Telecom Corporation of New Zealand Limited (ASX: TEL) (NYSE: NZT) rose 6 cents, or 3% to close at $2.06, the chunky dividend yield of 11.5% the likely attraction.  Many investors appear to be worried about making capital gains, and are instead focusing on dividends as a means to make an income, while the markets recover. The Motley Fool has put together a special report on 3 high yielding ASX stocks – see the link towards the bottom of this page.

Singapore Telecommunications Limited (ASX: SGT) also rose 6 cents, or 2.4% to close at $2.53, as the company reported a S$4 billion net profit for the year to March 2012, on revenues of S$18.8 billion. SingTel, which owns Optus in Australia, also reported that it expects to grow earnings in the next 12 months, although at a low single digit level.

Duet Group (ASX: DUE) rose 3 cents, or 1.6%, to close at $1.86. Another stock offering a high dividend yield, Duet is an investment company focusing on energy utility assets, such as gas pipelines and gas and electricity distribution. The company confirmed in February 2012, that it would pay a 16 cent dividend for the 2012 financial year and is targeting 3% growth in dividends over the medium term. At the current price of $1.86, a 16 cent dividend equates to a dividend yield of 8.6% (although it is un-franked). With fairly stable and predictable earnings, and a high dividend yield, no wonder the stock rose yesterday.

If you're looking in the market for some high yielding ASX shares, look no further than "Secure Your Future with 3 Rock-Solid Dividend Stocks". In this free report, we've put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

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Motley Fool contributor Mike King doesn't own shares in any of the companies mentioned. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691).

The post 3 ASX high yielding dividend stocks beating yesterday's falling market appeared first on The Motley Fool Australia.

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