Asian Markets Update: Stocks Rise on the Back of a Strong Nasdaq

HONG KONG -- Stocks rose in nearly all Asian markets on Friday, buoyed by the 5% rise in the Nasdaq overnight, although Japanese investors cashed in on some of their profits ahead of the release later Friday of closely-watched U.S. employment data. Robust employment numbers could renew fears of higher interest rates, which could in turn threaten this week's equity market gains.

Japan's key Nikkei 225 index rose 105.76 points, or 0.6%, to 16,800.06, while the Topix index, which includes all shares listed on the Tokyo Stock Exchange's first section, was up 14.47 or 0.9% to 1556.45. The Jasdaq small-cap index gained 1.71 or 2% to 87.79, and the Nikkei over-the-counter index picked up 18.66 or 1.1% to 1764.33.

Sony (SNE) rose 540 yen or 5.5% to 10,290, and Fujitsu (FJTSY) was up 80 or 2.6% to 3160. NTT DoCoMo (NMCNY) rose 90,000 or 3.2% to 2.88 million, as its parent, Nippon Telegraph & Telephone (NTT) rose 100,000 or 7.7% to 1.4 million. Kyocera (KYO) fell 170 or 1% to 17,700.

Internet investor Softbank rose 750 or 4.4% to 17,950.

Hong Kong's benchmark Hang Seng rose 342.91 points or 2.3% to 15,284.10. Interest rate-sensitive real estate developer Cheung Kong(CHEUY) rose HK$2.75 or 3.7% to 77.50, while its affiliate Hutchison Whampoa (HUWHY) was up 2.25 or 2.4% to 95.50. China Telecom (CHL) rose 3.00 or 5.1% to 61.75. Pacific Century CyberWorks fell 0.25 or 1.6% to 15.00, and its takeover target Cable & Wireless HKT, (HKT) was unchanged at 17.90.

Following Thursday's expected failure by Brandes Investment of San Diego to unlock the cross-shareholdings among the Jardine group of companies, those stocks fell only moderately in Singapore trading. Flagship Jardine Matheson(JARLY) fell $0.40 or 1% to 4.06, and Jardine Strategic lost 0.60 or 2.3% to 2.60. Embattled retail arm Dairy Farm actually rose off its year-low, having been beaten down mercilessly over the past month before and after a profit warning issued last week. Dairy Farm closed at 0.45, up 3.4%.

In Korea, the Kospi index rose 22.20 points or 3% to 760.69, led higher by Samsung Electronics which rose 16,000 won or 5.1% to 331,000. SK Telecom(SKM) was down 8000 or 2% to 398,000.

Taiwan's TWSE index closed 40.82 points or 0.5% higher at 8883.45. Taiwan Semiconductor (TSM) rose NT$2.00 or 1.3% to 155.00, while its rival UMC picked up 0.50 or 0.6% to 91.50.

In currency trading, the dollar was barely changed against the yen, changing hands recently at 108.735 yen.

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