Asian stocks follow Wall Street higher

SINGAPORE, May 28 (UPI) -- The sharp gains on Wall Street overnight set a bullish tone for Asia with most stock market indexes ending the day higher.

After Monday's holiday, the Nasdaq composite jumped more than 3 percent, while the Dow Jones industrial average gained 2.1 percent after a strong rise in the U.S. consumer confidence index, as well as separate data showing a recovery in confidence.

Technologies stocks throughout the region were pulling markets higher.

In Tokyo, the Nikkei average rose 1.4 percent to 8,234.18, dragged up by TDK Corp, up 5.24 percent; and NEC Corp, up 4.23 percent.

But Japan Telecom Holdings fell 11.99 percent after it forecast profit will be sharply down this year because of rising costs to build a new network.

In South Korea, the KOSPI rose 2.29 percent to 628.36, led by financial and banking shares. KEB Credit Service jumped to the 15-percent limit after announcing plans to raise $1.36 billion to pay back maturing debt. Rival LG Card was also limit-up after announcing funding plans.

In Taiwan, semiconductor and electronic chips lead the TAIEX higher, though late profit-taking took some of the shine off. The index closed up 0.52 percent at 4,474.41, with TSMC up 2.43 percent and rival UMC up 0.49 percent. Nanya Technologies also rose 2.29 percent.

Hong Kong's Hang Seng Index rose 0.95 percent to 9,510.62 points, its highest close since January 23, with property developer Sino Land leading the way, up 4.65 percent. But Legend Group, which had rallied Tuesday, lost 6.12 percent after the company posted disappointing results.

Singapore's Straits Times index rose 1 percent at 1,338.60, dragged up by tech stocks like Chartered Semiconductor, up 9.68 percent.

In Manila, the telecom sector attracted strong buying interest. The Philippine stock index added 1.14 percent to end at 1,047.82, with PLDT up 1.81 percent and Globe Telecom up 0.88 percent.