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Asia rises on tech gains
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April 7, 2000: 6:45 a.m. ET
Tokyo snaps losing streak, HK and Seoul spring ahead amid tech revival
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LONDON (CNNfn) - Asia's major stock markets closed higher Friday, buoyed by rebounding telecommunications and computer-chip stocks. Tokyo's leading index ended marginally higher, ending a three-day losing streak, while benchmarks in Hong Kong and South Korea jumped more than 2-1/2 percent.
Japan's benchmark Nikkei 225 ended up 29.20 points, or 0.1 percent, at 20,252.81 as Internet and computer-related shares enjoyed mixed fortunes.
Hong Kong's Hang Seng index closed up 450.29 points, or 2.7 percent, to 16,941.68, powered by Chinese PC maker Legend Holdings, which rose 19 percent after announcing plans to create an Internet company. 
Singapore's Straits Times rose 1.8 percent to 2,150.51 as heavyweight Singapore Telecommunications rose 4.3 percent after agreeing to buy a 650-million ringgit ($171 million) stake in Malaysia's Time Engineering.
Traders said Thursday's gains on Wall Street helped support Asian markets. The Dow Jones industrial average rose 0.7 percent and the Nasdaq composite tacked on 2.4 percent.
The dollar was trading in a tight range against the Japanese yen, as policymakers at the Bank of Japan prepared to meet next Monday. The
greenback strengthened slightly to ¥104.94 from ¥104.72 in late New York trade.
Telecoms spring back to life
Gains for telecom stocks drove the market higher in Hong Kong. Chinese mobile operator China Telecom (Hong Kong) roared up 10.4 percent, accounting for nine-tenths of the Hang Seng's rise on Friday. Among other telecom shares, Cable & Wireless HKT gained 2.4 percent and Hutchison Whampoa Ltd. added 1.5 percent. Internet company Pacific Century CyberWorks, which is in the process of buying a controlling stake in C&W HKT, rose 4.5 percent.
In Tokyo, telephone company DDI Corp. rocketed 11 percent and KDD Corp. rose 10.4 percent. The two companies, along with merger partner IDO Corp. announced plans to start a mobile-phone roaming service in Hong Kong and Seoul.
Tokyo Electron, a maker of semiconductor manufacturing equipment, rocketed 7.9 percent after Warburg Dillon Read began coverage of the company with a "buy" rating. Internet portal Yahoo! Japan rose 8.9 percent.
But high-profile Internet investors extended their recent declines. Softbank, under pressure amid concern about sky-high valuations for online companies, fell 4.1 percent after warning it would report a loss for the last business year. And rival Hikari Tsushin fell to 48,800 yen, a drop of 9 percent, although the pace of decline has disrupted trading in the shares for the past six sessions. The stock tumbled after the company warned last week of possible operating losses.
Sogo Co. fell 8 percent following news the ailing department store group's liabilities at Feb. 29 exceeded its assets by ¥530 billion ($5.1 billion). The company said it had asked creditor banks to forgive a total ¥639 billion in debt they had extended to the department store.
In smaller markets...
Sydney's All Ordinaries rose 0.8 percent, with a late rally for media giant News Corp., which closed up 5.1 percent.
The Kospi index in Seoul jumped 4.1 percent, powered by an 8.2-percent increase for Samsung Electronics, the world's largest memory-chip maker. Mobile-phone company SK Telecom climbed 7.9 percent.
In Kuala Lumpur, the KLSE Composite index dropped 0.55 percent.
Malaysia Telecom fell 4.5 percent after the tie-up between its rival Time Engineering and Singapore Telecommunications.
Taiwan's TAIEX index fell 0.5 percent, after a 1.35 percent gain Thursday.
The Set 50 in Bangkok rose 1.8 percent, and Jakarta's JSX index added 1.2 percent. Manila's PHS Composite jumped 1.5 percent. 
-- from staff and wire reports
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