Asian Stocks: Japan Gains, Led by Sony, Honda; Australia Falls
By Michael Tsang
quote.bloomberg.com
Tokyo, March 15 (Bloomberg) -- Japanese stocks rose for a second day, led by Sony Corp. and other exporters, after U.S. inventories grew and claims for jobless benefits fell, the latest signs Japan's biggest export market is recovering from recession.
The Nikkei 225 stock average advanced 0.8 percent to 11,656.53, with export-related companies among four of the five biggest gainers. The Topix index climbed 1 percent to 1095.11. Seiyu Ltd. was bid higher after Wal-Mart Stores Inc., the world's biggest retailer, agreed to buy a 6.1 percent stake and took an option to acquire two-thirds of Japan's No. 5 retailer.
``The U.S. recovering is a reality and exporters will benefit most from it,'' said Mitsunobu Einaga, who helps manage $12 billion in assets at Norinchukin Zenkyoren Asset Management Co. ``It's a good move for Seiyu. It shows the retailer is trying to survive in the industry.''
In other markets, Australia's S&P/ASX 200 Index fell 0.3 percent after Morgan Stanley Dean Witter & Co. said News Corp.'s Fox Television unit and other U.S. networks will lose billions of dollars over the next four years. Taiwan's TWSE Index dropped 0.3 percent, led by United Microelectronics Corp., after the government sold some of the chipmaker's shares in the U.S.
Elsewhere, South Korea's Kospi index was also little changed as automakers rose on expectations that domestic demand for cars will rise. |
