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Korea gains

Korea's KOSPI, which also suffered big losses in the past several sessions, posted a gain of 3.32 %.

Asia loses early spark

Asian stocks lost some of their early spark on Friday, ending off their best levels, though technology weighted markets stayed comfortably on the black after Wall Street's surge.

Bourses across Asia had shot up at the opening on euphoria over US gains, but most later saw their gains end or even fall as caution surfaced on wall Street earnings and ahead of Friday's US jobs data.

Hong Kong stocks closed up 2.70 %, but Tokyo Nikkei average closed flat, being dragged back by perceived problems in the implementation of an emergency economic package.

The Nasdaq Composite Index bolted up 8.92 % on Thursday to 1785 after Dell Computer Corp breathed life into the market by standing by its first quarter targets. The jump was the Nasdaq's third biggest percentage gain ever. The Dow Jones urged 402 points to 9918 for the largest point end percentage gain since 16 March 2000.

"The Wall Street surge is certainly good news for techs here, but traders are still unconvinced it has hit bottom," said Mobashar Ahmed, Chief Analyst for futuresdata.net "We have had more profit warnings from tech firms after the market's close an they have all fallen. I do not think the worst is over," he said. "For the moment, the US earnings are still looking pretty dicey."

In after hours trading, Sycamore Network Inc dropped after the US internet equipment maker warned their third quarter earnings and revenue would not meet estimates. The Yen rose about 0.50 % against the dollar aft4er comments by Japanese Vice Finance minister for International Affairs that the authorities would need to take action in the currency markets if the current trend continues.

The dollar was quoted 124.65 yen by the close from levels near 12535 before the comments.

The Japanese currency had earlier fallen back after the economic package unveiled by Tue government and ruling coalition failed to impress investors. The measures consisted of ways to help banks dispose of mountainous non performing loans and to stabilise the financial systems by de-linking the stock market and bank capital via a special fund to buy banks' massive shareholdings.

"There was nothing in the package to change the view in the market that the yen is on the downtrend," said Mobashar Ahmed.

Tokyo stocks ended narrowly mixed as investors picked up tech stocks but dumped banks after the long awaited emergency economic package came in short on details and bite. The benchmark Nikkei Average ended up 0.02 % only. In Hong Kong, the Hang Seng index closed up 2.68 % after telecom and tech plays tracked sharp gains in US markets.

Shares in China's largest mobile phone company, China Mobile, gained more than 11 % ahead of results next week. South Korea's benchmark index closed up 2.54 %, led by index heavyweights Samsung Electronics, the world's largest computer memory chipmaker and SK Telecom. The market was off its best levels, however.

The buying energy that peaked the Australian markets sharply higher initially later dissipated as investors decided Wall Street's Thursday recovery was too good to be true. The SAPI ASX 200 index closed up 12.70 points or 0.39 % at 3233, well off the high of 3265 hit early in the session.

Singapore's Strait Times index also shed gains and turned lower at close down 0.40 % as investors remained cautious about a US stock market recovery and booked profits.