Asian stocks rose, as better-than-estimated U.S. economic reports boosted the dollar and Goldman Sachs Group Inc. upgraded Japanese banks.
Japan's Nikkei 225 index regained 82.54 points of its strength, or 0.9%, to end the day and the week at 9,786.26, led by industrial-plant builder Chiyoda Corp., which rose 3.3% after the Nikkei newspaper said the company won an order in Saudi Arabia.
Elpida Memory Inc. jumped 3.3% after the Nikkei said the company may apply for funding from the Development Bank of Japan.
In Hong Kong, the Hang Seng Index picked up 144.27 points, or 0.8%, to 17,920.93.
Canon Inc., which gets 28% of its sales from the Americas, jumped 4.2% as a weaker yen lifted prospects for overseas earnings. WorleyParsons Ltd. climbed 5%, leading energy stocks higher, after forecasting "good growth" for fiscal 2009. Mitsubishi UFJ Financial Group Inc., the country’s biggest listed lender, climbed 4.1% after Goldman Sachs raised its recommendation to "buy."
Sony Corp., an electronics maker that gets a quarter of its sales from the U.S., gained 2%. Howard Stringer, the company’s chief executive officer, told shareholders today that the company is "seeing steady progress" on a cost-cutting plan.
Mizuho Financial Group Inc., Japan’s number-two lender, rose 3.7% after it was lifted to "neutral" at Goldman Sachs. Both stocks were raised from "sell."
Commodity shares rose, following gains in oil and metals prices yesterday. Mitsui & Co., which gets more than half its profits from commodities dealing, gained 3.5%. Woodside Petroleum Ltd., Australia’s second-largest oil producer, added 2.7%.
Jiangxi Copper Co. dropped 2.4% in Hong Kong. Zhejiang Honglei Copper Co., which buys material from Jiangxi Copper, said the State Reserve Bureau is likely to end purchases of copper amid weak demand, causing the metal’s price to fall. Copper futures in New York dropped 0.9% in trading today.
CHINA
Citic Securities Co. gained 2.8%, leading China’s brokerages higher, after Guilin Sanjin Pharmaceutical Co. became the first company since September to get approval to sell stock.
Haitong Securities Co., China’s number-two brokerage by market value, gained 1.8%. Sanjin Pharmaceutical said it will start marketing its share sale and seek a price on June 22, marking China’s first initial public offering since the government halted share sales in September.
The World Bank yesterday raised its forecast for Chinese economic growth, while Japan’s central bank upgraded its assessment of the country’s economy on June 17.
Elsewhere:
China’s Shanghai Composite Index added 22.57 points, or 0.7%, to 3,080.00
Singapore’s Straits Times Index strengthened 35.98 points, or 1.6%, to 2,273.18
South Korea’s Kospi index advanced 7.58 points, or 0.6%, to 1,383.34
Taiwan’s Taiex moved higher by 86.62 points, or 1.4%, to 6,231.15
New Zealand’s NZX 50 Index subsided 13.97 points, or 0.5% to 2,784.27
Australia’s S&P/ASX 200 inched up 7.50 points, or 0.2%, to 3,899.60
