Asian Stocks: Japan's Fanuc, Toyota Lead Gain; Hong Kong Falls
By Tomoko Yamazaki
02/27 23:18
quote.bloomberg.com
Tokyo, Feb. 28 (Bloomberg) -- Japan's Nikkei 225 stock average had its biggest two-day rally in 4 1/2 months, led by Fanuc Ltd. and other machinery makers, after companies forecast the biggest production increase in 45 years for this month.
The Nikkei 225 added 1.8 percent to 10,762.93. While orders unexpectedly fell in January, companies are replenishing stockpiles in response to increased demand from the U.S. and Asia. Carmakers were the second-biggest group gainer after new orders for durable goods in the U.S., their biggest market, increased last month. The Topix added 1.9 percent to 1025.86.
``I'm not disappointed at all with the industrial production numbers,'' said Simon Ross, a fund manager at AIG Global Investment Corp. in Tokyo who manages $450 million in Japanese equities. ``The U.S. still is in a sustainable recovery trend, driven by decent monetary and fiscal policy.''
In other markets, Hong Kong's Hang Seng Index slumped 1.7 percent, led by developers including Cheung Kong Holdings Ltd., on concern the government will say next week the city's economy won't grow fast enough to spur demand for property. Korea's Kospi index added 0.4 percent, led by Samsung Securities Co., on expectations rising trading volume will boost their profits.
Singapore's Straits Times Index added 0.7 percent after the country's gross domestic product expanded in the fourth quarter, signaling the economy emerged from its worst recession in 37 years as exports of electronics rose.
Fanuc, Kyocera Rally |
