Asian Stocks Advance


Asian stocks rose for a fourth day, led by banks and carmakers, after the yen weakened to a five- month low and U.S. Federal Reserve Chairman Ben S. Bernanke said policies to unfreeze credit markets are working.

Mazda Motor Corp., Japan’s second-largest car exporter, surged 10 percent on speculation a weaker local currency will boost the value of overseas profits. HSBC Holdings Plc, Europe’s biggest bank, climbed 5.3 percent in Hong Kong as the company raised about $17.7 billion from the U.K.’s largest ever rights offer. Hynix Semiconductor Inc., the world’s No. 2 computer- memory maker, jumped 12 percent as IBK Securities Co. raised its share-price estimate.

Five stocks advanced for every three that fell on the MSCI Asia Pacific Index, which added 0.4 percent to 87.01 as of 7:12 p.m. in Tokyo. The drop in the yen, which accelerated after Japan’s stock market closed, limited gains by the country’s equities on the dollar-denominated index. The gauge when expressed in the Japanese currency rose 1.6 percent.

The index has rallied 23 percent from a more than five-year low reached on March 9. Hong Kong’s Hang Seng Index rose 3.4 percent today, while Japan’s Nikkei 225 Stock Average added 1.2 percent. All markets advanced. China, Vietnam, the Philippines and Thailand are shut for public holidays.


TradingEconomics.com, Bloomberg
4/6/2009 5:23:03 AM