Asian Markets Update: Friday's Nasdaq Rise Boosts Tech, Telecom Shares

TOKYO -- Most Asian equity markets ended Monday solidly higher, as technology shares were buoyed by the Nasdaq's powerful rally last week.

In Tokyo, the Nikkei 225 closed up 182.0, or 1.2%, at 15,512.3. The Topix index, which includes all shares listed on the Tokyo Stock Exchange, rose 11.0, or 0.8% to 1,451.4; tech shares, as expected, did much of the heavy lifting following the Nasdaq's massive 7.9% gain Friday.

Chipmaker NEC (NIPNY) rose 65 yen, or 2.9%, to 2,275 ($21.09), Fujitsu surged 90 yen, or 4.1%, to 2,290 and Sanyo Electric closed up 18 yen, or 1.8%, at 996.

Wall Street's rally had beneficial effects on the telecom sector as well, as Nippon Telegraph & Telephone (NTT) rose 40,000 yen, or 3.8%, to 1.09 million and wireless operator NTT DoCoMo closed up 80,000 yen, or 2.6%, at 3.17 million.

The dollar was slightly higher at 107.85 yen.

Elsewhere, South Korea's stock market surged more than 7% early on, before trimming those gains by the close. The Kospi index ended up 25.5, or 4.9%, at 550.1. Hong Kong's Hang Seng index rose 292.9, or 2%, to finish the day at 14,973.4, reversing a similar percentage drop from Friday.

Taiwan's stock market was the region's major exception Monday, as the TWSE index closed down 245.2, or 4.2%, at 5630.9. Taipei apparently had to pay the piper for being able to buck an Asia-wide negative trend Friday, as chipmakers and other techs led the market lower.

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