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Asian Stocks Up After Slow Week


Most of Asia's major markets ended the week up despite a retreat on Friday following a three percent drop in the tech-laden NASDEQ index. Taiwan's main share index added almost seven percent over the week as investors returned to technology shares. Buying slowed on Friday with the Taiex adding just one percent compared with its gains of four percent in the previous two sessions. The Taiex finished Friday at 4,811.

Tokyo barely managed to hang on to the week's gains when on Friday it lost 2.5 percentage points. The Nikkei finished the week flat at 8,690.

"Last week the U.S. was quite good and the tech rebounded," said Naoki Kamiyama, an analyst with Morgan Stanley in Tokyo. "Today the U.S. market was corrected and the Japanese market was very disappointed by that and sold quite widely."

Hong Kong also lost ground on Friday yet ended the week in positive territory. The Hang Seng index closed 3.8 percent higher than last Friday to finish at 9,770. Traders say China-related stocks listed in Hong Kong performed well as the 16th Communist Party Congress opened in Beijing.

Korea's Kospi index ended the week at 674, about four percent higher than a week ago despite profit taking on Friday. Market heavyweight Samsung Electronics lost almost three percent on Friday, as did Hynix Semiconductors, following a retreat from technology stocks in the United States.

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