Asian stocks gained for a second day, led by automakers and consumer companies, after Toyota Industries Corp. reported an unexpected profit and South Korea’s economy grew at the fastest pace in seven years.
In Tokyo, the Nikkei 225 gained 79.63 points, or 0.8%, to 10,362.62.
Hong Kong markets were closed for a holiday, as were markets in New Zealand.
Toyota Industries, a parts manufacturer controlled by Toyota Motor Corp., jumped 7.4% in Tokyo, while Toyota Motor, the world’s biggest carmaker, rose 1.7%. JTekt Corp., another Toyota affiliate, climbed 3.4% after posting a narrower-than-estimated loss.
Kia Motors Corp., South Korea’s number-two carmaker, added 1.9% after Credit Suisse Group AG upgraded the stock. Lotte Shopping Co. gained 1.6% after posting a 19% gain in third-quarter profit.
Australian markets slid, with BHP Billiton Ltd. falling 1.2% after oil prices declined, Woodside Petroleum Ltd. lost 1.8% in Sydney. Inpex Corp., Japan’s largest oil and gas explorer, fell 1.3%. Crude oil for December delivery declined 0.5%, adding to a 0.9% drop in New York on Oct. 23.
Among shares that slumped, Shin-Etsu Chemical Co. declined 2% in Tokyo after reporting a 65% tumble in first-half earnings. Acom Co. dropped 4% after Japan’s largest consumer lender by market value cut its dividend and reported first-half profit that missed its estimate.
JTekt, 23% owned by Toyota, added 3.4%. Its six-month loss was probably 32% narrower than it had forecast because of cost cuts, according to a preliminary earnings statement from the company.
Toyota Motor added 1.7% and Honda Motor Co., which gets 47% of its sales in North America, climbed 3.4%. Hitachi High-Technologies Corp., a trader of electronics goods, dived 14%.
Hyundai Motor Co., South Korea’s largest carmaker, climbed 4.1%.
South Korea’s third-quarter gross domestic product rose 2.9% from the previous quarter, the central bank said today. That was the fastest pace since the first quarter of 2002 and compared with the 1.9% growth estimated by economists.
This month, reports showed an export decline slowed in China and U.S. service industries grew for the first time in a year. Amid signs the global economy is improving, Australia’s central bank unexpectedly raised its benchmark rate on Oct. 6 and has signaled further increases in coming months.
Elsewhere:
The Shanghai’s 300 Composite Index picked up a mere 0.99 points to 3,414.24.
Taiwan’s Taiex index gained 19.12 points, or 0.3%, to 7,668.40
Singapore’s Straits Times index nipped higher by 1.28 points to 2,716.62
Korea’s Kospi index moved ahead 16.94 points, or 1%, to 1,657.11
Australia’s S&P/ASX 200 finished 29.10 points, or 0.6%, lower at 4,830.30
