Asian Stocks Rise


Asian stocks rose for the first time in three days as Japan’s ruling party proposed a $154 billion economic stimulus package and the country’s machinery orders unexpectedly increased.

Komatsu Ltd., the world’s No. 2 maker of earthmoving equipment, jumped 6 percent in Tokyo on optimism new spending will bolster Japan’s construction industry. Denso Corp., which supplies parts to General Motors Corp., climbed 4.6 percent as U.S. automakers said the Treasury will guarantee payments to suppliers. HSBC Holdings Plc, which owns a U.S. mortgage business, climbed 6.8 percent in Hong Kong after the New York Times said U.S. banks will pass government stress tests.

The MSCI Asia Pacific Index advanced 3.2 percent to 87.52 at 3:53 p.m. in Tokyo, snapping a two-day, 2.6 percent decline. The gauge has fallen 2.3 percent this year, extending last year’s record 43 percent slump as the deepening global recession pummeled corporate profits.

Japan’s Nikkei 225 Stock Average jumped 3.7 percent to 8,916.06, erasing its declines for the year. Hong Kong’s Hang Seng Index gained 2.9 percent. Australia’s S&P/ASX 200 Index rose 1.4 percent, even after the country’s unemployment rate jumped the most in 18 years in March. All markets in Asia advanced except Vietnam. The Philippines is closed for a holiday.


TradingEconomics.com, Bloomberg
4/9/2009 7:24:44 AM