Asian stocks rose, extending the rally that erased this year’s global losses, as better-than-expected U.S. home sales boosted shares of companies that rely on sales to the world’s largest economy.
In Hong Kong, the Hang Seng Index advanced 49.03 points, or 0.3%, to 16,430.08.
Markets in Japan and Korea were closed for a holiday.
Fisher & Paykel Appliances Holdings Ltd., which gets 25% of its revenue from North America, surged 12% in Wellington. BHP Billiton Ltd., the world’s biggest mining company, rose 2% after copper and crude oil prices rallied in New York yesterday. Yuanta Financial Holding Co., owner of Taiwan’s biggest brokerage, gained 7% after Goldman Sachs Group Inc. recommended investors "buy" the stock.
Hon Hai Precision Industry Co., the world’s largest electronic contract manufacturer, jumped 6.9% as JPMorgan Chase & Co. raised its share-price target. Gloucester Coal Ltd., an Australian producer of the fuel, rallied 9.1% after receiving a higher takeover offer from Hong Kong-based commodity supplier Noble Group Ltd. Li & Fung Ltd., a Hong Kong trading company, slumped 8.1% on a share sale.
James Hardie Industries NV, the biggest seller of home siding in the U.S., climbed 7.1%.
Rio Tinto Group, the world’s third-biggest mining company, climbed 5.5%. Woodside Petroleum Ltd., Australia’s second-largest oil producer, added 4.1%.
Copper futures rose 2.1% to a two-week high, in New York yesterday, while oil climbed 2.4% to a five-month high on expectations commodities demand will improve as global growth recovers.
A government report on April 30 showed Japan’s industrial production rose in March for the first time in six months and at twice the pace estimated by economists.
Farglory Land Development Co., Taiwan’s largest construction company, gained 7% and Cathay Real Estate Development Co., the second-largest, added 7%.
CHINA
The CLSA China Purchasing Managers’ Index rose in April, the first gain in nine months, CLSA Asia Pacific Markets said yesterday.
Taiwan may allow investors from mainland China to buy real estate on the island, the Economic Daily News reported. Rules that may be issued within two weeks may permit mainland investors to acquire offices, factories and housing for employees, while speculative investing won’t be allowed, the newspaper said.
Elsewhere:
China’s Shanghai 300 Composite Index gained 12.71 points, or 0.5%, to 2,727.01
Singapore’s Straits Times Index climbed 45.64 points, or 2.3% to 2,074.35
Taiwan’s Taiex index moved ahead 49.54 points, or 0.8% to 6,379.94
New Zealand’s NZX 50 Index advanced 52.78 points, or 1.9%, to end the day at 2,819.05.
Australia’s S&P/ASX 200 picked up 7.40 points, or 0.2% to 3,890.40
