Asian Markets Update: Stocks Soar in Hong Kong, Korea

HONG KONG -- Stocks in Hong Kong and Korea roared to life after Nasdaq's huge increase overnight, with technology and telecom issues most in favor, but investors in Japan were more wary of continued volatility ahead, and trimmed early gains in Tokyo.

The key Nikkei 225 index rose 103.55 points, or 0.6%, to 16,332.45, while the Topix index, which includes all shares listed on the Tokyo Stock Exchange's first section, rose 4.41 or 0.3% to 1522.84. The Jasdaq small-cap index gained 0.78 or 0.9% to 85.71, while the Nikkei over-the-counter index picked up 20.17 or 1.2% to 1750.10.Fujitsu (FJTSY - Cramer's Take - Stockpickr) fell 20 yen or 0.6% to 3050, while Sony (SNE - Cramer's Take - Stockpickr) fell 220 or 2.2% to 9750. NTT DoCoMo (NMCNY - Cramer's Take - Stockpickr) rose 80,000 or 3% to 2.78 million, while its parent Nippon Telegraph & Telephone (NTT - Cramer's Take - Stockpickr) gained 40,000 or 3.2% to 1.28 million.

Internet investor Softbank fell 1520 or 8.4% to 16,500, while Kyocera (KYO - Cramer's Take - Stockpickr) rose 680 or 4% to 17,880. Bombed out cell phone and Internet concept stock Hikari Tsushin fell 1000 or 16.4% to 5100, after a cell phone agent it franchised went bankrupt. The agent, Advance International, reportedly had 576 million yen ($5.4 million) in credit from Hikari in the form of Hikari bonds.

In Hong Kong, the benchmark Hang Seng index soared by 722.96 points, or 5.2% to 14,713.86, its biggest point gain this year. China Telecom (CHL - Cramer's Take - Stockpickr) was up HK$5.75 or 11% to 58.25, while Hutchison Whampoa (HUWHY - Cramer's Take - Stockpickr) soared 7.25 or 8.8% to 90.00. Pacific Century CyberWorks rose 0.80 or 5.6 percent to 15.20. Its takeover target, Cable & Wireless HKT, (HKT - Cramer's Take - Stockpickr) gained 1.05 or 6.3% to 17.80.

Banking group HSBC (HBC - Cramer's Take - Stockpickr) was up 1.25 or 1.5% to 86.00.

In Korea, the benchmark Kospi index rose 40.62 points, or 5.9% to 731.88. Samsung Electronics picked up 18,000 won or 6.2% to 308,000, while SK Telecom(SKM - Cramer's Take - Stockpickr)soared 42,000 or 12.2% to 385,000.

Shares in the Hyundai group were also stronger, as the company announced that founder Chung Ju Yung and his two sons would step down from parts of the group's management. The statement came as Hyundai unveiled financing arrangements to help two cash-strapped companies in the group. Hyundai will attempt to raise $3.3 billion by selling new stock and real estate. Hyundai Electronics rose 1700 or 10.7% to 17,600. Shares in Hyundai Merchant Marine, one of the two troubled subsidiaries, rose 530 or 12.1% to 4900.

Taiwan's TWSE index rose 175.10 points or 2% to 8939.52.

In currency trading, the dollar rose against the yen, recently buying 107.23 yen. The dollar had been weaker earlier in the day, but fears of a Bank of Japan intervention at the 106 yen level and the outperformance this week by U.S. stocks sent it back up as trading migrated to London.