Share prices in Tokyo rose 1.5 per cent as investors chased up gains in hi-tech issues, defying a plunge in the Nasdaq. The Tokyo Stock Exchange's Nikkei-225 index gained 236.99 points to close at 16,149.08.

"The index rose on bargain-hunting following its weak finish last week and investors bought up shares, particularly those in the hi-tech sector," said Kazue Mayuzumi, senior market analyst at Nikko Securities. "Investors defied a heavy fall in the Nasdaq yesterday as they believed Japanese hi-tech companies could thrive on robust demand for mobile telephones and digital home appliances," Mayuzumi said. "They also bought up semiconductor shares, shrugging off fears of a slump in the global semiconductor market," he said.

Hong Kong: Share prices rose 1.0 per cent led by China Mobile on reports it would announce details of a share placement and was in partnership talks with foreign telecoms giants. The benchmark Hang Seng index gained 152.93 points to close at 15,878.89, off a high of 15,971.57. Reports said China Mobile will spend almost 30 billion US dollars to acquire seven mobile phone networks from parent China Mobile Communications Corp.

The company is also reportedly expected to announce details of a share placement to raise 8.0 billion US dollars, as well as new strategic partnerships with Vodafone, Deutsche Telekom and British Telecom as potential candidates. Other blue chips were flat to higher, except HSBC which corrected after yesterday's sharp gains.

Singapore: Shares closed 0.1 per cent lower due to losses by technology stocks. Investors continued to shy away from technology stocks after Intel Corporation and Apple Computer issued profit warnings recently, they said."It seems there has been a witch hunt in Wall Street over which technology company will be issuing a profit warning next," said a dealer at a foreign brokerage. The Straits Times index closed down 1.45 points at 1,976.69Kuala Lumpur: Malaysian shares closed fractionally lower but off earlier lows after late institutional support for some Financial stocks. The Kuala Lumpur Stock Exchange composite index ended down 0.64 points at 707.90. An institutional dealer with a local brokerage said Maybank recouped some of its earlier losses on institutional support towards the close of trading.

There was also late buying in some financials such as Hong Leong Bank, Public Bank and Public Finance for their defensive qualities, he said.

Seoul: South Korean share prices closed up 1.5 per cent on selective bargain-hunting. The Korea Stock Exchange index was up 9.26 points at its high of 598.42. The index opened lower following a weak Nasdaq close and the failed sale of Hanbo Iron Steel.

However, it reversed direction as Samsung Electronics attracted bargain-hunting and buying interest widened in the afternoon, they said. Hana Securities an Soo-Chul said bank stocks were mixed amid possible merger talks and after the government announced the size of bad loans.

Manila: Philippine share prices fell 1.6 per cent to their lowest level in almost two years due to the fall of the local currency to all-time lows. The Philippine Stock Exchange composite index lost 22.82 points to 1,372.70.

"The market remains cautious of the peso-dollar exchange at this stage," said Harry Liu, President of Summit Securities. The Philippine peso fell shortly after opening on Wednesday to 46.61 pesos to the dollar, its lowest ever level, from its close of 46.49 the day before.

Traders blamed the country's poor economic image for the weakness in the currency and share market.

Jakarta: Indonesian share prices closed down 2.1 per cent under pressure from continued foreign selling in blue chip stocks and concerns over the health of President Abdurrahman Wahid. The Jakarta Stock Exchange Composite Index closed down 8.881 points at 418.830 on a volume of 454.2 million shares valued at 312.45 billion rupiah (35.49 million dollars).