Asian Stocks on Rise
Sunday, October 28th, 2007Asian stocks is on rise for this week because of China Mobile Ltd. and Sony Corp. reported top earner.
China Mobile is the worlds largest cellular phone user country is now making records in the market and Sony corp is the second largest consumer electronics makers has gain there best in last two months. Well the overall market result are strong that shows strong Asian economies.
The Morgan Stanley Capital International Asia-Pacific Index added 1.4 percent to 168.06 this week. India’s benchmark led gains in the region. Japan, Australia, New Zealand, the Philippines and Pakistan were the only decliners.
Mizuho Financial Group Inc. were dropped, while China Mobile gained 4.3 percent to HK$154.2. and Sony added 4.5 percent to 5,560 yen.
Driven by Earnings
Honda Motor Corp., Japan’s No. 2 car maker, jumped from 5.5 percent to 4,040 yen.
Hyundai Motor Co., South Korea’s one of the largest automaker, climbed 1.9 percent to 66,200.
Bank of Korea it grew 5.2 percent for the last year.
Posco, Asia’s No. 1 steelmaker by market value company, rose 8.9 percent to 658,000 won.
“The Korean economy is doing pretty well, helped in part by stronger consumer spending,” said Shane Oliver, who helps manage $83 billion at AMP Capital Investors in Sydney.
“We might start to see financial coming clean now about how much they’ve really lost on the sub prime mess,” said Koichi Takatsuka, who helps oversee $1 billion at UAM Japan Inc. in Tokyo. “So far, a lot of the quarterly earnings have been sugar-coated, so the market has still not been able to accurately discount for the impact on stocks.”
