Technology stocks jumped in Asia on Tuesday, following solid gains in New York, while the dollar languished ahead of key U.S. economic data and oil gained as a powerful hurricane threatened the Gulf of Mexico. Tokyo's Nikkei <.N225> average was little changed by the end of morning trade, but the Japanese stock market's technology subindex <.IELEC.T> was up 0.69 percent, led by chip testing company Advantest <6857.T>, which gained 1.42 percent after U.S. tech shares hit two-month highs. Bucking the upbeat tech trend was Sony Corp. <6758.T>, which lost 1.27 percent after a group headed by its U.S. arm agreed to buy Hollywood film studio Metro-Goldwyn-Mayer for about $2.85 billion in cash. "After hefty selling in the technology sector in the past few weeks, investors were looking for a chance to buy those stocks back and the Nasdaq's recovery is sure to have been the trigger," said Daiwa Securities strategist Tsuyoshi Nomaguchi. "In fact, tech firms' earnings outlooks aren't as gloomy as some had feared." An MSCI index of tech shares outside Japan <.MSCIAPJIT> rose 0.79 percent to a fresh three-month high by 0220 GMT, after a 0.85 percent rise on the tech-laden Nasdaq <.IXIC > and a 2.47 percent jump on the Philadelphia Stock Exchange semiconductor index <.SOXX>. South Korea's biggest stock, Samsung Electronics <005930.KS> gained 2.21 percent. On Monday the company, the world's biggest consumer electronics firm, announced plans to buy back $1.75 billion in shares. Australian stocks <.AXJO> rose to a new all-time high, and Singapore's Straits Times Index <.STI> hit a fresh three-and-a-half year high.
Crude oil futures edged higher after a 2.5 percent gain in New York, as traders watched the direction of Hurricane Ivan for possible supply disruptions in the Gulf of Mexico. U.S. energy companies began evacuating workers and some production facilities were shut down. NYMEX light crude for October delivery was up 3 cents at $43.90 a barrel. Spot gold was softer, pausing for breath after touching a one-week high at $404.55 in New York on expectations of weak U.S. economic data. The yellow metal was at $402.45. Some traders said concerns about the sharp rise in crude oil prices in New York was also supporting gold.
DOLLAR STUCK
The dollar shuffled in tight ranges as the market looked to U.S. economic indicators due later in the day for clues about the pace of monetary tightening. The market is keenly awaiting figures for U.S. retail sales and the current account deficit, both due at 1230 GMT. The dollar bought around 109.95 yen , down a touch from late U.S. levels. The dollar hit a one-week high in New York, partly helped by Sony's move to buy MGM. The euro was around $1.2260 , also little changed on the day. The benchmark S&P/ASX 200 index <.AXJO> set a new record high of 3,625.5, surpassing the previous peak of 3,615.1 reached on Monday. Taiwan stocks <.TWII> rose half a percent to a fresh 3-month high, led by memory chip maker Powerchip <5346.TWO>, and South Korea's KOSPI <.KS11> rose 0.43 percent, with techs firmly in focus. Helping sentiment was increasing anticipation that index compiler FTSE would upgrade Taiwan and South Korea stock markets to developed market status later on Tuesday.///