LONDON (CNNfn) - Tokyo's benchmark Nikkei index rose above the 17,000-point mark for the first time in five weeks Monday, with technology stocks leading gains after NEC, the country's biggest chipmaker, raised its earnings forecast.
The Nikkei 225 average rose 269.79 points, or 1.6 percent, to close at 17,181.12, with consumer electronics powerhouse Sony Corp and internet investor Softbank also powering gains.
The Hang Seng in Hong Kong fell 216.98 points, or 1.3 percent, to end the session at 17,019.76, with banking and property stocks leading the decline. Telecom conglomerate Hutchison Whampoa added to the gloom.
Singapore's Straits Times index rose 0.5 percent to 2,174.00, with United Overseas Bank, up 6.9 percent and DBS Group, Southeast Asia's biggest bank, adding 0.4 percent.
South Korean stocks inched higher, but investors remained cautious ahead of the expiry of September futures and options contracts that are expected to cap gains. The KOSPI index rose 2 points, or 0.2 percent, to end at 731.81, while the tech-heavy Kosdaq jumped 7.7 percent to 731.81.
Taiwan's Weighted index closed down 180.45 points, or 2.2 percent, at 7,845.87 after tycoon and legislator Wang Ling-lin was accused of taking a kickback in a major land sale.
In the currency market, the yen was trading firmer at ¥106.09 against the U.S. dollar, up from ¥106.83 in late New York trade Friday.
Earnings forecasts lifts Japan
In Japan, chip and electronics manufacturer NEC Corp. rose 3.5 percent and electronic components maker Murata Manufacturing Co. jumped 5.9 percent. Both companies raised their earnings forecasts on Friday.
NEC Soft rose 9.9 percent. The subsidiary of NEC said it expects a profit of ¥5.03 billion ($47 million) for the year end-March 2001, up from its previous forecast of ¥4.8 billion.
"These days, just about every major tech firm is raising its profit forecasts, generating rather strong demand," said Kazunori Jinnai, equities general manager at Daiwa Securities SB Capital Markets.
Sony Corp. soared 7.1 percent after rival game machine maker Nintendo Co. last week said it will launch its new game console and handheld game gear later than expected.
Sony shares were also supported by the long-awaited launch of the latest version of the blockbuster Dragon Quest game software over the weekend, which is intended for Sony's PlayStation game console.
Internet investor Softbank Corp rose 1.5 percent, extending its 33 percent surge over last week, after financial regulators cleared the takeover of failed Nippon Credit Bank to a Softbank-led consortium.
Automaker Mitsubishi Motors Corp fell 12.4 percent on speculation President Katsuhiko Kawasoe is set to resign after the company said last week it hid customer complaints from the government for more than 20 years.
Hong Kong sentiment remains weak
Banking stocks led declines in Hong Kong, led by the territory's biggest bank HSBC Holdings, down almost 4 percent, after gaining about 36 percent in the past three months. Hang Seng Bank fell 0.3 percent and Bank of East Asia lost 1.1 percent.
"The banking sector continued to undergo consolidation after their recent gains but the telecom sector is doing quite well following a rebound in European stocks last week," said George Chan, a senior analysts at Kwai Hung Securities.
Most European telecom stocks recovered ground on Friday after their recent weakness, which was caused mainly by concerns over their potential growth following the high cost of third-generation mobile phone licenses in Germany.
China Mobile, the market heavyweight and the mainland's leading wireless telecom stock, climbed 2.2, after losing about 10 percent over the past month.
Hutchison Whampoa fell 3.1 percent and parent Cheung Kong (Holdings) dropped 2.2 percent.
"I think it (Hutchison) was being driven down by the heavy cost of third generation mobile phone licenses and the stock is also affected by some profit-taking," said Lawrence Wu, a fund manager at OSK Asia Securities.
Sydney stocks dip
Australia's S&P/ASX 200 index closed down 0.1 percent at 3,363.9, after spending most of the session in positive territory.
Most of the interest was in resources after one of world's largest miners, BHP, and Mitsubishi Corp, offered A$1.20 a share in cash for Queensland coal miner QCT Resources, valuing the company at A$854 million ($490 million).
QCT closed up 27 cents at A$1.25. BHP, which doesn't expect any counter offers to emerge, slid 26 cents, or 1.3 percent, to A$19.60.
In other markets, Thailand's composite SET index lost 0.5 percent, while Manila's PHS Composite index rose 0.8 percent.
-from staff and wire reports 
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