Hong Kong - Hong Kong shares rocketed up by nearly 4 per cent in early trading Monday as the US mortgage bailout generated global optimism that the credit crunch might be over.

Shortly after midday, the Hang Seng Index stood at 20,701.13, up 767.85 points, or 3.85 per cent. Turnover was 36 billion Hong Kong dollars (4.6 billion US dollars).

The surge in prices followed a black week on the Hong Kong stock market, which saw shares tumble below 20,000 for the first time in 17 months.

Taipei - Taiwan's stocks were sharply higher in early trading Monday, rising more than 5 per cent after the seizure by the US government of the two largest US mortgage lenders and guarantors and on a string of measures planned by the local financial regulator to support the market.

The Weighted Price Index of the Taiwan Stock Exchange, which opened 4 per cent higher, continued its upward trend, rising 340 points, or 5.4 per cent, to 6,647 by mid-morning.

Dealers said the US and Taiwan measures bolstered investor confidence, resulting in heavy buying.

Tokyo - Stocks in Tokyo rocketed upward Monday after the US government seized control of the two largest US mortgage lenders and guarantors, Fannie Mae and Freddie Mac.

The benchmark Nikkei 225 Stock Average jumped 438.04 points, or 3.59 per cent, in morning trading to 12,650,27 on investor confidence that the move would calm turmoil in global financial markets.

The broader Topix index of all first-section issues also rose 46.49 points, or 3.97 per cent, to 1,217.33.

Sydney - Australian shares l

Washington - US stocks edged higher on Friday thanks to gains in the financial sector, upstaging a rise in monthly unemployment and a record rate of home foreclosures.

Shares of investment bank Lehman Brothers Holdings Inc improved nearly 7 per cent on reports it may sell some of its assets in order to raise capital. Financial shares improved overall amid speculation the Federal Reserve would hold off raising rates at its next meeting.

Washington  - US stocks edged higher on Friday thanks to gains in the financial sector, upstaging a rise in monthly unemployment and a record rate of home foreclosures.

Shares of investment bank Lehman Brothers Holdings Inc improved nearly 7 per cent on reports it may sell some of its assets in order to raise capital. Financial shares improved overall amid speculation the Federal Reserve would hold off raising rates at its next meeting.