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Asian stocks extend winning run
TOKYO, Japan -- Asian markets are broadly higher at midday Wednesday, with Japan extending its gains into a fourth day after a strong finish for Wall Street. Taiwan is the region's star performer, up almost 3 percent on big gains for its tech sector. In Tokyo, the Nikkei 225 average is up 1.36 percent to 9694.43 at the end of the morning session, building on Tuesday's 0.81 percent gain. The broader Topix index is also up 1.37 percent to 947.36. Japan's big banks are again firmer, with UFJ up another 6 percent after Tuesday's 8 percent gain. Japanese automakers and tech-related issues are also on the rise as investors draw comfort from Tuesday's surprisingly strong gross domestic product data. (Full story) Along with Japan and Taiwan, other markets in the region are posting solid gains, with South Korea up 1.3 percent, Hong Kong 1 percent higher and Singapore ahead about 1.5 percent. Australia and New Zealand are showing smaller rises.. Wall Street closed higher Tuesday after the U.S. Federal Reserve left interest rates on hold, as expected. (Full story) The Dow put on 1 percent, while the tech-heavy Nasdaq jumped 1.5 percent. (Full story) In Tokyo, Japan's largest automaker Toyota is up almost 2 percent at 3130 yen and Nissan is also 2 percent ahead at 1220 yen. Top drugmaker Takeda Chemical Industries is 1.5 percent higher to 4180 yen. Big steelmakers JFE, Nippon Steel and Kobe Steel are also up sharply. Kobe Steel is leading the way with a gain of 8 percent, followed by 6.8 percent for JFE. Along with UFJ's big move, other banks are rising. Mizuho and MTFG are about 3 percent higher and SMFG is up 3.7 percent to 308,000 yen. Tokyo's biggest stock, mobile phone giant NTT DoCoMo, is up 0.7 percent to 284,000 yen. In the tech sector, Fujitsu is 1.8 percent higher at 501 yen and NEC is up 3.3 percent to 784 yen. Consumer electronics leader Sony is 0.83 percent ahead at 3630 yen. In Seoul, the Kospi is up 1.3 percent at 710.65, with a gain of 2.4 percent for market heavyweight Samsung Electronics. Hynix Semiconductor is 0.9 percent higher to 8980 won after posting widening losses from the fall in DRAM chip prices. (Full story) Mobile phone leader SK Telecom is down 2.5 percent to 194,000 won In Australia, the S&P/ASX200 is 0.24 percent higher at 3150.5. Media group News Corp, which reports later on Wednesday, is 1.4 percent ahead at A$12.41. Telstra and BHP Billiton are also higher. ANZ Bank is down 1.15 percent to A$18.02 after confirming it may bid for a New Zealand bank. In Taiwan, the Taiex is ahead a sharp 2.9 percent to 5408.06. Chip foundries TSMC and UMC are up 3.5 percent and 3 percent respectively. Among other techs, Acer is 5 percent higher and screenmaker AU Optronics is ahead 6.8 percent to T$40.70. Industrial leader Formosa Plastic is 5.3 percent higher at T$49.90. Hong Kong's Hang Seng index is 0.84 percent higher at 10,269.57. Big bank HSBC is up 1 percent to HK$98.25, while China Mobile is unchanged at HK$19.55 after posting results on Tuesday. (Full story) Conglomerate Hutchison Whampoa is about half a percent higher. Singapore's Straits Times index is up 1.5 percent to 1587.50, led by a big gain of 4.4 percent for leading bank DBS. SingTel is 1.2 percent higher at S$1.69. In New Zealand, the Top 50 is 0.56 percent higher at 2215.67 near the close. Air NZ is up 2 percent.
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