Asian stocks make a broad advance


Tech stocks such as Toshiba are higher in Tokyo trade Thursday

Staff and wires

TOKYO, Japan (CNN) -- Asian stocks are broadly higher heading into Thursday afternoon, building on gains in the U.S. But the gains are relatively muted in the big markets of Japan and South Korea.

Taiwan is doing best in the region, with its Taiex up about 1.65 percent. Australia, New Zealand and Singapore are all about 1 percent higher.

South Korea is up almost half a percent. Of the main markets, only Hong Kong is trading in the red.

In Tokyo, the tech-related export sector is seeing strong gains, with Toshiba, Fujitsu and Sony up. Automakers Nissan, Honda and Toyota are also higher.

The exporters would benefit from a stronger U.S. economy. Investors were also heartened by Wall Street's rise Wednesday. (Full U.S. roundup)

The Nikkei 225 average has put on 0.35 percent or 34.0 points to 9,676.61 by the end of the morning session. The broader capital-weighted Topix index is up 0.17 percent to 948.95.

Both are running higher as the afternoon session sets in, looking at gains approaching 1 percent.

Toshiba, Fujitsu up


Exporters are continuing to do well in Japan, but there are fears about the health of the U.S. economy

Techs are making the running. Toshiba, the world's second-largest microchip maker, has risen 2.89 percent to 427 yen and Fujitsu has put on 2.5 percent to 653 yen.

Sony is 1.1 percent higher at 5420 yen. But Canon is down slightly, as is NEC. Mobile phone giant NTT DoCoMo is also weaker, off 1.55 percent to 254,000 yen.

"Big-name high-tech issues are looking solid, which tells me the downside risk for the market is now slim," Sadaharu Nagumo, senior fund manager at Japan Investment Trust Management, told Reuters news agency.

"But the prospect of banks' unwinding of cross-held shares continues to hold us back. Concerns about that selling are most evident in so-called 'old economy' shares."

Among the Big Four banks, Mizuho Holdings and SMBC are up, UFJ Holdings is flat at 273,000 yen, and MTFG is down 0.6 percent to 815,000 yen.

Japan's Finance Ministry said Thursday that exports rose in July, but the figures were weaker than expected and the trade surplus narrowed.(Full Story)

Korean GDP growth slows

In Seoul, the Kospi is up 0.46 percent to 748.56.

That came after the central Bank of Korea said the South Korean economy grew 1.4 percent in the second quarter from the previous quarter.

The figure was lower than market expectations and reflected slowing construction and consumer spending.(Full Story)

Market heavyweight Samsung Electronics is up marginally. Telecoms KT Corp. and SK Telecom are also firmer.

One of the biggest gainers is Daewoo Motor Sales -- a market proxy for automaker Daewoo -- which is up more than 8 percent to 590 won.

Australia gets mining gains

In Australia, the benchmark S&P/ASX200 is up 0.95 percent to 3,194.3.

The strong gain is being powered by a solid run in News Corp, up 3.37 percent after Wall Street's rise.

Resources stocks are also having a good day, industry leaders such as BHP Billiton up 1.8 percent and Rio Tinto up 2.4 percent.

Banks are also higher, with the CBA adding another 0.78 percent to A$32.26 after gains yesterday on the back of a record full-year profit result.(Full Story)

Insurance and funds management giant AMP is up 0.4 percent to A$14.31 after releasing its first-half earnings of A$303 million, down from A$403 million a year earlier.

Taiwan, Hong Kong higher

In Taiwan, the rise in the Taiex to 4,962 is being matched by the market heavyweights, chip foundries TSMC and UMC. They are up 1 percent and 2 percent respectively.

In the industrial sector, Nan Ya Plastic is 2.27 percent higher to T$31.50.

In Singapore, blue chips are broadly higher, though gains are relatively slight. Banking leader DBS Group is up 1.6 percent to S$12.70 and OCBC has added 1.8 percent to S$11.10.

The Straits Times index is up 1.03 percent at 1,549.24 in late morning trade.

Just before noon, Hong Kong's Hang Seng is down 0.23 percent at 10,378.07, after showing early gains.

Market heavyweight HSBC is slightly higher at HK$90.75 after announcing it will buy a Mexican bank. (Full Story)

The market is awaiting results later in the day from tycoon Li Ka-shing's twin flagships, Cheung Kong Holdings and Hutchison Whampoa.

Reuters contributed to this report.