TOKYO -- A warning from U.S. semiconductor maker

Intel

(INTC) - Get Report

about the firm's third-quarter revenue

hit Asian tech shares hard, renewing fears that growth in the chip market, and perhaps in telecom as well, would slow down in Asia.

Closing figures were ugly in Tokyo, but there were glimmers of hope that the market will rebound next week.

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    Intel's Warning Wreaking Havoc in After-Hours Action

    The

    Nikkei 225

    index shed 492.80, or 3.0%, to close at 15,818.25, while the

    Topix

    index, which includes all shares listed on the

    Tokyo Stock Exchange's

    first section, lost 46.78, or 3.1%, to finish at 1466.93. The

    Jasdaq

    small-cap index shed 1.69, or 2.2%, to stand at 74.73, while the Nikkei

    over-the-counter

    index fell 22.26, or 1.4%, to end at 1596.40.

    Intel, the world's leading semiconductor maker, warned late Thursday afternoon that its third-quarter revenue would fall short of forecasts, primarily because of weak demand in Europe. The warning stunned Wall Street, and shares of Intel

    dropped 20% in after-hours trading.

    Japanese chip makers followed along with Intel's fall, including

    NEC

    (NIPNY)

    , down 210 yen, or 7.7%, to 2510 ($23.48);

    Rohm

    , down 1350, or 4.2%, to 30,700; and

    Toshiba

    , down 37, or 3.9%, to 906. Makers of chip-making equipment also tumbled, like

    Advantest

    , down 1270, or 6.6%, to 17,980 and

    Tokyo Electron

    , down 990, or 8.2%, to 11,020.

    Other large-cap electronic and telecom shares also felt the punch, including

    Sony

    (SNE) - Get Report

    , down 650, or 5.2%, to 11,830;

    NTT DoCoMo

    , down 280,000, or 8.4%, to 3.07 million; and

    Fujitsu

    , down 215, or 7.6%, to 2630.

    Tokyo traders agreed that the market on Monday and Tuesday would closely follow moves on Wall Street. However, some local fund managers said many tech shares are at such a deep discount, it will be a prime time to buy shares.

    "I'm definitely not doing anything until I see what happens to

    Nasdaq

    on Friday, but I bet there are others like me that'll be interested in shares of large electronic manufacturers like

    Hitachi

    (HIT)

    , since the firm is expected to post such great fiscal first-half results next month," said one Japanese fund manager, who declined to be named.

    In addition, many experts reckon that investors may push up the Nikkei 225 index to at least 16,500 by the end of next week to end the fiscal first half on a higher note.

    Thanks to the stock slump in Tokyo, the greenback edged higher recently to fetch 106.88 yen.

    Korean stocks were all shook up by Intel's news, with the key

    Kospi

    index declining 42.74, or 7.2%, to close at 553.25. Besides ongoing woes at

    Daewoo Motors

    , many foreign investors today fled the tech sector as well.

    Samsung Electronics

    fell KW30,000 ($168.74), or 13.6%, to 190,000, while rival

    Hyundai Electronics Industries

    lost 1550, or 9.8%, to 14,350.

    Hong Kong's

    Hang Seng

    index also slumped 551.57, or 3.1%, to close at 14,612.88 as telecom shares fell hard.

    China Mobile

    (CHL) - Get Report

    shed HK$4.10, or 8.0%, to 46.90, while

    China Unicom

    (CHU) - Get Report

    lost 1.05, or 6.3%, to 15.50.

    After a near-16% sell-off yesterday, shares of

    Pacific Century Cyberworks

    (PCW)

    held up pretty well by declining only 0.25, or 2.8%, to 8.80, but China's largest computer maker,

    Legend

    , fell 0.70, or 10.4%, to 6.05.

    Taiwan's

    TWSE

    index fell 308.81, or 4.5%, to close at 6612.09, as

    Taiwan Semiconductor Manufacturing

    (TSM) - Get Report

    lost NT$8.00, or 7.0%, to 106.50 ($3.42).