Monday was a bad day for bank stocks in Japan but a good day for technology stocks, taking the Nikkei up over 1.6% at close of play. The Kospi in South Korea rose over 2% after the Central Bank raised forecasts for economic growth after increased consumer spending and exports were visible. The Hang Seng in Hong Kong also had a good day and closed up slightly, as did the Weighted Index in Taiwan, the Straits Times Index in Singapore, the All Ordinaries in Australia and NZSE 40 in New Zealand.
Tuesday saw another day of gains for the Nikkei in Tokyo, thanks to technology stock gains. The index closed up almost 2%. The Kospi Index in South Korea suffered a fall back of almost 1% after yesterday's leap of 2%. The Weighted Index in Taiwan continued to grow for a second day, on the back of banking and technology stocks. The Hang Seng in Hong Kong also managed gains of over 0.5%, as did the All Ordinaries Index in Australia and the Straits Times Index in Singapore.
Wednesday was chips again, sending the majority of markets rapidly northwards. Another gain for the Nikkei of almost 2% making over 5.5% in three days. Big gains were also seen in Seoul, Hong Kong and Taiwan. Australian and New Zealand markets made gains at a lower level.
Thursday saw the Nikkei Index in Tokyo rise for the fourth day in a row but this time at a lower level. On Wednesday the US Federal Reserve Chairman, Alan Greenspan, said that Japan's economy is showing signs of stabilisation, thanks to recoveries in the US and European economies. He also said that there was no rush to raise interest rates in the US, which raised the hopes of Japanese exporters and providers of raw materials. Elsewhere, South Korean markets kept in the black for the sixth day, as did the Hang Seng in Hong Kong and the All Ordinaries in Australia. In Taiwan, the Weighted Index fell back, as did the markets in New Zealand.
After days of gains, Friday saw the Nikkei Index in Tokyo fall, helped along by losses in the US. Despite positive earnings news from Samsung, markets in South Korea and Singapore fell back. The Hang Seng in Hong Kong made it five days of gains and the Weighted Index in Taiwan made a recovery to end higher. Australia's All Ordinaries Index closed flat for the day but New Zealand's markets were not so lucky, falling slightly.