LONDON (CNNfn) - Asia's main markets closed higher on Friday, with technology stocks back in favor after the tech-heavy U.S. Nasdaq index rebounded Thursday from the previous day's sell-off.
In Tokyo, the Nikkei average of 225 stocks rose 115.87 points, or 0.7 percent, to close at 17,398.24, near to the mark where it ended the previous week. Internet Investor Softbank and chipmakers Hitachi and Toshiba among Friday's leading gainers.
The Hang Seng in Hong Kong jumped 340.37 points, or 2 percent, to 16,829.96, led by telecom operator China Mobile and property firm Sun Hung Kai Properties. The index finished 4 percent up from a week earlier.
The Straits Times index in Singapore advanced 27.88 points, or 1.3 percent, to 2,092.63, up more than 2.6 percent over the last five sessions, as banking stocks advanced amid speculation there will be more mergers and restructuring. In Australia, the S&P/ASX 200 was little changed at 3,305.3 with telecom, banking and mining stocks making small gains.
In the U.S. on Thursday, the Nasdaq composite index rose 97.47 points, or 2.5 percent, to 3,960.57, while the Dow Jones Industrial Average closed at 10,481.47, little changed from the previous day's close.
In the currency markets, the yen traded at ¥107.61 against the U.S. dollar, weakening slightly from ¥107.43 in late trading in New York Thursday.
In Tokyo, chipmakers rebounded after big setbacks on Thursday after U.S. investment bank Salomon Smith Barney cut its rating on the industry. Toshiba rose 0.7 percent and Hitachi climbed 1.3 percent. Consumer electronics giant Sony climbed 2.1 percent.
Renewed Internet optimism
Internet investor Softbank, which had fallen over the past five sessions amid concerns about its acquisition of Nippon Credit Bank, jumped 18.5 percent. Rival Hikari Tsushin climbed 9.1 percent.
Furukawa Electric, which specializes in technology to increase the carrying capacity of optical fibers, jumped 7.7 percent on optimism about increasing demand for network equipment to power the Internet. Other specialists in the field also gained, with Hitachi Cable up 11.9 percent and Asahi Techno Glass Corp rising 8.9 percent.
In Hong Kong, index heavyweight China Mobile climbed 4.7 percent on reports that China is planning to open up its telecom sector to foreign investors.
Telecom conglomerate Hutchison Whampoa rose 1.4 percent after withdrawing from the Netherlands' auction of licenses for third-generation mobile-phone services, adding to speculation that it is seeking to team up with Japan's NTT DoCoMo and KPN Mobile of the Netherlands to bid for European licenses.
Hong Kong's biggest telecom company Cable & Wireless HKT rose 1.8 percent and proposed merger partner Pacific Century CyberWorks added 2.2 percent.
Real estate stocks in demand
Property company Sun Hung Kai Properties rose 4.2 percent on heavy demand for apartments it is developing, while its partner in the project, China Resources Enterprises, gained 3.5 percent. Rival New World Development jumped 5.4 percent and Cheung Kong (Holdings) edged up 0.5 percent.
Banking stocks also rose, led by Hong Kong's second-largest bank Hang Seng Bank, which climbed 1.3 percent, while Bank of East Asia rose more than 1 percent.
In other markets, the KLSE index in Kuala Lumpur rose 0.6 percent, Bangkok's composite SET index rose 1.8 percent, Manila's PHS Composite gained 0.5 percent, and the Kospi index in Seoul rose 0.5 percent.
Meanwhile, Jakarta's JSX fell 1 percent and Taiwan's Weighted index dropped 1.4 percent. 
--from staff and wire reports
|
