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 Quote - Cramer on SNE - Stock Picks) rose 540 yen or 5.5% to 10,290, and Fujitsu (FJTSY Quote - Cramer on FJTSY - Stock Picks) was up 80 or 2.6% to 3160. NTT DoCoMo (NMCNY Quote - Cramer on NMCNY - Stock Picks) rose 90,000 or 3.2% to 2.88 million, as its parent, Nippon Telegraph & Telephone (NTT Quote - Cramer on NTT - Stock Picks) rose 100,000 or 7.7% to 1.4 million. Kyocera (KYO Quote - Cramer on KYO - Stock Picks) 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 Quote - Cramer on CHEUY - Stock Picks) rose HK$2.75 or 3.7% to 77.50, while its affiliate Hutchison Whampoa (HUWHY Quote - Cramer on HUWHY - Stock Picks) was up 2.25 or 2.4% to 95.50. China Telecom (CHL Quote - Cramer on CHL - Stock Picks) 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 Quote - Cramer on HKT - Stock Picks) 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 Quote - Cramer on JARLY - Stock Picks) 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 Quote - Cramer on SKM - Stock Picks) 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 Quote - Cramer on TSM - Stock Picks) 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.