.19, paring much of Friday's 3.02 percent loss.
Concerns that surging oil prices and the emaciated euro could trigger a U.S. economic slowdown had cast a shadow over global stock markets, illustrated by U.S. chipmaker Intel Corp's revenue warning last week.
The market was also supported by Friday's recovery in U.S. blue chips after the United States joined other G7 monetary authorities in currency intervention to bolster the euro and announced plans to release crude oil from government reserves.
Chip-manufacturing equipment maker Tokyo Electron Ltd rose 2.9 percent to ¥11,340, partially erasing Friday's 8.24 percent drop, while mobile phone giant NTT DoCoMo Inc., Tokyo's biggest issue by market capitalization, firmed 0.65 percent to ¥3.09 million after a report that it may buy a stake in AOL Japan. NTT DoCoMo had fallen 8.36 percent on Friday.
Toshiba gained 1.77 percent to ¥922 after Friday's fall of 3.92 percent, becoming the most-heavily traded share on the first section of the Tokyo Stock Exchange (TSE). NEC rose 3.19 percent to ¥2,590, and Fujitsu advanced 3.04 percent to ¥2,710.
In the currency market, the U.S. dollar climbed against the yen in mid-morning Monday trading after three central banks from Japan, the United States and Europe intervened to defend the euro on Friday.
The dollar stood at ¥108.08, up ¥1.10 from late Friday in Tokyo and also above its New York level of ¥107.84 late Friday.
Hong Kong jumps over 3% at open
Hong Kong stocks rallied at the open on Monday as technology stocks recovered after last week's reaction to Intel's profit warning.
The Hang Seng index opened up 463 points at 15,076.
Computer maker Legend Holdings, which was hammered in the tech sell-off last week, losing a hefty 26.83 percent, was up 13.33 percent at HK$6.80 on Monday.
Shares of banking giant HSBC Holdings were trading 5.86 percent higher at HK$108.00, after declining 7.21 percent last week.
Telecom conglomerate Hutchison Whampoa was up 4.08 percent at HK$102, after shedding 7.11 percent last week.
Elsewhere in Asia Pacific
Taiwan stocks were mostly lower in morning early trading with lingering weakness in heavily weighted semiconductor issues taking the market lower even though the finance ministry urged institutions to buy and hold shares. The Weighted index dropped 50.75 points, or 0.77 percent, to 6,012.09.
Singapore shares started off on a positive note on Monday, as the Straits Times index had risen 33.38 points, or 1.72 percent, to 1,966.37.
South Korean stocks were also higher as memory chip giant Samsung Electronics shrugged off U.S. chip woes to lead a rebound in blue chips. The KOSPI index was up 3.36 percent at 571.82, and the over-the-counter Kosdaq market was up 1.54 percent or 1.18 points at 77.64.
Australian stocks remain positive at midday
Australian stocks remained mostly positive at noon on Monday after Wall Street's unexpected comeback on a weak Intel-inspired morning trading.
The benchmark S&P/ASX 200 index was up 20.4 points to 3,209.0.
Australia's two leading telecom, Telstra and Cable & Wireless Optus, headed further south, unable to overcome investor disenchantment with the sector.
Telstra's ordinary shares fell 10 cents to A$5.74, and C&W Optus sank 10 cents to A$3.86.
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