Asian markets higher on Wall Street gains

HONG KONG, China -- Asian markets were mainly firmer by midday Thursday, after positive U.S. economic data and a rally on Wall Street helped push local blue chips higher.

While Hong Kong, Singapore and Australia were up strongly, Korea was down slightly.

In Tokyo, the market was flat. The benchmark Nikkei 225 average ended the morning up 1.86 points or 0.02 percent at 9,921.34, while the broader capital-weighted Topix index was up 2.28 points or 0.24 percent to 967.03.

The boost to Japanese stocks from an expected U.S. economic recovery was offset by bad economic news and shrinking corporate profits at home.

Still, some major exporters gained after the U.S. Commerce Department said Wednesday gross domestic product rose 0.2 percent in the fourth quarter last year.

Toyota, the world's third-biggest automaker, rose 1.78 percent to 3,440 yen, and Honda Motor Co Ltd, edged 0.38 percent higher to 5,290 yen.

NEC, Fujitsu slip

But issues in the high-tech sector slumped on earnings worries.

NEC Corp fell 2.65 percent to 1,030 yen after a newspaper report said the firm was likely to post a group operating loss of about 50 billion yen ($376.7 million) for the year to March.

Chip and computer maker Fujitsu Ltd slipped 2.9 percent to 804 yen after it said earlier this week the info-tech slump would lead to greater-than-expected losses for the current year.

Consumer electronics leader Sony Corp was flat, down 10 yen or 0.17 percent to 5780 yen.

In Seoul, shares initially crept higher, bolstered by the U.S. Federal Reserve's decision to leave interest rates unchanged.

Uncertainty over Hynix

But the upside was held in check by uncertainty over a deal to sell the core memory chip division of Hynix Semiconductor to Micron Technology.

The benchmark Kospi index rose 1.01 percent to 757.01 before slipping just below Wednesday's close of 749.45. The over-the-counter Kosdaq was up 2.05 percent at 77.76.

Hynix Semiconductor, the world's third largest memory chip company, slipped 0.8 percent to 2,500 won. But Samsung Electronics added 1.32 percent to 307,000 won.

Kumho Industrial advanced 2.2 percent to 3,300 won after a local newspaper said it would announce a final bidder for its lucrative tyre operations during the day.

The report said a consortium led by U.S. private equity fund Carlyle Group would beat the other bidder led by Goldman Sachs.

In Australia, shares pushed higher to noon, buoyed by media giant News Corp. and sharp gains from Toll Holdings and Lang Corp after they won the bidding for two rail freight companies being privatized by governments.

Media group News Crop gained 2.5 percent to A$13.66, helping lift the benchmark S&P/ASX 200 index 0.94 percent to 3465.8 in the afternoon.

Transport group Toll Holdings gained 14.7 percent to A$30.25, while Lang Corp rose 22.7 percent to A$13.60.

Blue chips rise

In Taiwan, stocks were higher by midday as gains in U.S. stocks inspired buying in blue chips.

The main Taiex index rose 1.56 percent at 5,903.21.

VIA Technologies, Taiwan's largest microchip designer, surged 4.96 percent to T$7.00 after reporting fourth quarter earnings of T$1.15 per share.

In Hong Kong, shares were higher in midmorning trade, boosted by news that the U.S., which happens to be the territory's biggest market, is emerging from recession.

The Hang Seng index was up 1.47 percent at 10,914.64.

Hong Kong heavyweights were higher with investors topping up on key stocks such as Hutchison Whampoa.

Hutchison was up 1.37 percent at HK$73.75 as investors lauded its proposed acquisition of a stake in U.S. high-speed communications services company Global Crossing.

Shares in Singapore were broadly higher as the Wall Street rally and Keppel Corp's better-than-expected results lifted market sentiment.

The benchmark Straits Times index was up 1.38 percent at 1,779.90.

Conglomerate Keppel Corp surged 4.1 percent to S$4.06 after it said late Wednesday its net profit for the year to December 31 jumped 171 percent to S$384.59 million ($210 million) on the back of strong demand at its ship repair and offshore marine units.