Asian Stocks: Japan's Topix Gains, Led by Nissan; Hong Kong Up
By Michael Tsang
quote.bloomberg.com
Tokyo, April 18 (Bloomberg) -- Japan's Topix stock index gained, led by Nissan Motor Co. and its rivals, after Deutsche Bank AG raised the No. 3 Japanese automaker's rating, bolstering confidence profits in the industry are set to rise.
``There's still lots of room for Japanese automakers to increase their market share especially in the U.S.,'' said Kiyohide Nagata, who helps manage $290 million at Prudential Asset Management Japan Inc.
The Topix advanced 0.3 percent to 1092.90, while the Nikkei 225 stock average slipped 0.01 percent to 11,542.83. Advantest Corp. and other computer-related stocks fell after investors judged their three-day, 5.5 percent advance as a group already reflects their earnings potential after U.S. Federal Reserve Chairman Alan Greenspan said a recovery in their biggest market may slow.
In other markets, Hong Kong's Hang Seng Index rose 0.3 percent, led by Henderson Land Development Co. and other developers, after Greenspan's comment fueled expectations that interest rates won't rise.
South Korea's Kospi index added 0.4 percent, led by Hyundai Motor Co., on optimism growing demand at home and abroad will help the automaker report higher earnings this year. Singapore's Straits Times Index fell 0.9 percent, led by Chartered Semiconductor Manufacturing Ltd., ahead of its earnings.
Japan's automakers as a group have advanced about a quarter in the past six months. The Topix transportation equipment index added 1 percent and was the second-biggest contributor to the index's gain after General Motors Corp. reported its profit in North America increased fivefold in the January-March quarter. |
