Asian Markets Update: Markets Surge on Nasdaq, Tech Shares

Tokyo booked the smallest gains as its eleventh-largest insurer filed for bankruptcy.
Author:
Publish date:

TOKYO -- Asian equity markets closed out the week Friday on a positive note, surging as technology shares were buoyed by a rallying

Nasdaq Composite Index

and healthy third-quarter earnings from Finnish telecom equipment maker

Nokia

(NOK) - Get Report

.

Tokyo booked the region's smallest gains as the country's 11th-largest insurer

Kyoei Life Insurance

filed for bankruptcy, but the

Nikkei 225

still finished up 387.7, or 2.6%, at 15,198.7. The

Topix

index, which includes all shares listed on the

Tokyo Stock Exchange

, rose 28.8, or 2.1%, to 1434.3.

Japanese tech shares were on fire, however, after

Microsoft

(MSFT) - Get Report

helped the Nasdaq charge higher Thursday.

Fujitsu

(FJTSY)

rose 180 yen, or 8.3%, to 2,360 ($21.81),

NEC

(NIPNY)

jumped 170 yen, or 7.9%, to 2,310 and

Sony

(SNE) - Get Report

closed up 700 yen, or 7.2%, at 10,470.

Nokia helped reignite the telecom sector, as

Nippon Telegraph & Telephone

(NTT)

rose 20,000 yen, or 2%, to 1.01 million and wireless operator

NTT DoCoMo

(NTDMY)

rose 110,000 yen, or 3.7%, to 3,12 million.

Financials, such as

Bank of Tokyo-Mitsubishi

(MBK)

finished down 18 yen, or 1.4%, at 1,272, burdened by Kyoei's failure.

The dollar traded at 108.20 yen from 107.90 yen Thursday.

Elsewhere, resurgent tech shares ruled the day, as Hong Kong's

Hang Seng

index rose 622.0, or 4.3%, to 15,044.5, South Korea's

Kospi

index jumped 30.9 higher, or 6%, to 545.9 and Taiwan's

TAIEX

index surged 323.5, or 6.4%, to 5404.8.