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Major Asian Markets End Week Higher - 2002-11-29


The Nikkei 225 index closed the week 4 percent higher than a week ago, finishing Friday at 9,215.

Robert Alan Feldman, chief economist for Morgan Stanley Japan, says there are two things driving the current rally. First is the sentiment that some of the international tech stocks will do better based on the bounce back in the U.S. stocks. Secondly I think there's a more constructive attitude about the financial sector."

Under an aggressive government plan, Japanese banks are being forced to write off their non-performing loans, a move economists say will initially slow the economy before bringing it back to life.

Seoul's Kospi index also saw significant gains this week, rising 4.6 percent to end Friday at 724. Analysts say foreign investors pushed the market higher for the second day in a row as they snapped up blue chip stocks.

Taiwan's Taiex index closed at 4,646 on Friday, gaining 1.2 percent over the week. Analysts point to a technical rebound in the country's technology and banking sector for the gain.

In Hong Kong, the Hang Seng main share index was flat, closing at 10,069 points, just 4 points higher than a week ago. The index did remain above the key level of 10,000, which it reached last week for the first time in several months, but traders say they expect resistance to further gains.

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