Asian stocks rose for a 10th day, on confidence a rebound in regional economies will boost earnings.
The Nikkei 225 index in Tokyo gained another 144.11 points, or 1.5% to open the last week of July at 10,088.66, completing a nine-day win streak that was the longest since 1988
Nomura Holdings Inc., Japan’s largest brokerage, rose 3.1% after the Nikkei newspaper said the company may post its first quarterly profit since 2007. China Mobile Ltd., the world’s No. 1 provider of mobile-phone services by subscribers, climbed 4.2% in Hong Kong on speculation it will sell shares on the mainland.
Lotte Shopping Co., South Korea’s number-one department store operator, jumped 5.8% after the nation’s consumer confidence rose to a seven-year high.
In Hong Kong, the Hang Seng Index tacked on another 268.83 points, or 1.4%, to close at 20.251.62, the first close above 20,000 since the September collapse of Lehman Brothers Holdings Inc.
Hitachi Ltd. rallied 3.4% in Tokyo after the Nikkei reported the company will take over five affiliates. Nikkei said the electronics company will spend 300 billion yen to make five listed affiliates into wholly owned subsidiaries.
Hitachi Maxell Ltd., Hitachi Plant Technologies Ltd., Hitachi Information Systems Ltd., Hitachi Software Engineering Co. and Hitachi Systems & Services Ltd., all rose by their daily limits with gains of as much as 18%.
Assuming the Nikkei report on Hitachi is true, "overseas investors will likely see the plan as a chance to make Hitachi’s operations more efficient," said Tomochika Kitaoka, a senior strategist at Mizuho Securities Co. in Tokyo.
Rio Tinto Group, the world’s number-three mining company, climbed 3.8%in Sydney as nickel and aluminum prices rose.
Japan’s three largest brokerages, Nomura, Daiwa Securities Group Inc. and Nikko Cordial Corp., which is being acquired by Sumitomo Mitsui Financial Group Inc., likely swung to profit last quarter on rising mutual fund sales and underwriting fees, the Nikkei said yesterday. Daiwa rose 4.5%.
Cnooc Ltd., the nation’s biggest offshore oil producer, gained 1%. The companies will be among the first Hong Kong-listed Chinese companies to sell A-shares on the mainland market, Apple Daily reported today, without citing anyone.
Fortescue Metals Group Ltd., Australia’s third-largest iron-ore producer, gained 3.2%. Aluminum Corp. of China, the Asian nation’s number-one producer, rose 4.5%.
Shinsegae Co., which runs South Korea’s biggest discount-store chain, added 2.8%.
An index of consumer sentiment in South Korea rose to 109 from 106 in June, the Bank of Korea said in Seoul today. That’s the highest level since the third quarter of 2002, when the bank published its confidence survey on a quarterly basis. A score of more than 100 indicates optimists outnumber pessimists.
CHINA
Shanghai’s 300 Composite Index gained 76.07 points, or 2.1%, to 3,743.63. Sichuan Expressway Co. tripled in its first day of trading in Shanghai. Sichuan Expressway, a toll-road operator, soared 203% today from its offer price in Shanghai’s first initial public offering since regulators lifted a nine-month moratorium on IPOs in June.
Cash prices for iron ore delivered to China rose last week, according to Metal Bulletin. That placed spot ore 25% above the agreed benchmark contract price, according to analysts at Macquarie Group Ltd.
Elsewhere:
Singapore’s Straits Times Index picked up 43.23 points, or 1.7%, to 2,576.66.
South Korea’s Kospi index advanced 21.46 points, or 1.4%, to 1,524.05
Taiwan’s Taiex moved 55.15 points, or 0.8%, higher to 7.023.43
New Zealand’s NZX 50 Index added 36.84 points, or 1.2%, to 2,998.01
Australia’s S&P/ASX 200 gained 49.80 points, or 1.2% to 4,139.60
