Nikkei:10,137.73 (+66.59) Hang Seng:22,726.43 (+196.25) Shanghai Comp:2,797.77 (+3.50)
ASIAN STOCKS rose yesterday, driving the benchmark index higher for a third week, as increasing US retail sales boosted the outlook for earnings at companies tied to the global economic recovery.
“There was a little concern about the US a couple of months ago, but that seems to be working its way through. It looks like there’s a reasonably healthy demand outlook for Asian exporters,” said Prasad Patkar, of Platypus Asset Management.
Toyota, a car maker that gets 27 per cent of its revenue from North America, rose 1.3 per cent to ¥3,445.
Honda, which counts North America as its largest market, advanced 1.4 per cent to ¥3,260.
Canon, the world’s top camera maker by market value, rose 1.8 per cent to ¥3,920.
BHP advanced 1.2 per cent to A$44.95, the biggest single contributor to the MSCI Asia Pacific Index’s advance.
Rio Tinto, the world’s second-largest mining company by sales, climbed 1 per cent to A$84.35.
PetroChina, China’s top oil and gas producer by market value, rose 2.3 per cent to HK$11.78. – (Bloomberg)
