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.
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
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.
fell 1520 or 8.4% to 16,500, while
rose 680 or 4% to 17,880. Bombed out cell phone and Internet concept stock
fell 1000 or 16.4% to 5100, after a cell phone agent it franchised went bankrupt. The agent,
reportedly had 576 million yen ($5.4 million) in credit from Hikari in the form of Hikari bonds.
In Hong Kong, the benchmark
index soared by 722.96 points, or 5.2% to 14,713.86, its biggest point gain this year.
was up HK$5.75 or 11% to 58.25, while
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.
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.
picked up 18,000 won or 6.2% to 308,000, while
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.
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.