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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.


Nikkei 225

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


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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.

Tokyo Electron

rose 520 yen, or 3.6%, to 15,000 ($139.51),

Mitsubishi Electric


shed 22, or 2.0% to 1085, while

Matsushita Electric Industrial

(MC) - Get Moelis & Co. Class A Report

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.

Hong Kong's

Hang Seng

index rose 340.37 points, or 2.1%, to 16,829.96 largely on a telecom rally.

Hutchison Whampoa


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

China Mobile

(CHL) - Get China Mobile Ltd. Report

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.