Asian Markets Update: Sony Soars Ahead of Playstation 2 Debut as Sega Feels the Pressure

TOKYO -- With the recovery of the Dow Jones Industrial Average overnight, relief spread through Asian equity markets Tuesday, but both Tokyo and Hong Kong's markets were enthralled by tech and telecom plays, not blue-chips.

For Tokyo, the near 5.0% rise in Sony (SNE Quote) kept the market buoyant, while news that Pacific Century Cyberworks had outbid Singapore Telecommunications for control of Cable & Wireless HKT (HKT Quote) brought to an end one of the biggest corporate takeovers ever seen in Asia.

The key Nikkei 225 index was up 239.42, or 1.2%, to 19,959.52, while the Topix, comprised of shares listed on the Tokyo Stock Exchange's first section, fell 9.50 to 1718.94. The Jasdaq small-cap index rose 0.28 to 125.72, while the Nikkei over-the-counter market climbed 26.92, or 1.0%, to 2691.55. ...