Monday June 22, 2009
Asian stocks rose, led by financial companies and utilities, as a government report showed confidence among Japanese manufacturers improved this quarter and on speculation Chinese banks will boost lending.
Nissan Motor Co. climbed 3.7 percent in Tokyo after Nikkei English News reported the company will invest in a U.S. electric car plant. Industrial & Commercial Bank of China Ltd., the nation’s biggest lender, gained 2.3 percent in Hong Kong as the Shanghai Securities News reported new loans in June will exceed lending in May. Kansai Electric Power Co. gained 2.6 percent in Tokyo on speculation fuel expenses will decline after oil prices fell the most in more than two weeks.
The MSCI Asia Pacific Index gained 0.7 percent to 102.15 as of 12:27 p.m. in Tokyo, with five stocks advancing for every four that declined. The gauge has rallied 44 percent from a more than five-year low on March 9 on optimism the global economy is recovering.
“Judging by the quality of this rally so far, and how broad-based it’s been, I don’t see this as a bear-market rally. It’s a cyclical bull market,” said Nader Naeimi, a strategist at AMP Capital Investors in Sydney, which manages about $95 billion. “Obviously, it won’t be a straight line and you’ll get corrections along the way. You’ve had a lot of false dawns over the past 18 months.”
Japan’s Nikkei 225 Stock Average added 0.1 percent, while South Korea’s Kospi Index gained 0.1 percent. Australia’s S&P/ASX 200 Index gained 0.2 percent as National Australia Bank Ltd. rose to a two-week high after agreeing to buy Aviva Plc’s Australian wealth management and life insurance business.
(Bloomberg)
Asian stocks rose, led by financial companies and utilities, as a government report showed confidence among Japanese manufacturers improved this quarter and on speculation Chinese banks will boost lending.
Nissan Motor Co. climbed 3.7 percent in Tokyo after Nikkei English News reported the company will invest in a U.S. electric car plant. Industrial & Commercial Bank of China Ltd., the nation’s biggest lender, gained 2.3 percent in Hong Kong as the Shanghai Securities News reported new loans in June will exceed lending in May. Kansai Electric Power Co. gained 2.6 percent in Tokyo on speculation fuel expenses will decline after oil prices fell the most in more than two weeks.
The MSCI Asia Pacific Index gained 0.7 percent to 102.15 as of 12:27 p.m. in Tokyo, with five stocks advancing for every four that declined. The gauge has rallied 44 percent from a more than five-year low on March 9 on optimism the global economy is recovering.
“Judging by the quality of this rally so far, and how broad-based it’s been, I don’t see this as a bear-market rally. It’s a cyclical bull market,” said Nader Naeimi, a strategist at AMP Capital Investors in Sydney, which manages about $95 billion. “Obviously, it won’t be a straight line and you’ll get corrections along the way. You’ve had a lot of false dawns over the past 18 months.”
Japan’s Nikkei 225 Stock Average added 0.1 percent, while South Korea’s Kospi Index gained 0.1 percent. Australia’s S&P/ASX 200 Index gained 0.2 percent as National Australia Bank Ltd. rose to a two-week high after agreeing to buy Aviva Plc’s Australian wealth management and life insurance business.
(Bloomberg)
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