Good news, Stan Asian Stocks Gain as Sony, United Microelectronics Track U.S.
By Tomoko Yamazaki
quote.bloomberg.com
Tokyo, May 9 (Bloomberg) -- Asian stocks advanced for a second day, led by Sony Corp., United Microelectronics Corp. and other computer-related shares, after a U.S. rally sparked by Cisco Systems Inc.'s higher-than-expected profit.
``We are seeing signs of a improvement trickling back in after Cisco's results,'' said Dave Lam, a fund manager at OUB Optimix Fund Management Ltd., which manages $100 million. ``Tech stocks will benefit and the rally may be able to hold water.''
Japan's Nikkei 225 stock average added 1.2 percent, while computer-related stocks led key indexes higher in Taiwan and Singapore. In Hong Kong, exporters boosted the Hang Seng Index on expectations the world's largest economy is on track for a recovery.
Elsewhere, South Korea's Kospi fell 0.1 percent. Hyundai Motor Co., Korea's No. 5 industrial group, led declines on concern it is backtracking on reforms. |
