Asian markets higher by midday


Tokyo shares were higher, boosted by strong tech issues

HONG KONG, China -- Asian markets were slightly higher by midday Tuesday, with strong tech issues boosting Tokyo.

The tech-sensitive Nikkei average ended the morning up 108.44 points, or 0.97 percent, to 11,245.74, while the broader capital-weighted Topix index added 3.62 points, or 0.34 percent, to 1069.13.

In other Asian markets, South Korean shares rose after the central bank lifted its 2002 growth forecast, while gains by Australian blue chips propped up the main S&P/ASX200 index.

Strong property shares boosted Taiwan and Hong Kong, and in Singapore blue chips were higher on hopes of better earnings.

Investors also ignored the weak overnight performance by Wall Street, which was dragged down by General Electric Co's earnings drop.

On Monday, the Dow Jones industrial average slid 97.15 points, or 0.95 percent, to 10,093.67, while the tech-laced Nasdaq fell 2.41 points, or 0.14 percent, to 1753.78.

Tech higher

Tokyo Electron, a maker of semiconductor manufacturing equipment, jumped 3.13 percent to 9240 yen.

In the banking sector, Mizuho Holdings added 1.4 percent to 289,000 yen and UFJ Holdings rose 3.96 percent to 315,000 yen.

Japan's leading mobile phone carrier, NTT DoCoMo rallied 1.8 percent to 326,000 yen. Carmaker Toyota Motor Co gained 0.83 percent to 3640 yen.

In South Korea, the benchmark Kospi rose 0.82 percent at 901.59, while the over-the-counter Kosdaq added 0.49 percent at 86.24.

The gains came after the Bank of Korea on Monday raised its gross domestic product forecast to 5.7 percent growth this year from a previous 3.9 percent forecast, citing a brighter outlook for the global economy.

Leading display maker Samsung SDI rose 3.72 percent to 111,500 won, while state-run power monopoly KEPCO rose 1.6 percent to 25,850 won.

Hyundai Motor Co added 1.3 percent to 45,600 won.

U.S. loss ignored

Australia shares were higher as investors ignored concerns over U.S. corporate earnings. The S&P/ASX 200 was up 0.53 percent, or 17.9 points, at 3386.0 by late morning trade.

Index heavyweight and telco group Telstra, was unchanged at A$5.22. Resources leader BHP Billiton rose 0.4 percent to A$11.64.

In Taiwan, the benchmark Taiex rose 73.74 points, or 1.19 percent, to 6269.74. The market rose on a government plan to provide more housing loans to boost the real estate market. That lifted construction and bank shares.

Bao-Chen Construction rose the daily seven percent limit to T$1.97, while First Commercial Bank soared 6.03 percent at T$26.40.

AU Optronics, the world's third largest maker of large display panels, was unchanged at T$56.

Property up

Singapore shares were mixed, with technology stocks and Singapore Airlines climbing on hopes of better earnings, while banks fell.

The key Straits Times Index was down 0.07 percent, or 1.18 points, at 1,756.36.

SIA gained 0.73 percent to S$13.80 after unveiling late on Monday a rise in overall load factor by 4.9 points to 76.9 percent in March from a year earlier.

A rise in after-hours U.S. technology stock prices also boosted local tech stocks.

Chartered Semiconductor Manufacturing rose 0.88 percent to S$4.56, while electronics contract maker Venture Manufacturing added 1.2 percent to S$17.00.

But banks lost ground after disappointing results from Citigroup in the U.S. on Monday.

DBS Group Holdings lost 1.42 percent to S$13.90, and United Overseas Bank slipped 0.68 percent to S$14.60.

In Hong Kong, index heavyweight HSBC dipped to HK$87.75, down 0.28 percent.

But the Hang Seng Index rose 0.12 percent, or 12.34 points, at 10,740.32 in early trade, lifted by the property sector.