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By Jonathan Burgos
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Asian stocks climbed, with the regional benchmark index touching the highest level since August 2011, after U.S. shares surged to a record as the service industry expanded at the fastest pace in a year and investors bet central banks will continue stimulus measures.
Toyota Motor Corp. (7203), the world’s biggest carmaker, rose 1.4 percent in Tokyo. Sharp Corp. jumped 13 percent as the unprofitable Japanese electronics maker is said to be in talks to secure an investment from Samsung Electronics Co. ZTE Corp. surged 8.3 percent in Hong Kong after China’s second-largest mobile-phone equipment maker said it’s collaborating withIntel Corp. on next-generation smartphones. The MSCI Asia Pacific Index (MXAP) gained 1.1 percent to 135.85 as of 12:11 p.m. in Tokyo, with almost four shares rising for each that fell. The gauge last week capped a four-month advance, the longest such winning streak since September 2009, as central banks around the world maintained loose monetary policies to support economic growth.
“Equity risk premiums have come down quite a bit,” saidDaphne Roth, Singapore-based head of Asia equity research at ABN Amro Private Bank, which oversees about $207 billion. “Growth has certainly bottomed and a lot of the tail risks we’ve seen last year have certainly receded. Equity markets have done quite well.”
Bull Market
The Dow Jones Industrial Average (INDU) climbed to a record yesterday, erasing losses from the financial crisis, as the bull market in U.S. equities entered its fifth year this month. Futures on the Standard & Poor’s 500 Index added 0.1 percent today.
Australia’s S&P/ASX 200 Index gained 1 percent, poised for the highest close since August 2008, as a report showed the nation’s gross domestic product expanded 0.6 percent last quarter from the previous three months.
Japan’s Nikkei 225 Stock Average (NKY) climbed 1.3 percent, extending its advance to the highest level since September 2008. Hong Kong’s Hang Seng Index jumped 0.9 percent and China’s Shanghai Composite Index increased 0.8 percent. South Korea’s Kospi Index rose 0.3 percent, while Taiwan’s Taiex Index added 0.4 percent. Singapore’s Straits Times Index gained 0.8 percent.
Shares on the MSCI Asia-Pacific Index traded at 14.9 times estimated earnings compared with 13.9 for the Standard & Poor’s 500 Index and 12.6 for the Stoxx Europe 600, according to data compiled by Bloomberg.
Accelerating Growth
Exporters rallied as accelerating growth in the U.S. services industries added to signs the world’s biggest economy is recovering. The Institute for Supply Management’s non- manufacturing index, which covers about 90 percent of the economy, increased to 56 last month from 55.2 in January, according to a report released yesterday. Readings above 50 signal expansion.
Toyota gained 1.4 percent to 4,800 yen in Tokyo. James Hardie Industries SE (JHX), a building materials supplier that gets two-thirds of its sales from the U.S., advanced 2.9 percent to A$10.24 in Sydney. Li & Fung Ltd., a supplier of toys and clothes to retailers including Wal-Mart Stores Inc., rose 1.4 percent to HK$10.46 in Hong Kong.
Nufarm Ltd. (NUF), Australia’s largest supplier of farm chemicals, jumped 6.3 percent to A$5.155 in Sydney. Shares slumped 12 percent yesterday after the company said it will lose the rights to sell Monsanto Co.’s Roundup weed killers. Macquarie Group Ltd. raising its rating on Nufarm to neutral from underperform, saying the selling was overdone.
Sharp, Samsung
Sharp jumped 13 percent to 339 yen. The maker of Aquos television is in talks to get an investment of about 10 billion yen ($107 million) from Samsung Electronics, according to two people familiar with the matter. Details may be announced today, the people said.
ZTE climbed 8.3 percent to HK$14.06 in Hong Kong. The company said yesterday it and Intel will jointly develop a processor for ZTE’s next-generation smartphones.
Jiangxi Copper Co., China’s biggest producer of the metal, advanced 4.2 to HK$18.22. Demand for the metal used in wires and pipes will increase this year amid rising urbanization in the world’s second-largest economy, Chairman Li Baomin said.
To contact the reporter on this story: Jonathan Burgos in Singapore at jburgos4@bloomberg.net
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