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Asia's main markets rise
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December 13, 2000: 5:39 a.m. ET
Tokyo, HK, Singapore cheer U.S. court ruling; dollar strengthens against yen
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LONDON (CNNfn) - Asia's biggest stock markets Wednesday cheered a U.S. Supreme Court ruling that appeared to pave the way for George W. Bush to become the next president.
 Tokyo's key Nikkei 225 average ended up 0.4 percent at 15,168.68, recovering from an earlier dip, that had followed indications in the Bank of Japan's key "tankan" survey that corporate confidence was tapering off.
In Hong Kong, the Hang Seng index closed up 1.9 percent at 15,621.73, a five-week high. Singapore's Straits Times index strengthened 1.5 percent to 2,013.66.
In currency dealings, the U.S. dollar strengthened against the Japanese yen to ¥112.70 from ¥111.41 in late New York trading a day earlier.
U.S. markets ended mixed on Tuesday, with the blue chip Dow Jones industrial average inching up 0.4 percent to 10,768.27 and the technology-heavy Nasdaq composite index sinking 2.8 percent to 2,931.77.
Ruling lifts Tokyo
Tech shares in Tokyo got a boost from the U.S. Supreme Court ruling and the subsequent rise in U.S. stock index futures.
"A Bush victory is a positive for the Japanese market," said Darrel Whitten, head of research at ABN Amro Securities in Tokyo. "Republican administrations have had a more friendly relationship with the Japanese government than the Democrats in terms of trade sanctions."
The Supreme Court voted 7-2 to reverse a Florida Supreme Court decision ordering recounts of ballots in the state. The ruling is widely seen as handing the keys to the White House to Bush, as Democratic candidate Al Gore needed the recount to resume to have any hope of erasing Bush's razor-thin lead in Florida.
High-tech bellwether Sony closed up 0.9 percent, reversing an earlier loss, while chip and computer maker NEC added 2.4 percent. Tokyo Electron, a maker of chip-manufacturing equipment, climbed 5.4 percent.
Softbank, which invests heavily in several Nasdaq-listed Internet firms, jumped 11 percent and fellow Internet investor Hikari Tsushin gained 4.6 percent.
A slightly worse than expected reading in the latest "tankan" survey of business sentiment hit "old-economy" stocks in sectors from autos to oil. Arabian Oil dropped over 16 percent while Mazda Motor fell 3 percent.
Hong Kong stocks pick up
In Hong Kong, heavyweight blue chips rose following the U.S. ruling, with interest-rate-sensitive banking and property stocks up amid expectations of a cut in interest rates early next year.
 International bank HSBC Holdings added 1.3 percent while its affiliate Hang Seng Bank gained 1 percent. Dao Heng Bank climbed 4.3 percent.
Developer Sun Hung Kai Properties climbed 2.5 percent, rebounding from a 2.7 percent slide on Tuesday, while rival Cheung Kong (Holdings) advanced 1.8 percent. Telecom-to-property conglomerate Hutchison Whampoa gained 3 percent.
Air carrier Cathay Pacific Airways ended up 1.8 percent amid hopes that a threatened pilots' strike over the coming holiday period will be averted.
Technology shares weakened after a profit warning from Compaq Computer (CPQ: Research, Estimates), the world's biggest personal computer maker, and Tuesday's fall on the Nasdaq.
China's biggest computer maker Legend Holdings fell 0.9 percent.
In Singapore, chipmaker Chartered Semiconductor Manufacturing rose 1.7 percent and electronics manufacturer Omni Industries jumped 4.6 percent.
In Seoul, the KOSPI jumped 2.7 percent with market heavyweight Samsung Electronics soaring 8 percent. South Korea's leading mobile-phone operator SK Telecom ended up 2.3 percent and state-run Korea Telecom added 3.5 percent.
 Other Asian share markets were mixed in their reaction to the U.S. court ruling.
Some brokers said the prolonged wait for a decision about the U.S. presidency had blunted the impact of the news on the region's markets.
"The impact of any news connected to the U.S. presidential election looks smaller than if it had come weeks earlier," said Tatsuhiko Takura, general manager of investment research at fund manager Tokio Marine Asset Management.
Sydney's S&P/ASX 200 dipped 0.5 percent to 3,297.5 as investors mulled the impact of a slowing economy on corporate earnings. Market heavyweight News Corp. ended 2 percent lower.
National Australia Bank ended down 1.6 percent while Australia & New Zealand Banking Group fell 2.1 percent.
In Taipei, the Taiwan Weighted index closed up 0.1 percent at 5,384.36.
Kuala Lumpur's KLSE Composite index lost 0.8 percent, the PHS Composite index in Manila ended down 0.2 percent. Jakarta's JSX index rose 1.3 percent while Bangkok's SET rose 0.8 percent.
--from staff and wire reports 
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