HONG KONG -- Asian stocks were higher in most markets on Monday, regaining some of the ground lost in last week¿s dismal trading.

Japan's key

Nikkei 225

index rose 237.30 points, or 1.5%, to 16,245.44, while the


index, which includes all shares listed on the

Tokyo Stock Exchange's

first section, gained 6.22 to 1525.00. The


small-cap index gained 1.81 or 2% to 83.34, while the Nikkei


index climbed 14.74, or 0.9%, to 1717.30.

Mobile phone company



was down 120,000 yen, or 4% to 2.85 million after the

Nihon Kezai Shimbun

said the company had entered negotiations to take a 10-20% stake in

SK Telecom

(SKM) - Get Report

of South Korea. SK was down 8000 won or 2.3% to 337,000.


(SNE) - Get Report

was up 420 or 4.3% at 10,100.

Matsushita Electric Industrial

(MC) - Get Report

was up 80, or 3.3% at 2,495, and



rose 280 or 6.2% to 4,770. Game maker Sega


fell 44 to 1616 after reporting on Friday its third straight annual loss.

Shortly before its closing, Hong Kong's benchmark

Hang Seng

index was up 229.35 points, or 1.7% at 13,952.05. The market was propelled by

China Telecom,

(CHL) - Get Report

up HK$3.20 or 6.6% to 52.00. Property and holding company

Cheung Kong


rose 0.25 to 70.75, while its subsidiary,

Hutchison Whampoa


was up 1.25 or 1.5% to 83.25.

Pacific Century CyberWorks

rose 0.45, or 3.4%, to 13.85.



index rose 28.79 points to 8588.25.

Taiwan Semiconductor Manufacturing

(TSM) - Get Report

closed flat at NT$45.50.



index was down slightly, off 0.73 points at 655.93, after falling 6% Friday on concerns of financial troubles within part of the giant


conglomerate, or



Samsung Electronics

, a favorite among foreign fund managers, was down 7000 won, or 2.5%, at 273,000.

Hyundai Merchant Marine,

one of the two companies said by its bankers to be in short term liquidity difficulties, fell 405, or 9.6% to 3800. South Korea reported Monday that in April, it ran its first current account deficit since 1997.


Philippines Composite

index, among Asia¿s biggest laggards this year, rose 55.51 points, or 3.9%, to 1482.77 after the dollar fell 0.7% against the recently beaten-up peso.

In other currency trading, the dollar was slightly weaker in Tokyo, fetching 106.80 yen. The euro lost ground against the yen, trading recently around 99.42 yen