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Mixed 2006 start in Asia

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Mixed 2006 start in Asia

Korean stocks gain 0.7%, but Taiwan index is 1.3% lower in year’s 1st session; Japan markets closed.

If the first day of trade in 2006 is a harbinger in Asia, expect a year of growing political tension, worsening inflation and volatile markets that continue on an upward march - but perhaps not the rocket- like path seen in the latter half of 2005.

In the first day of trading in the new year, shares in Korea and Taiwan, the only two major regional markets open Monday, moved in opposite directions in an otherwise thinly-traded session.

Japanese markets were closed for an extended holiday.

The South Korean Kospi index reversed early loses to rise 0.72% to 1,389.27 while Taiwan slumped 1.32% to 6,462.06, hurt by statements from Taiwan President Chen Shui-bian signaling a tougher line on China in the year ahead.

Taiwanese shares in tourism, shipping and China-related companies were hit hardest on worries the shift in tone could mean a rollback on what had been a year of building closer ties to the mainland in 2005.

More: money.cnn.com

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