LONDON (CNNfn) - Asian stock markets rallied on Friday as investors took heart from data indicating that U.S. economic growth may be slowing, easing concern about the extent of coming interest-rate rises. Indexes retreated from early-session peaks amid caution about U.S. employment data due later Friday.
Tokyo's benchmark Nikkei 225 closed up 106 points, or 0.6 percent, at 16,800.06, after earlier climbing as high as 16,941 as its two largest telecom components posted strong gains
 In Hong Kong, the Hang Seng jumped 2.3 percent to close at 15,282.91, taking its advance for the week to almost 10 percent.
The Kospi in Seoul closed up 3 percent at 760.69 on gains among tech shares, inspired by the U.S. rally. Singapore's Straits Times index jumped 3.15 percent by late afternoon.
The Nasdaq composite jumped more than 5 percent in the U.S. Thursday after the monthly purchasing managers' index suggested that growth in the economy was slowing to a level that may reduce the need for future rises in interest rates. Although demand for blue-chip stocks was more subdued, the Dow Jones industrial average gained just over 1 percent.
Broad-based gains in Tokyo Friday left the Nikkei index up 3.4 percent from last Friday's close.
NTT DoCoMo, Japan's largest cellular operator, rose 3.2 percent while parent Nippon Telegraph & Telephone soared 7.7 percent.
Mitsubishi Heavy Industries was among the most active stocks Friday, gaining 8 percent, while oil firm Japan Energy jumped 6 percent after putting its planned merger with Nippon Mining on hold.
Tech ratings raised
The telecom and tech stocks that have dictated the Nikkei's direction in recent weeks moved higher, with consumer electronics maker Sony gaining 5 percent while audio equipment manufacturer Pioneer rose 9 percent, buoyed by raised stock recommendations from a number of investment analysts. Toshiba rose almost 5 percent and chipmaker NEC was almost 4 percent higher.
Daiwa Securities rose 3 percent as brokerages gained amid optimism healthier stock markets will mean an uptick in trading commissions.
 In Hong Kong, China Telecom, the Hang Seng index's largest component, ended 5 percent higher, while property and telecom conglomerate Cheung Kong (Holdings) gained 3.3 percent and its telecom arm Hutchison Whampoa rose 1.6 percent.
Sydney's S&P/ASX200 index closed up 1.7 percent at 3,141.30, lifted by a 6 percent jump in media conglomerate News Corp., in step with the gain in the company's U.S.-listed shares Thursday.
 Taiwan's Weighted index ended 0.46 percent higher at 8,883.45, retreating from earlier highs above 9,000 as the technology stocks that drove the market higher pared earlier gains.
The Set 50 in Bangkok soared 3.2 percent in late afternoon trade, off earlier highs, with traders citing strong demand from retail investors for banking and tech shares.
Kuala Lumpur's KLSE Composite and the JSX index in Jakarta broke the broader regional trend, both posting falls of around 1 percent in late afternoon trade.
Manila's PHS Composite closed up 2.9 percent at 1,512.75 as investors moved into financial and property stocks.
In the currency markets, the dollar advanced against the yen to about ¥108.80 in late Tokyo trading from ¥108.50 late Thursday in New York. The euro rose to $0.9380 from $0.9313 in New York. 
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