Tech stocks lead markets higher

By Staff
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HONG KONG, Mar 2 (Reuters) Asian stocks rose on Thursday led by tech shares such as Samsung Electronics following a rally in their U.S. peers, while higher oil prices helped lift energy issues such as Woodside Petroleum.

At 0020 GMT, Tokyo stocks <.n225> had gained 0.66 percent, resuming their climb following a 1.49 percent drop on Wednesday, as tech stocks such as chip equipment maker Advantest Corp. and Internet communications conglomerate Softbank Corp. rebounded.

''With U.S. techs rebounding and the yen back to the 116 level (against the dollar) ... I think we can expect (Tokyo) stocks to move higher,'' said Hiroyuki Nakai, chief strategist at Tokai Tokyo Securities.

Japan's top oil developer INPEX Corp. put on 1.8 percent after U.S. crude rose above a barrel amid worries of more attacks on energy installations in Nigeria.

In South Korea, Samsung Electronics, top lender Kookmin Bank and flat screen maker LG.Philips LCD helped drive the KOSPI <.ks11> up 0.30 percent. The market was shut for a public holiday on Wednesday.

But Korea Exchange Bank fell 3.6 percent after a source told Reuters that Commerzbank was selling an 8.1 percent stake in the South Korean lender for 703.5 billion won (5 million). ([ID:nSEO222650]) Australian stocks <.axjo> put on 0.65 percent, recovering from a 1.44 percent slide in the previous session, thanks togains of over 1 percent for miners BHP Billiton and Rio Tinto . Oil producer Woodside Petroleum climbed 1.4 percent.

''U.S. markets were firmer, gold was a bit better, commodities are OK, so all is forgiven,'' said Leigh Gardner, ABN AMRO's head of sales trading.

On Wall Street, U.S. blue chips <.dji> climbed 0.55 percent while the tech-laced Nasdaq Composite Index <.ixic> jumped 1.46 percent, boosted by solid gains in network equipment maker Cisco Systems Inc. and other tech issues.

The U.S. market was also buoyed by upbeat data showing a stronger-than-expected rise in Feburary factory output and a surge in consumer spending in January -- figures that pointed to renewed economic momentum so far this year.

REUTERS DH RAI0722

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