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Asia Markets Close Mixed Week - 2002-07-12

Markets in Asia had a mixed week, with Taiwan and Seoul gaining ground, after Wall Street rebounded from steep declines earlier in the week. Tokyo and Hong Kong ended the week lower.

Hong Kong's Hang Seng index ended Friday at 10,648, down about 1.5 percent from a week ago. While shares suffered this week following market losses in the United States, at least one company saw good news.

C.K. Life Sciences International, a three-year-old biotechnology company, saw great enthusiasm for its initial public offering, despite its losses and poor earnings outlook.

Herbert Lau at Celestial Asia Securities said the listing is popular because Hong Kong people have faith in billionaire tycoon Li Ka-shing, who controls the company. "Although the outlook earnings-wise still has a long way to go, there is a lot of expectation on C.K. Life. Investors here in Hong Kong still believe Mr. Li Ka-shing, will try to develop and build up the company," Mr. Lau said.

Tokyo saw the Nikkei rise Friday, recovering some of Thursday's steep losses. Analysts said bargain hunters snapped up battered technology shares. Fujitsu and NEC both gained about two percent. Still, the Nikkei ended the week two percent down from last Friday at 10,601.

Korea's main share index recovered from earlier losses this week, sparked by the sell off in U.S. stocks. The Kospi index ended Friday at 792, up three percent from last Friday.

Taipei also rebounded from losses earlier in the week. The main share index was up three percent from a week ago, finishing Friday at 5,416.