Asian markets higher by midday


NTT Docomo lifted Tokyo's main share index after it said it would carry out a five-for-one share split to boost liquidity

HONG KONG, China -- Asian markets were higher by midday Monday, driven by gains among blue chips on the back of improved market sentiment and some bullish corporate news.

Singapore was the strongest performer with a gain of more than 2.4 percent, but Tokyo, Taiwan, Korea and Hong Kong all made useful gains.

The Japanese yen firmed against the dollar, trading at about 133.8 after weakening close to 135 last week.

In Tokyo, the benchmark Nikkei 225 average rose 1.57 percent at 10,303.74, while the broader capital-weighted Topix index was up 1.54 percent at 1000.98.

Taiwan's Taiex was up about 82 points or 1.4 percent to 6033, while in Seou the Kospi put on 10 points or 1.49 percent to 703.89. In Hong Kong, the Hang Seng index was up about 0.4 percent to 10,818 in late morning trade.

The Australia stock market was closed for the Australia Day public Holiday. The main S&P/ASX 200 index ended last week 0.34 percent firmer at 3,442.3.

In Tokyo, stocks were firmer by midday after bullish announcements by mobile phone giant NTT Docomo and automaker Toyota Motor Corp lured investors into the market.

Toyota, the word's third biggest carmaker, was up 2.22 percent at 3,680 yen after it announced late Friday it would buy up to 45 million of its own shares.

Mobile giant NTT Docomo was up 6.5 percent or 90,000 yen to 1.47 million yen, after it said it would carry out a five-for-one share split to boost liquidity. Parent NTT rose 3.29 percent to 408,000 yen.

But consumer electronics leader Sony slipped 120 yen or 1.9 percent to 6080 yen.

Stock options

Seoul shares traded firmer on hopes that the launch of individual stock options on seven blue chip issues will boost trade and liquidity in the market.

Chip giant Samsung Electronics was up 0.2 percent at 323,5000 on the first day its stock option debuted on the main exchange.

Other blue chip issues that listed their option products are SK Telecom, KT Corp, Korea Electric Power Corp, Pohang Iron and Steel Co, Hyundai Motor, and Kookmin Bank.

The benchmark Kospi rose more than 1 percent, while the over-the-counter Kosdaq gained 3.49 percent at 79.14.

But a further rise in the market was tempered by negative speculation on tie-up talks between Hynix Semiconductor and Micron Technology.

Local media said Hynix and Micron failed to reach any agreements during their recent discussions in the United States.

Hynix added 2.8 percent to 2550 won.

10-month high

Singapore's main share index rose to a 10-month high in early trade as blue chips and banks powered ahead on hopes of a U.S.-led economic recovery.

The Straits Times Index rose 2.03 percent to 1,762.99. United Overseas Bank put on 3.55 percent to S$14.60.

In Taiwan, stocks advanced beyond key technical resistance at 6000 points in mid-morning trade on improved confidence in corporate fundamentals and political risk.

The Taiex was up as a recent cabinet revamp and China's softer stance towards Taiwan's ruling party cheered investors.

In Hong Kong, stocks were slightly higher in morning trade but investors were cautious ahead of the U.S. Federal Reserve's meeting on interest rates this week.

Most blue chips were firmer, including China's biggest mobile phone operator China Mobile, which rose 0.7 percent at HK$21.70. Rival China Unicom was up 2.67 percent to HK$7.70.

Leading bank HSBC was steady at HK$88.50.