Asian Stocks Gain; NEC, Samsung Electronics Up on Dell Forecast
By Michael Tsang
quote.bloomberg.com
Tokyo, May 17 (Bloomberg) -- Asian stocks rose, led by NEC Corp., Samsung Electronics Co. and other computer-related companies, after Dell Computer Corp. said second-quarter sales and profit will exceed analysts' estimates.
The Nikkei 225 stock average added 0.9 percent to 11,847.42, a two-month high, and key indexes in South Korea and Taiwan also advanced. Semiconductor-equipment makers such as Tokyo Electron Ltd. rose after an industry report showed demand for chipmaking tools in North America increased for a fifth month in April.
``Dell's guidance and rising chip-equipment orders confirm the industry is well on its way toward recovery,'' said Mitsunobu Einaga, who helps manage $13 billion in assets at Norinchukin Zenkyoren Asset Management Co. Einaga said he expects the Nikkei to rise as high as 13,000 by the end of June.
Meanwhile, Hong Kong's Hang Seng Index rose 0.7 percent as China Mobile (H.K.) Ltd. jumped to a four-month high after it agreed to buy eight phone networks from its parent for $10.2 billion. Australia's S&P/ASX 200 Index gained 0.5 percent as Macquarie Bank Ltd. rose after brokers raised their ratings following the investment bank's record full-year profit.
The MSCI Asia Free Information Technology Index extended its gain the past four days to 6.8 percent. The index, which tracks 119 companies in the region, rose 14 percent this year on expectations demand in the U.S., Asia's largest trading partner, will rebound. |
