Asian Markets Update: Nasdaq Rise Inspires Asian Tech Shares - TheStreet

Asian Markets Update: Nasdaq Rise Inspires Asian Tech Shares

Meanwhile, the euro hit an all-new low against the dollar during Asian trading.
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TOKYO -- Asian technology shares rallied hard Wednesday following the

Nasdaq's

near 4% rise overnight, while investors in Tokyo also concentrated on the expected jump in operating profits for this fiscal year.

Meanwhile, the euro hit an all-new low against the dollar during Asian trading.

The

Nikkei 225

index rose 334.12, or 2.1%, to close at 16,458.31, while the

Topix

index, which includes all shares listed on the

Tokyo Stock Exchange's

first section, climbed 30.02, or 2.0%, to finish at 1520.65. The

Jasdaq

small-cap index rose 1.28, or 1.7%, to end at 76.42, while the Nikkei

over-the-counter

index gained 17.78, or 1.1%, to stand at 1618.15.

Large-cap tech shares jumped higher, including

Sony

(SNE) - Get Report

, up 320 yen, or 2.7%, to 12,260 ($114.94), and

Furukawa Electric

, up 195, or 7.2%, to 2895.

Mitsubishi Electric

gained 28, or 3.2%, to 911 after the

Nihon Keizai Shimbun

said the firm's group operating profit would nearly double from previous estimates to 190 billion yen for the year ending March.

In economic news, the ruling

Liberal Democratic Party

gave its preliminary thumbs-up to adopt its tenth economic stimulus package in eight years to keep the economy chugging. Although the headline number may be as high as 10 trillion yen, new spending will be about 4 trillion yen. The money will largely go towards disaster prevention programs, loans to small- and mid-sized firms and building information technology programs.

With dealers not fearing a joint intervention to prop up the euro any time soon, the battered currency fell to a fresh historic low against the dollar to 0.8465. The greenback consequently fell slightly against the yen to fetch 105.66.

Korea's

Kospi

index recorded its biggest gain in six weeks, rising 34.91, or 6.1%, to close at 606.08. After foreign investors fled the market due to jitters over the

breakdown of the sale of

Daewoo Motors

, some bargain hunters finally materialized, traders said.

Samsung Electronics

rose KW22,000, or 10.6%, to 230,000 ($204.26), while

Hyundai Electronics Industries

gained 2200, or 14.8%, to 17,100.

Hong Kong's

Hang Seng

index fell 11.58 to close at 15,665.62 in slow trading. Shares of

Pacific Century Cyberworks

(PCW)

were suspended from trading midday, after

Cable & Wireless PLC

reportedly was getting ready to place 1.04 billion shares of PCCW to the market. According to local reports, the shares could be placed 7% to 10% below the last price of HK$10.75 ($1.38).

Taiwan's

TWSE

index rose 145.9, or 2.2%, to stand at 6880.09.