Asian Markets Update: Stocks Soar in Hong Kong, Korea

But in Japan the market was more muted, wary of choppy days ahead for the Nasdaq.
Publish date:

HONG KONG -- Stocks in Hong Kong and Korea roared to life after


huge increase overnight, with technology and telecom issues most in favor, but investors in Japan were more wary of continued volatility ahead, and trimmed early gains in Tokyo.

The key

Nikkei 225

index rose 103.55 points, or 0.6%, to 16,332.45, while the


index, which includes all shares listed on the

Tokyo Stock Exchange's

first section, rose 4.41 or 0.3% to 1522.84. The


small-cap index gained 0.78 or 0.9% to 85.71, while the Nikkei


index picked up 20.17 or 1.2% to 1750.10.



fell 20 yen or 0.6% to 3050, while


(SNE) - Get Report

fell 220 or 2.2% to 9750.



rose 80,000 or 3% to 2.78 million, while its parent

Nippon Telegraph & Telephone


gained 40,000 or 3.2% to 1.28 million.

Internet investor


fell 1520 or 8.4% to 16,500, while



rose 680 or 4% to 17,880. Bombed out cell phone and Internet concept stock

Hikari Tsushin

fell 1000 or 16.4% to 5100, after a cell phone agent it franchised went bankrupt. The agent,

Advance International,

reportedly had 576 million yen ($5.4 million) in credit from Hikari in the form of Hikari bonds.

In Hong Kong, the benchmark

Hang Seng

index soared by 722.96 points, or 5.2% to 14,713.86, its biggest point gain this year.

China Telecom

(CHL) - Get Report

was up HK$5.75 or 11% to 58.25, while

Hutchison Whampoa


soared 7.25 or 8.8% to 90.00.

Pacific Century CyberWorks

rose 0.80 or 5.6 percent to 15.20. Its takeover target,

Cable & Wireless HKT,


gained 1.05 or 6.3% to 17.80.

Banking group



was up 1.25 or 1.5% to 86.00.

In Korea, the benchmark


index rose 40.62 points, or 5.9% to 731.88.

Samsung Electronics

picked up 18,000 won or 6.2% to 308,000, while

SK Telecom

(SKM) - Get Report

soared 42,000 or 12.2% to 385,000.

Shares in the


group were also stronger, as the company announced that founder

Chung Ju Yung

and his two sons would step down from parts of the group's management. The statement came as Hyundai unveiled financing arrangements to help two cash-strapped companies in the group. Hyundai will attempt to raise $3.3 billion by selling new stock and real estate.

Hyundai Electronics

rose 1700 or 10.7% to 17,600. Shares in

Hyundai Merchant Marine,

one of the two troubled subsidiaries, rose 530 or 12.1% to 4900.



index rose 175.10 points or 2% to 8939.52.

In currency trading, the dollar rose against the yen, recently buying 107.23 yen. The dollar had been weaker earlier in the day, but fears of a Bank of Japan intervention at the 106 yen level and the outperformance this week by U.S. stocks sent it back up as trading migrated to London.