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Some Asian markets recover; Japan, Taiwan, South Korea higher

Some Asian markets recover; Japan, Taiwan, South Korea higher

Some Asian markets rebounded Monday in early trading, recovering gradually from a worldwide plunge set off by volatility from a U.S. mortgage crisis.
The Nikkei 225, the benchmark for the Tokyo Stock Exchange, edged up 0.4 percent by early afternoon to 16,844.59.
The Korea Composite Stock Price Index rose 0..64 to 1,839.81, although it swung in and out of positive territory earlier in the session. Friday the Kospi fell 4.2 percent, or 80.19 points, its third worst point drop ever.
South Korea said Monday that the impact from the U.S. subprime loan crisis on the country is limited, and vowed to deal with any credit squeeze by adding cash to the financial system if needed.
Last week, the U.S., European, Australian and Japanese central banks poured funds into money markets as stocks dropped on concerns over U.S. mortgages.
In Tokyo, the Bank of Japan Monday injected 600 billion yen (US$5 billion; euro3.6 billion) into money markets to try to bring more stability to the markets.
Monday in Asia Taiwan's main stock index was 0.45 percent higher at 8,971.62, while Hong Kong's benchmark Hang Seng index was down 0.03 percent at 21,785.59.
In Sydney, the benchmark S&P/ASX 200 index was up 1.01 percent at 5996.2 after hitting an intraday high of 6040.4.
In Manila, share were 0.45 percent lower at 3,267.03 after rising earlier on bargain-hunting.
Stocks in Jakarta, New Zealand and Singapore were lower.
The Dow Jones industrials closed out a tough week Friday on Wall Street, ending with just a 31-point, or 0.23 percent loss for the day and managing to post a gain for the week. Thursday, the Dow fell 387 points and extended a series of triple-digit moves that began in late July.
Stock markets in Europe declined Thursday and Friday as well, unappeased by the European Central Bank's decision to inject another 61 billion euros (US$83.9 billion) into the banking system Friday, a day after it provided nearly 95 billion euros (US$130.8 billion), the bank's biggest infusion ever.
Friday, the Bank of Japan injected 1 trillion yen (US$8.39 billion; euro6.15 billion) into money markets to curb rises in a key overnight interest rate.