TOKYO -- It was as if Thursday's tech tumble was created so that investors could find another opportunity to climb back into the sector. With
rallying overnight, Asian investors bargain hunted for shares of chip makers, erasing most of the losses seen yesterday.
Still, investors in Tokyo remained cautious ahead of the weekend meeting between the
Group of Seven
finance ministers and the upcoming policy board meeting by the
Bank of Japan
on July 17.
index rose 115.87 points to 17,398.24, while the
index, which includes all shares listed on the
Tokyo Stock Exchange
, climbed 6.73 to 1597.36. The
small-cap index jumped 1.09, or 1.3%, to 87.23, while the Nikkei
index rose 13.41 to 1790.60.
Most Japanese chip makers gained during the course of the day but got hit by some light profit taking by dealers by the end of the session.
rose 520 yen, or 3.6%, to 15,000 ($139.51),
shed 22, or 2.0% to 1085, while
Matsushita Electric Industrial
climbed 20 to 2815.
rallied 2000, or a whopping 18.7%, to 12,700 after a week-long slump.
Nippon Telegraph & Telephone
gained 60,000, or 4.1%, to 1.54 million despite a report in the
Wall Street Journal
today that said the U.S. Federal Bureau of Investigation raised concerns over the telecom company's intended purchase of
With many investors scrambling to cover their short positions, the greenback edged higher against the yen and recently bought 107.52.
index rose 340.37 points, or 2.1%, to 16,829.96 largely on a telecom rally.
jumped HK$1.50, or 1.4%, to 109.50 ($14.04) after reports that the firm would withdraw from the Netherlands auction for third-generation mobile phone licenses, while
rose 3.00, or 4.3%, to 72.25.
Sun Hung Kai Properties
gained 1.75, or 2.9%, to 61.75 on news that its newest apartment development project was enjoying brisk demand. SHK's partner in the development
China Resources Enterprise
jumped 0.40, or 4.0%, to 10.30.
Elsewhere in Asia, Korea's
index gained 4.11 to 841.74, while Taiwan's
index dropped 116.31, or 1.4%, to 8173.08.