Telcos, techs take Asian stocks up by noon


Japanese stocks are up on gains in techs and telecoms, as well as a 15 percent jump from Mitsubishi Motors

HONG KONG, China (CNN) -- Asian stocks are higher heading into afternoon trade on Monday, driven by a 0.57 percent gain in Tokyo's Nikkei index.

The benchmark Nikkei 225 stands at 11,400.08 at the lunch break, a gain of 64.59 points. The market opened lower but quickly rallied on the back of large-stock strength.

The broad Topix index of all Section One stocks is up 3.79 points or 0.35 percent at 1091.50.

Telecommunications and technology companies are leading the early gains on the Nikkei, with consumer electronics maker Sony up 2.36 percent to 6930 yen.

Nippon Telephone & Telegraph, the largest phone company in Japan, put on 5.22 percent to 524,000 yen.

Carmaker Mitsubishi Motors' stock is also up 15.3 percent to 436 yen on speculation that DaimlerChrysler will take a larger ownership stake in the company.

Bank reports due

Investors are waiting for word from Japan's watchdog Financial Services Agency, due to report the results of its review of major banks on Friday.

Many international investors consider a looming financial crisis to be Japan's biggest business problem at the moment.

In Australia, the benchmark S&P/ASX 200 index is down 0.14 percent at 3,385.3 in afternoon trade.

Banking heavyweight National Australia Bank is down 1.1 percent to A$33.10 after announcing a strategic review that includes 2000 job losses. Resources leaders BHP Billiton and Rio Tinto are both up more than 1 percent.

Across the Tasman Sea, the benchmark NZSE Top 40 index is down 0.1 percent at 2,073.95. Telecom New Zealand is up 0.8 percent at NZ$5.01.

Samsung off after record last week

In South Korea, the Kospi is down 0.1 percent at 917.12 with banks making most of the going. Samsung Electronics Co., the largest stock on the exchange, is down after hitting a record high of 404,000 won last Friday.

Taiwan's chip-driven market is flat, the Taiex still standing at 6,206.87. That's down 0.22 points but negligible in percentage terms.

Hong Kong's market is again the laggard, with the Hang Seng index down 0.52 percent at 10,775.26. But trading is thin.

Indian markets are expected to trade cautiously, watching for earnings from Infosys Technologies on Wednesday.