Asian markets higher at midday


Sony, home of the Aibo dog, has rejected claims it is in the doghouse over its accounting procedures

HONG KONG, China -- Stocks are up on Thursday as Asia heads into afternoon trade.

Tokyo's market is leading the way. The Topix broke for lunch above the 1000 barrier, up 1.74 percent to 1005.29.

The Nikkei ended the morning up 1.3 percent at 10,429.78. Both the Nikkei and the Topix are pushing 2 percent gains as trading sets off in the afternoon.

Only a handful of small markets are posting losses. All the main exchanges are higher.

Outside Japan, Taiwan is forging the way with a 1.19 percent rise shortly before noon. South Korea is back in action with a 0.66 percent climb.

Australia is up almost 1 percent in early afternoon, with New Zealand outdoing that.

Hong Kong and Singapore are both in positive territory but up less than 0.5 percent.

Sony bounces back

The yen is weaker on Thursday, at 116.52 to the U.S. dollar in morning trade out of Singapore. The Korean won stands at 1172.8.

The yen's easing is giving life to Sony Corp., up 2.9 percent to 5720 yen. It hit a year-to-date low on Wednesday, down 4.1 percent and buffeted by questions about its accounting. Sony rejected doubts about its finances.

Toshiba jumped 4.4 percent to 502 yen after saying strong demand would force it to cancel northern summer holiday plans at its Japanese chip plants.

Mobile phone company NTT DoCoMo is up 4.74 percent to 265,000 yen. Parent NTT is also stronger.

Taipei gets Nasdaq rise

In Taiwan, the Taiex is up 1.19 percent at 5313.19. The Taipei market saw a strong boost from Nasdaq trading overnight. Financials are also up.


Tokyo is leading the gains, with Taiwan and other markets not far behind

Flat-screen maker and recent market darling Au Optronics is well ahead again, up 5.0 percent to T$37.90.

Nasdaq gained 1.6 percent in Wednesday trade in the United States. It outstripped the other indexes, though the Dow and S&P both gained (full story).

South Korea's market returned after a national holiday on Wednesday. The Kospi is 0.66 percent higher at 776.57 in early afternoon, but it was up more than 1 percent in the morning.

Miners move ahead

Australia's S&P/ASX 200 index is moving forward 0.83 percent to 3148.0 in early afternoon.

Mining stock Rio Tinto and BHP Billiton are both up after selling off on Wednesday. Rio Tinto is ahead 4.5 percent to A$33.76, ahead of its second-quarter production report later in the day.

AurionGold is down 1.2 percent at A$3.41 despite forecasting a record profit for the year on Wednesday.

New Zealand's Top 40 is up 1.01 percent at 2,053.32.

In Hong Kong, the Hang Seng is up 0.69 percent at 10,406.30 just after noon. Oil and gas company CNOOC is up 0.48 percent to HK$10.50.

HSBC underpins Hang Seng

Broadcaster TVB is ahead 1.74 percent at HK$29.20 after PCCW said it would close its rival pay television service.

HSBC is underpinning the market with a 0.58 percent rise to HK$87.25.

Recent offering CK Life Sciences is down 1.19 percent at HK$2.075, heading back toward its HK$2 debut price.

Singapore's Straits Times index is up 0.15 percent in late morning trade, at 1,585.66. Big cap stocks Singapore Airlines and DBS Group are both up just under 0.8 percent.