DEBORAH MARCHINI, CNN ANCHOR: The Tokyo market was flat, but we saw a sizable rally in Hong Kong. Deborah Wang is there and joins me now live with a report on the Asian markets -- Deborah.</s>DEBORAH WANG, CNN CORRESPONDENT: Thanks, Deborah. Well, it was a pretty quiet day in Asia's largest market. Tokyo saw light volume ahead of a four-day weekend, spending the day in negative territory. The Nikkei managed a slight rally in the last hour of trading and closed down only fractionally. Traders were in a buying mood here in Hong Kong, though, snapping up telecom and airline stocks, sending the Hang Seng more than 3 percent. And surprisingly, most analysts -- surprising most analysts, traders in the Philippines jumped into the share market, driving the composite index up well over 4 percent. Many were expecting a dramatic sell off after President Gloria Macapagal Arroyo's crackdown on street protests of supporters of former President Joseph Estrada, who has been arrested on economic plunder charges. The president declared a state of rebellion and has taken into custody several high-profile political supporters of Estrada. That's the business day here in Asia -- back to you, Deborah, in New York.</s>MARCHINI: All right, Deborah, thank you so much. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Quiet Day in Asian Markets