BANGKOK, Thailand -- Asian markets ended the first trading week of 2008 in heavily volatile territory, with rising commodity prices pushing the Hang Seng higher, while the Nikkei plunged to its lowest level in 17 months.The Hang Seng rose 632 points, or 2.4%, to 27,519, and the Nikkei plunged 616 points, or 4%, to 14,691 in a scheduled half-day trading session. In China, the Shanghai Composite Index gained for the third consecutive day, jumping 41 points, or 0.8%, to 5,361. "Japan opened today for the first time in 2008, in a half trading session, and as such volume was extremely low," says Yoji Takeda, who manages $1.2 billion for RBC Investment Management Asia in Hong Kong. "There was a futures selloff, and that drives down the cash market. Japan is catching up with other markets that have fallen already this year," adds Takeda. Hardest hit in Japan were exporters and industrial stocks, such as Sony ( SNE) and Matsushita Electric ( MC). Sony plummeted 6.6%, to 5790 yen, while Matsushita dived 6%, to 2175 yen. Other exporters fared badly too. Nintendo ( NTDOY) lost 4.5%, to 63,500 yen, while Kobe Steel ( KBSTY) fell 4.7%, to 347 yen, and Canon ( CAJ) ended 5% lower, at 4940. Takeda points out that there may be value among these stocks now, which he says, "looks pretty inexpensive." Among Japanese megabanks, Mitsubishi UFJ ( MTU) lost 5%, to 995 yen, Mizuho Financial ( MFG) slipped 4.3%, to 51,100 yen, and Sumitomo Mitsui Financial ( SMFJY) fell 4.8%, to 592 yen.