Japanese stocks ended flat and South Korean shares rose for a fifth straight session Tuesday as some of Asia's biggest markets _ especially those in Greater China _ took the day off for the Lunar New Year holiday, REPORTED AP. Uncertainty about whether the Bank of Japan would raise interest rates Wednesday after its two-day meeting prompted many investors to hold back in Tokyo _ one day after the benchmark Nikkei 225 index touched a near seven-year high. The index dipped 0.97 point, or 0.01 percent, on Tuesday, closing at 17,939.12 on the Tokyo Stock Exchange. The decliners were bank and food stocks. Mizuho Financial Group Inc. shed 0.23 percent and Asahi Breweries Ltd. declined 0.75 percent. In currencies, the U.S. dollar was trading at 119.85 yen late Tuesday afternoon, up from 119.56 yen late Monday in Frankfurt. The euro rose to US$1.3164 from US$1.3135. After taking the day off Monday for the Lunar New Year holiday, South Korean shares rose for a fifth straight session, led by gains in automakers. The Korea Composite Stock Price Index advanced 4.15 points, or 0.3 percent, to 1,452.96. «The Kospi's 52-week high, which is at the 1,464-level, is around the corner,» said Daewoo Securities' analyst Joseph Han. Hyundai Motor Co. rose 1.4 percent and its affiliate Kia Motor Corp. gained 3.5 percent, mainly on the view that foreign exchange rates have stabilized and that the shares are a good value, traders said. Financial markets were closed in mainland China, Hong Kong, Taiwan, Singapore and Malaysia for the Lunar New Year holiday _ the biggest celebration of the year for ethnic Chinese. Trading will start again Wednesday in Hong Kong, Singapore and Malaysia, but markets will stay closed in mainland Chinese and Taiwan until Monday, Feb. 26. Elsewhere: BANGKOK: Thai shares were up 0.4 percent at 688.20 in razor-thin trading that involved the select buying of blue chips after recent declines. JAKARTA: Indonesia shares rose 7.189 points, or 0.40 percent, at 1,806.482 as long-term investors' selective blue chip buys boosted the index amid thin holiday trade. MANILA: Philippine shares advanced Tuesday as investors poured in funds into the stock market amid the continuing fall in T-bill yields. The 30-company Philippine Stock Exchange Index gained 46.28 points, or 1.4 percent, at 3,375.31, SYDNEY: Australian shares ended flat, partly because of a lack of activity in the region because of the Lunar New Year holiday. After moving above 6,000 points Monday, the benchmark S&P/ASX 200 index fell 0.4 points to 5989.70. WELLINGTON: New Zealand stocks finished lower for a third straight session, and dealers said the combination of a strong New Zealand dollar, high interest rates and unspectacular earnings are likely to keep the market under pressure short-term. The benchmark NZX-50 fell 29.74 points, or 0.7 percent, to 4,110.48.
