Asian Stocks Rise


Asian stocks rose for the first time in three days on speculation Japanese and South Korean automakers will benefit from the possible bankruptcies of General Motors Corp. and Chrysler LLC.

Honda Motor Co., which generates 51 percent of its sales in North America, climbed 6.7 percent in Tokyo and Hyundai Motor Co. added 4.7 percent in Seoul. U.S. President Barack Obama believes a quick, negotiated bankruptcy is the most likely way for GM to restructure and is prepared to let Chrysler go bankrupt, people familiar with the matter said. Elpida Memory Inc., Japan’s largest computer memory chipmaker, soared 15 percent after being chosen to join Taiwan Memory Corp. in reorganizing the industry.

The MSCI Asia Pacific Index gained 1.6 percent to 82.24 as of 7:27 p.m. in Tokyo, following a two-day, 5.3 percent slump. The gauge rose 7.6 percent last month, its first advance in 2009, as some investors bet governments worldwide will succeed in reviving global growth. Consumer-related shares, including carmakers, accounted for 30 percent of the measure’s climb.

Japan’s Nikkei 225 Stock Average jumped 3 percent to 8,351.91. South Korea’s Kospi Index climbed 2.3 percent. Markets in the region advanced except in Australia, New Zealand, Hong Kong, Thailand, and the Philippines.


TradingEconomics.com, Bloomberg
4/1/2009 7:20:26 AM