Asian markets stronger by midday


Tokyo shares climb higher boosted by a sudden suge in chip shares

HONG KONG, China -- Asian markets were higher by midday Thursday, boosted by a surge in chip shares and stronger market sentiment in anticipation of a global economic recovery.

In Tokyo, technology stocks and chip-equipment issues tracked their U.S. peers, while automakers soared on the back of a weak yen.

The benchmark Nikkei 225 average gained 142.8 points or 1.42 percent to 10,183.72, while the broader Topix index added 0.97 percent to 984.63.

The yen was trading at about 134.5 at midday in Asia.

Other markets in the region were also stronger, with Korea's Kospi the standout performer, adding 16.87 points or 2.2 percent to 759.47.

In Taiwan, the Taiex added 73 points or 1.27 percent to 5842.89, while in Hong Kong the Hang Seng index was up about 30 points to 10,790 in late morning trade.

Markets in Australia, Singapore and India were also higher.

Dow, Nasdaq rise

The good performance in Asian markets came after the Dow Jones industrial average and the Nasdaq composite index both made strong gains in the U.S. Wednesday.

Japan's top automaker Toyota Motor gained 3.51 percent to 3,540 yen, while Honda Motor rose 2.68 percent to 5,360.

Electronics giant Sony Corp gained 0.67 percent to 5,980 yen, recovering from an earlier dip after it warned that data problems could hit 900,000 of its Vaio computers.

Analysts said Sony's recovery, and the rebound of other blue chips, eased investor sentiment and helped the broader market cling to gains.

Tokyo Electron soared 7.14 percent to 6,900, while Advantest Corp shot up 7.08 percent to 7,410.

Chip-related issues surged after U.S. Novellus Systems unveiled better-than-expected earnings results and after J.P. Morgan upgraded the sector.

Samsung, Hynix on the move

In Seoul, Samsung Electronics gained 1.95 percent to 314,000 won, while Hynix Semiconductor rose five percent to 2,750 won.

Along with the Kospi's gains, the tech-heavy Kosdaq rose 1.23 percent to 75.95.

Australian shares were in positive territory in early afternoon trade as investors poured funds into the market's largest miners.

The benchmark S&P/ASX 200 index was up 0.30 percent at 3,432.3, lifted by gains in resources.

Resources giant BHP Billiton rose 2.5 percent to A$11.45, while rival Rio Tinto gained 1.7 percent to A$37.80.

Analysts say investor sentiment is beginning to improve on anticipation of a global recovery. That comes on the back of Australia's robust consumer price index and strong consumer sentiment in the United States.

Recovery in the U.S. could come as early as the first quarter of the year, some economists are saying.